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Avoiding Estate Planning Disputes
Over the years, there has been an increase in estate litigation, especially in second-marriage situations where the children are often close in age to the second spouse. Primarily because of increased wealth, we have a more litigious society. However, litigation is not only about money, it is also about emotions.
Litigation is on the rise not only between the surviving spouse and children, but also among the children themselves, especially when one of them was actively engaged in a business with the decedent. There are also emotional upsets when a parent attempts to take into consideration the wealth of his or her children.
For example, you have a testator with two children, one a successful doctor, the other a teacher, and the testator decides to divide the estate in unequal shares in order to improve the financial health of the teacher. If all of this is explained in advance to the children and they understand, there should not be a problem. However, if it comes as a shock to them after the death of a parent, emotions take over and a will contest may ensue. Explaining the reasoning, economics and the overall estate plan in such situations could avoid a possible contest.
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