Estate disputes can be very difficult for family members, sometimes creating permanent conflicts. This is one of the reasons why estate planning itself is so important. The odds of a dispute increase significantly if there is not a plan in place to give guidance to the family.
Even with an estate plan, though, disputes can arise, and they sometimes involve significant financial assets. High-value assets that may be included in an estate dispute include real estate, business ownership, life insurance policies and other financial assets.
That being said, it is also important to consider family heirlooms, which have sentimental value to children, grandchildren, surviving spouses and other beneficiaries. These assets may not have much financial value, but that can actually make the dispute more complex to resolve.
Finding an acceptable solution
The problem with family heirlooms is that one of the easiest ways to resolve an estate dispute is to simply split the asset between multiple beneficiaries. If two siblings are fighting over who should get the family home, for example, the home could be sold and the proceeds could be split between them.
But many family heirlooms do not have much inherent financial value, so selling them does not provide a satisfactory resolution. Not only is there very little money to divide if the items are sold, but the beneficiaries in question were not interested in the financial value to begin with. They value these specific items because of their memories and the connection to their family, so dividing ownership — especially if there is not an estate plan — can be very complex.
At times like this, it is important for all family members to understand exactly what legal steps they can take and what options they have.