When making an estate plan, it can be wise to begin with your most expensive assets. These have the potential to cause disputes. The expense alone can be problematic – beneficiaries may want to make sure they get “their cut” – and it can lead to disputes between siblings.
One important thing to remember is that you also need to consider sentimental items that don’t have a lot of traditional financial value. In some senses, these could be even more likely to cause a dispute than your more expensive possessions.
The emotional connection
The issue is that items with sentimental value create an emotional connection. Say that two siblings both remember their parents having the same Christmas tree topper. Each one dreams of inheriting it so that they can create the same magical Christmas memories with their own children.
Of course, though, it’s impossible for both people to inherit the same Christmas tree topper. Buying another one wouldn’t be the same because it wouldn’t have that sentimental value. Selling the Christmas tree topper is pointless because the siblings don’t want to split up the money. They want the actual item. With expensive assets like a home, selling often works because everyone gets a cut of the earnings, but this just does not work for many items with sentimental value.
Planning in advance
The best way to avoid these types of estate disputes is to carefully plan in advance. Consider all of your legal options and ensure that your descendants and beneficiaries know exactly what you want the estate plan to accomplish.