You worked hard for what you have in life. When you pass on, you want your assets, money, and property to be given to your beneficiaries as you see fit. However, without effective estate planning, an estate can be contested. Thus, asset distribution might not go as you wanted, and there could be other problems. Below, learn about the five consequences of a contested estate. If you have questions, our Lincolnshire estate planning attorneys can assist you.
There are many legal reasons you do not want a contested estate, but first and foremost, a contested estate should be avoided for a non-legal reason: It may lead to family fights over money and property. Can you imagine when you pass away if several siblings quarrel over being left a specific property or money? After years of hard work and raising your family, the last thing you want is for money disagreements to tear your family apart. An Orlowsky & Wilson estate planning attorney can design your plan to reduce the chances of family disagreements.
If an estate is contested, it will cost the estate money and take time. A contested estate is similar to a complex business lawsuit, and it could take a long time to settle the matter. When it happens, there could be a considerable drain on your estate’s and family’s financial resources. Wasting money on a contested estate can often be avoided, but it starts with having a comprehensive estate plan set up by your attorney.
If a will or estate goes through probate, the matter is public record. The court may have to perform an inventory, and estate documents may be filed in the public record. Other than the regular disclosures during probate, there will be even more made public when there is a contested estate. For instance, you may not want private details of your finances, property, health, and family to be in the public record.
A contested estate usually means more court involvement in your affairs, making things more complicated. For example, if you want to sell the family home usually, you can set the price as you wish. But if a probate court is involved, the sales price must be approved. The court also may be involved in the selection of the realtor, appraisals, inspections, etc.
For a contested estate to be settled, some assets could wind up going to someone you did not intend. Suppose your ex-husband contests your estate because you left him nothing. Your estate and family may have to pay him something to resolve the matter.
Those who want to ensure that their estate is distributed to beneficiaries in the way they intended should begin estate planning as soon as possible. Our Lincolnshire estate planning attorneys at Orlowsky & Wilson are experienced estate planning lawyers and can help you use wills, trusts, durable powers of attorney, healthcare directives, and more to plan for the future. For more information and a confidential consultation, call (847) 325-5559.
