An estate dispute can be expensive for your family. It’s necessary to take steps to resolve disputes as soon as you can so that you can distribute the estate’s assets as intended.
If you are the executor of the estate and are faced with litigation, it’s important for you to take action right away. You may need to address concerns such as creditors making claims that you believe are mistaken or potential beneficiaries who are trying to file will contests.
Whether there is unclear language in a will or trust or it’s believed that fraud took place, it can still be costly to fight back against these claims. It could be just as costly not to. So, what can you do to resolve the problem?
Though it may seem obvious, the first thing you need to do is to communicate with the other party. What is their concern, and how can you resolve it? Do they disagree with the will? Do they believe that the testator was under undue influence? If you have proof to resolve their issue, then providing that may help them retract their claim sooner.
The second beneficial option is to negotiate. It makes sense to negotiate if going to court will cost more than resolving the dispute. For example, if someone is trying to claim an asset and will go to court over it, you may be willing to part with it to resolve the issue. That’s something to handle on a case-by-case basis.
These are some things to consider as you handle estate disputes. Take control and resolve disputes quickly.