Many probate disputes arise when siblings can’t agree on what to do with specific assets. This is why drafting an estate plan is so important. It can give them guidance so that they don’t have to make these decisions on their own.
However, some types of property are more likely to result in disputes than others. For instance, parents will sometimes leave real estate to all of their children together. The family home becomes a jointly-owned house and four siblings all have a 25% ownership stake, for instance. This feels fair to the parents because everyone gets equal ownership, but it can create some severe problems.
What should you do with the house?
For instance, one of the most common issues is when the siblings just can’t agree on what to do with the house. Perhaps one of them wants to live in the house and believes that it should be kept. But the other three siblings all want to sell the house because they already have homes of their own. They are just interested in getting their money out of it, and they have to sell it in order to do that.
In some cases, siblings can find a solution, such as the three siblings buying out the other person’s ownership share and then selling the house and dividing the proceeds among themselves. But this isn’t always possible, especially if the person who is living in the house doesn’t want to move under any circumstances.
When things get complicated and a dispute seems likely, it’s very important for family members to understand all of their legal options.
