Having an estate of great worth is everyone’s dream and the ones who enjoy fortune of this magnitude generally lead a luxurious life from the rest. After enjoying handsome fortune for the entire life, it is essential that the last phase of the estate planning goes well. Unfortunately, after making of the will most of the people are not able to satisfy all the near and dear ones, members of the family or sometimes even some relatives. On most occasions it is noticed that some beneficiaries are unsatisfied and gets enveloped with the idea of being deprived of the rest. No one likes to see persons close to the heart are getting engaged in a legal tussle to fulfill their claim. This process is not only time consuming and expensive but the worst aspect of litigation is the destruction of the relationship within the family. Hence, any sensible mind must try to ensure that such dissatisfaction should be taken care of in a proper manner to avoid the process of litigation. Knowing the fact that every estate plan is different, in this post the readers will be able to know some significant ways which if implemented during the early stage of estate planning complying the rules and regulations of LA Probate Law, and it reduces the possibility of litigation.
Due to several reasons that vary from family to family, a decedent is unable to treat the inheritors equally. Due to this unequal distribution of fortune, feelings of discontent and disappointment takes grip over the person who feels being deprived and this might result in litigation. Telling the inheritors or children about their respective shares at an early stage of estate planning may avoid such legal dispute. As per the LA Probate Law an inheritor who feels deprived enjoys the right to challenge the validity of the concerned will by moving into litigation. A contract could be made with such person, which will prevent to challenge the will through litigation. The only disadvantage with this method, it could initiate problem within the family soon after the inheritors will come to know about it, and this problem varies from one family to another. Another most effective way by which the possibility of probate litigation gets most minimized is the formation of trust in lieu of will. If anyone is heading for the trust option, there are three available options out of which anyone could be selected on the basis of suitability. Revocable trust could be funded and operated for the lifetime and it is difficult for an inheritance to raise dispute in this form by citing the ground of ignorance of its terms. After the expiry of the decedent, a court proceeding is also not required to prove the validity of this trust. Irrevocable trust is considered a bit safer than revocable form in matter of getting contested and moreover it becomes economical if it drafted in a manner, where the assets or fortune remain as incomplete gift. In the later stage, to inherit the gift, paying gift tax is essential.
The channel of arbitration or mediation is an important tool for resolving any sort of critical or delicate issues. Hence, a serious effort must be given to keep this provision active for as long as possible. Many a times, it is witnessed that the inheritors who are challenging or contesting the will due to their satisfaction over the property share are unwilling to participate in such process. Such willingness is expressed by one party, mainly due to the belief that other parties are rigid and biased. In such context a neutral individual or a total outsider who is having no contact with any party could be considered to administer the process of arbitration. Generally, an attorney or lawyer is asked to serve the role of a mediator. If still a party challenging the validity of the will is not ready to participate in mediation, as per the LA Probate Law a disinheritance clause could be brought into effect. The main disadvantage of this clause is the entire process of transfer of gifts to all the beneficiaries gets delayed. It must be remembered that a person must not be forced to participate in the process of arbitration or mediation; unless and until adequate order for enforcement is served to the individual by the court. Another approach to make the challenging party to participate in the arbitration is by adopting carrot instead of the stick policy. They could be committed that if they participate their benefit is definitely going to increase, which is a foolproof way to which most of the party comes up with a positive response.
On the basis of information collected from most of the notable law firms that deal with LA Probate Law, a particular beneficiary who is expressing utmost rigidity and difficult to handle must be treated in a separate manner. If you are interested to prevent your family from approaching litigation by any cost, you must approach the concerned beneficiary with a special offer. For example the share of such party could be enhanced by a percentage or by offering the individual a lump sum amount on the basis of the total value of the property. In LA Probate Law there are ample numbers of instances where the beneficiary who was almost certain to approach to court changed the mind after receiving the special gift. The history reveals the cash benefit is most powerful to mold such a person, if it is handed over directly and instantly after the process of arbitration.