Sadly, some families fight over real estate after their parents have passed away. Although a trust protects against probate, there are other issues that may arise. Problems can develop between siblings due to unanticipated decisions that must be made, causing differences of opinion.
Avoiding family disputes starts with a clear strategy regarding the desires of the owners and beneficiaries. What is the desired end result? Once there is clarity regarding the best strategy and goals, the next step is to outline a plan. The more detailed the plan, the better. The last and most critical part of this plan is to communicate it to the beneficiaries. Without this clarity, opinions abound and emotions can run high. Unfortunately, many skip this last step — parents probably assume “the kids will figure things out.”
Typically, a successor trustee is designated to fulfill the instructions in the trust. Challenges arise when the siblings don’t agree. This can become a huge burden for the successor trustee, as well as a significant liability.
To maintain family harmony, understand your options, plan ahead and plan early to create a clear strategy that all stakeholders can agree upon.
THE COMPLETE SOLUTION™ — Powered by The Ihara Team of Keller Williams Honolulu RB-21303
1347 Kapiolani Blvd., Ste. 300, Honolulu, HI 96814