Minimizing estate asset distribution conflicts among survivors proves to be a challenging consequence of death. Hard-to-divide assets such as a family heirloom or the family home can cause the fracturing of relationships.
Consider the family home left to several children. The home may have been in the family for generations. Parents live in the family home without arguing about whether to sell or rent it because they share the common goal of living in the home. Consider leaving the home equally to four children and the common goal disappears. One child needs to sell the home to pay for tuition. Another child could use income by renting the house. One child wants to live in the home. Another child wants to keep the home as a place for the family to gather.
Finally, consider a parent’s strong desire to provide shelter for surviving children, and that due to the housing prices and high cost of living, the surviving children cannot afford to purchase a home on their own.
While addressing these concerns extends beyond the scope of this article, keep in mind that estate planning attorneys can help clients understand the challenges facing them and can also aid them in beginning to create an intentional plan to leave a legacy that will help make family members’ lives better while preserving familial relationships.
STEPHEN B. YIM, ATTORNEY AT LAW
2054 S. Beretania St., Honolulu, HI 96826
808-524-0251 | stephenyimestateplanning.com
