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Five Tips to Minimize Inheritance Disputes
Many of us have seen celebrity disputes in the news regarding a deceased person’s estate. For instance, after music legend Michael Jackson died in 2009, his family became embroiled in financial and legal arguments regarding his last will and testament. Jackson’s siblings—who were not named as beneficiaries—claimed that pop icon’s will was fake. Another dispute arose when Anna Nicole Smith’s billionaire husband J. Howard Marshall died. In a series of dramatic court cases, Smith was at first awarded but then denied a share of her late husband’s estate. Smith died just a year after her late husband and the argument was not resolved.
Celebrities are not the only ones to experience the tension of an estate dispute. Every day, families whose names we do not know experience the pain and trauma of arguments over inheritance. There is no way to eliminate the risk that your estate plan will be challenged by a family member, but there are some steps you can take to minimize the risk:
What You Need to Know About Parental Alienation
The term “parental alienation” refers to the process through which a person psychologically manipulates a child into having ill feelings toward their parent. This most often occurs when parents divorce or separate. Parental alienation is a form of psychological abuse and it can be devastating to both the child and his or her parents. There is even evidence to suggest that a child who has been manipulated in this way will have a higher chance of mental and physical illness. Parental alienation is inexcusable.
Why and How Does Parental Alienation Occur?
Parental alienation most often happens to children whose parents are separating or divorcing. Of course, it can also be an issue for children of parents who were never married to one another. When the parents are in conflict, they can start to bring their child or children into the conflict. A parent who is jealous or angry toward the other parent begins to encourage their child to take “their side.”
What Can Make a Will Invalid?
A person’s last will and testament is a vitally important document. In it, an individual can record their wishes regarding guardianship of children and the distribution of assets and property. However, there are instances in which the directives set forth in a will are not carried out. If a judge determines that the person signing the will was not of sound mind or was illegally influenced, the court can disregard the will. In these cases, decisions about property and guardianship can become incredibly complicated.
The Person Signing the Will is Not of Sound Mind
Often, as a person ages, they experience changes in cognitive capacity and memory. A will must be written and signed by a person of “sound mind” in order to be considered valid. A person has “testamentary capacity” if he or she fully understands the instructions set out in the will and agrees to them. It can be extremely difficult to prove that the testator was not mentally capable of understanding the will that they signed. Often the strongest evidence of testamentary capacity comes from the people who witnessed the will maker signing the will.
Are You Are Married to an Addict?
Substance abuse and addiction problems have touched most people’s lives one way or another. According to the National Survey on Drug Use and Health, 21.5 million teens and adults fought a substance use disorder in the United States in 2014. If you have ever been close to someone struggling with an addiction to drugs or alcohol, you know that the addiction can become all-consuming. Addicts can end up losing their jobs, resort to criminal activity, and be estranged from those who love them. Others with addiction issues seek professional help and are able to overcome the dependence. If you are married to someone with substance abuse issues, you know the toll those issues can take on the family.
Sometimes, a person who is addicted to drugs or alcohol becomes a danger to themselves or those in his or her household. How much should a spouse tolerate before they end the marriage? Every relationship is different and only the people in it know what is right for them. However, if you are married to an addict, there are a few things worth keeping in mind.
What Is the Difference Between a Trust and a Will?
Most people are vaguely familiar with the concept of a last will and testament. However, there are actually many different documents that individuals use to distribute their assets and property upon their death. Wills and trusts sometimes get lumped together, but they serve different purposes. You may choose to use one, both, or neither based on your own personal circumstances and wishes.
A will is a document in which a person—the grantor—dictates what they want to happen to their property after they have passed away. He or she designates beneficiaries who then receive the assets and property upon the grantor’s death. A trust, by comparison, is a legal arrangement which allows a third party, called the trustee, to hold assets on behalf of a beneficiary or beneficiaries.
One significant difference between a will and a trust is that a will goes into effect only after the person who authored it, passes away whereas a trust can be effective immediately. Also, a will can only govern the distribution of property owned in the testator's sole name. Assets that pass directly to a beneficiary by contract or law, such as life insurance policies or joint tenancies with rights of survivorship, cannot be addressed by a will. Trusts, on the other hand, can manage and distribute any property the grantor chooses. Trusts can include life insurance policies and tenancy-in-common interests.
New Year’s Resolutions for Separated Couples
January is often a popular time for couples to separate or divorce because many people wait until after the holidays to start the process of splitting up. If you are considering divorcing your spouse, or you have already decided to, you probably know you have a long road ahead of you. There is no perfect way to divorce, but following experts’ advice may help save you and your spouse from unnecessary stress and conflict as you end your marriage. In the spirit of New Year’s resolutions, you may wish to:
Resolve to Communicate Better
Communication is one of the most important aspects to any relationship, and it does not become less important when a couple is no longer romantically involved. In order to undo a marriage, both members of it must be willing to talk to the other about the plans moving forward. Understandably, many individuals who are facing the end of their marriage are emotional. They may feel anger toward their spouse because of the hurtful things that happened during the marriage. Others who get divorced feel so upset that they shut down and stop communicating entirely. While these feelings are natural, refusing to cooperate with your spouse will only prolong the painful divorce process. Be willing to “be the bigger person” and work with your spouse, even if you resent him or her. You will be thankful that you did.
Estate Planning for Unmarried Couples
Our society is becoming more accepting of non-traditional families which means that many couples no longer feel pressured to get married before starting a life together. In fact, the number of live-in couples in the U.S. rose 25 percent from 2000 to 2010. If you are in a committed relationship with someone but you are not legally married, you may miss out on some of the legal protections and advantages provided through marriage, particularly those related to inheritances and estate planning. However, with some preparation, it is possible to create an accurate estate plan which reflects your wishes even if you are not married.
Create a Will
An important step for anyone is creating a last will and testament. It is especially crucial for unmarried couples to be deliberate about their wills. In order to ensure that your assets are passed to your significant other when you die, you must specifically name your partner as your beneficiary on all pensions, retirement accounts, and insurance policies. Some retirement accounts have rules against nonfamily beneficiaries, so double check with an estate planning attorney that you are able to legally name your partner on all necessary accounts. You may need to designate your significant other as your power of attorney and sign an advance care directive if you wish him or her to make decisions about health care and finances if you ever become unwell.
This Factor May Make Your Partner More Likely to Cheat
Unfaithfulness in a marriage is unfortunately common. In fact, surveys show that one or both spouses admit to cheating in one-third of marriages. Men admit to cheating at an average of 22 percent, while approximately 14 percent of women admit to cheating. As any couple who has dealt with infidelity knows, cheating can take a serious toll on a relationship or marriage. There is no surefire way to predict if a partner will cheat on their significant other, but new research has shed light on the reasons that some people cheat.
Researchers from Texas Tech University and the University of Nevada Reno studied the childhoods of adults that ended up cheating on their significant other. They defined cheating as “concealment of behaviors and the resulting emotional fallout” it causes. The researchers discovered that individuals who had parents who were unfaithful to each other were more likely to cheat on their partner as adults. According to the researchers, social learning theory accounts for this trend. Basically, children whose parents cheated on each other are more likely to cheat as adults. The research team found that people whose parents were unfaithful were more likely to accept the favorability of infidelity. This made them more likely to be unfaithful themselves in future relationships.
Estate Planning End-of-the-Year Checklist
As 2017 comes to a close and we venture into 2018, it is important to make sure your estate plan is still accurate and reflects your current wishes. An up-to-date estate plan will offer peace of mind that your family is taken care of and that your final wishes are fulfilled after you have passed. An estate plan also protects your rights and financial interests while you are still living.
Without an estate plan, a person’s assets are divided according to state laws. This means that a person without a comprehensive estate plan has little say in how their assets are disseminated after they pass away. If you currently have an estate plan in place, the end of the year is a good time to review and modify the plan as needed.
Review Your Current Estate Plan
As you are going over your estate plan, ask yourself the following questions:
- What family changes have taken place this year? If members of your family have gotten married or divorced, had a baby or are expecting to, have moved or experienced big life changes, this can affect your estate plan.
Violence in Your Own Home
The recent allegations of sexual harassment or rape against many influential individuals have put the issues of harassment and abuse in the spotlight more than ever before. Important people such as President Donald Trump, Senator Al Franken, actors Kevin Spacey and Sylvester Stallone, and film producer Harvey Weinstein have been accused of forcing unwanted sexual contact onto victims. These allegations sparked a fury of media attention and have encouraged more victims of sexual assault to report the crime against them. Time Magazine even dedicated their “Person of the Year” title to “the silence breakers”: those women and men who came out with their own stories of violence, intimidation or harassment. Much of the attention regarding assault and violence has centered around inappropriate sexual encounters between acquaintances or coworkers. Sadly, many men and women who are victims of abuse or assault are suffering at the hands of their own spouse or romantic partner. This type of abuse is called domestic violence, and it is just as serious as any other type of abuse.
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