Bernard Arnault is the world’s richest man. He unseated Elon Musk and Jeff Bezos when he formed the French luxury conglomerate LVMH. This company owns businesses such as Louis Vuitton, Dom Perignon champagne, Tiffany & Co., Christian Dior and more. Understandably, he is worried that his children may fight over their share of his estate. You may not realize that your kids could end up in a battle over your estate as well. But don’t worry; there are certain steps you can take to prevent your kids fighting over your estate.
Your home, your car, your insurance policies and your money are all things that you have worked hard to earn. Of course, you want to leave these assets to specific people in your life, and having a properly written will can help ensure this.
Here are some steps to take to prevent people from contesting your will:
Having someone contest your will can cause the case to drag out for years in court. This can keep your heirs from getting what you want them to have. And it will also cost a lot of money that should go to your loved ones.
This clause states that if someone challenges your will and loses, they also lose what you left them. So, if they fight your will to get more of your assets and fail, they get nothing. This is a good deterrent for someone to contest your will.
You are more than welcome to leave a letter explaining the decisions of your will. Perhaps you don’t want your youngest child to have the vacation home because it would make them lose their college financial aid. When your child knows this, they are less likely to challenge the will. A letter will also explain your wishes to the court, allowing them to rule on your behalf instead of the person contesting the will.
A DIY will is one that will most likely be challenged. Estate planning is complicated and should only be done by someone who fully understands estate laws. Your will and trust attorney can help you write a will so it can distribute your assets how you want. You need someone who understands how your will, insurance policies and bank accounts work together. A strong will can deter your children from fighting over your estate.
We can help you establish the estate plan that you want. We can point out what may cause conflict and how you can avoid it. Your estate plan should be a final gift to loved ones, not a reason for them to fight. Let the Estate & Probate Legal Group in Illinois guide you each step of the way. Contact us today at 630-864-5835.
AREAS WE SERVE: DuPage, Kane, Lake and Will counties.