Preventing Disputes over Claims on Your Estate
When you pass away, we believe you will want your loved ones to remember you with a smile. Death is agonizing enough without the added pain of heir warfare.
Here are some warning signs that there might be fights in your family when you are gone.
1. Contribution to the family
Contribution to the family can be one of the reasons that causes disharmony. Be it money or time, some family members contribute a lot, some contribute little.
So if you passed away without a Will, your estate will be distributed according to Singapore Intestate Act. Family members who contribute more will definitely be unhappy. Conflicts will arise.
2. Economic difference between beneficiaries
The imbalance in the financial status of an estate's heirs is enough to slow down the whole proceeding. For example, a wealthy inheritor can afford to hold on to an asset, while his less privileged counterpart(s) may want to sell for immediate gain.
Prevent it by stating the specific instructions on sale (or preservation) of real property, which is mainly the reason of the dispute.
Children or other successors who are left out of the inheritance have nothing to lose by challenging the exclusion.
The situation will only get worse if this matter is brought to court and may attract unwanted media attention.
4. Late marriage
Love can blossom in even the most arid, terminally ill soil. But when it does, expect resentment of the new spouse by heirs, especially in blended families with children.
Prevent it by reviewing and updating your Will or Trust. Because when a person gets married, the Will previously written will be void.
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