Probate disputes sometimes arise because there are questions about the legitimacy of estate planning documents. Other times, people may worry about the conduct of a personal representative or trustee. In some cases, documents are valid, and personal representatives fulfill their responsibilities well, but there are still issues that could cause disputes among beneficiaries.
Testators sometimes fail to address assets that have significant economic value or that have emotional value to beneficiaries. A failure to include clear terms for the distribution of a residuary estate can lead to probate delays and beneficiary disagreements.
Does the will only focus on key assets?
It is common practice for people to specifically prioritize their highest-value assets when establishing an estate plan. They include beneficiary designations for accounts and real estate, and they name someone specific to inherit their vehicle and address any business holdings they may own.
However, they fail to discuss their wishes as to clothing, furniture and other personal property. An individual’s residuary estate contains any assets not explicitly addressed elsewhere in the estate plan.
In some cases, the residuary estate could represent a substantial amount of money if a person has a large collection of vintage pocket watches or designer handbags. Other times, the emotional value of those resources could lead to disputes among beneficiaries about their distribution. People may fight over assets that conjure memories of the decedent or that they believe they could sell for a profit on the secondhand market.
Disputes about the distribution of assets not included in an estate plan may lead to probate litigation. Consulting with a probate attorney can help families better evaluate estate planning documents and navigate disputes regarding assets not included specifically in a loved one’s paperwork.