Careful estate planning can stave off legal battles
Last week I had a working lunch with “Bill,” a client who had sold a significant portion of his family-held business about two years ago.
Over the course of our discussion, Bill told me a close friend from his university days had called him last month. The friend’s father passed away back in March, leaving a sizable estate. Unfortunately, that estate was now in the process of an extensive legal battle, as four siblings (from two different marriages), a widow, and an ex-spouse bickered and fought over their share of the pie.
“What a mess,” Bill said, shaking his head as he waited for his grilled salmon. “When I go, I want things to be well-organized – easy to deal with.” Bill paused for a moment before looking at me and adding: “And I want everybody to know exactly what I want done with my money.”
Bill’s concern is well founded. In my experience, there’s a direct relationship between the size of one’s estate and the potential for conflict. The higher the stakes, the higher the chances for litigation.
Unfortunately, as I told Bill, there is no such thing as a litigation-free estate. Even the most well-organized, well-constructed estate may be challenged by disgruntled heirs or creditors. That said, there are things high-net-worth individuals can do to discourage litigation, and diffuse inter-family conflict before it leads to courtroom drama.
Read further or Contact Chicago, Illinois estate planning and probate lawyer to learn more from the best.


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