Consulting on an unusual estate recently, I was informed there were 7 beneficiaries, 4 of which were also co-executors. Can you imagine that many co-executors? What a nightmare! This estate also had personal property, which the family felt to be very valuable, but it wasn’t. There was a bunch of land to be divided, or sold and divided among the children.
Naturally, when you have that many cooks in the kitchen, everyone has different thoughts and opinions. This is why co-executors is not necessarily a good choice. In my opinion, estate settlement is much harder when you hand decisions to people who can’t come to a conclusion and end up fighting, or potentially going broke doing so. Some wanted the land intact; others wanted it subdivided. You can see where this story is going and it isn’t good.
The siblings had indeed reached an impasse. One long distance heir, who had little to do with mom while she was alive, was the first to get an attorney involved, then everyone else followed suit. It just gets messier from there.
I have been doing this for a very long time; I hope you don’t think I’m crazy when I share with you that people and their behaviors are getting worse. Their behavior is often out of control, along with other emotions, sometimes even getting physical. It makes me wonder.
What on earth could be so grand that it’s worth destroying themselves, as well as other relatives and relationships? Don’t these people know they are going to have to carry the burden of their decisions for the remainder of their lives?
Don’t get me wrong.
I’d love to have a slice of land or the proceeds from it.
But not at this cost.
It just isn’t worth it!
The attorneys will do their jobs well, and whatever inheritance there is will dwindle with legal fees.
Interesting observation: While the inheritance is decreasing, the emotions and angst will only increase and be prolonged, sometimes for the rest of the lifetime, long after the estate has been settled.
Is there anyone to blame in this scenario? Fingers can be pointed all day long. In the end, it comes down to the original decision maker who did not specify what should happen to the property and named so many co-executors. Big mistake which caused even more strife for those left behind.
I ask you plainly … Is it really worth it?
I couldn’t possibly make this stuff up!
©2014 The Estate Lady®
Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.
No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent. Email her at Julie@TheEstateLady.com.