Baby boomers have changed the way looks at many things–travel , business and even the modern family dynamic have greatly evolved under the demand of the greatest generation. Some researchers note this is also changing the way the modern Probate system deals with inheritance. A recent article on our sisters to North, Canada shows that a lot of money is in the midst of changing hands. When you consider the amount of inheritance and probate dispute in Palm Beach County it becomes clear The Greatest Generation may mean the greatest pay day.
- Canada is in the midst of the largest intergenerational wealth transfer in its history, with an estimated $1 trillion in family wealth being passed down from the so-called “Greatest Generation,” raised during the Depression and the Second World War, over the next couple of decades.
- A lot has changed in the time since the boomers parents amassed that money though,mainly we have become an economy based on credit.
- Half of homeowners in their 50s have mortgages.
- Another half of homeowners plan to retire prior to paying off their mortgage.
- In a world plagued by debt and loans, Boomers cant wait for their pay day.
What does all this mean? That’s right, adversarial probate. Maybe your rich father had twelve kids, is that money going to be enough to pay off everyone’s home and student loans? Hopefully, but I doubt it. Now what happens when one of the kids spent his entire last two years caring for his adult parents my guess is he wants whats coming to him–more than his share. If you have adult children do not subject them to family feuds – get an estate plan together. If not you may be part of one of these 3 common estate battles.
- Sibling v. Sibling is by far the most common inheritance feud we see in West Palm Beach as Probate Attorneys. One sibling feels they deserve more or sometimes a parent will disinherit one child causing years of probate litigation.
- Widow v. Child is another common one as unfortunately sometimes there was bad blood to begin with. Furthermore a spouse may be upset to find they were not left everything and under Florida law they can only claim 1/3 via the elective share regardless of whether or not they were still married.
- Family v. Caretaker This is the least common but sometimes the hardest to litigate. We have just heard a lot about these kinds of situations in the news. Often the children are highly absent if you have a caretaker and the Court has a legitimately difficult task to determine what the testator would want, to support the person who took care of them or their own children.
It is best to avoid these disputes even if you win they are still expensive. Want to learn more about setting up an estate plan? Want to learn what types of avenues exist to plan your estate?