Parents often try to avoid estate disputes by leaving property to children in equal amounts. While this can help when it comes to stocks, bank accounts and other such assets, it can actually cause disputes when it involves real estate.
An irrevocable trust is one that you typically cannot modify, amend, revoke or change in any way. There are rare situations that allow for some alteration, but, generally speaking, the trust has to stay exactly as it was when you set it up. The assets are no longer yours. Now they belong exclusively to the trust.
Far too many people pass away without any type of estate plan in place. They do not even draft a will. This can happen to famous, wealthy people -- the very people you would think would be most conscious of the need for a plan -- and to those with far fewer assets.
When you begin planning your estate, one of the primary objectives is to minimize the possibility of dispute amongst family members once you have passed away. This can be tricky, and even the most airtight estate plan does not guarantee that a family member will not object or legally dispute it. There are several steps you can take, though, to minimize the chances of this and plan your estate wisely.
One issue that may arise while dividing up a person's estate is that of undue influence. In some cases, this can be used to contest a will.