Siblings often battle for years over their inheritances.
A sibling of the late guitarist Jimi Hendrix and a company linked to another sibling only recently reached a settlement in a suit involving the rock star’s estate. Hendrix died in 1970 without a will.
Their father, Al Hendrix, died in 2002 and left control of the estate to one of the siblings.
But these types of fights can be avoided, says a story in the Wall Street Journal.
It can require not only a will, but also detailed instructions regarding jewelry and other family valuables, naming a professional fiduciary as executor and communicating your wishes before your death.
The story details a long and drawn out fight between siblings over their mother’s $15 watch. The mother had bequeathed her jewelry to her daughters to split “as they may decide.”
Big mistake.
Such instances can result in siblings becoming estranged for life.
Better to plan ahead.
If you have questions about estate planning, feel free to contact us for a consultation by calling (626) 696-3145.
