4 Ways to Handle Money Disputes After a Death in Your Family

A death in your family can be a tragic loss, leaving you thinking of ways to recoup and get back to normalcy within a few days. However, not all family members think alike. Some are more interested in the finances of the deceased instead of grieving the death. In such, cases, it’s better to settle the financial disputes as soon as possible to ensure that the greedy members wouldn’t cause any problems. 

According to recent statistics, approximately 25% of families face financial troubles if the sole bread-earner passes away. In these situations, you struggle to find ways to handle, money disputes efficiently. However, the following tips can give you an idea of dealing with financial troubles after there is a death in your family.

  1. Property disputes

Sometimes, the deceased may make a will before dying where he leaves the house in the name of his children. The children may not want to live in the same house, and instead, sell it within the next few weeks. How do you divide the money among the family members? If you are not sure, you can contact a real estate agent who can provide the best price for the property. Once you sell the property, you can distribute the money equally among the family members, thus making the sale fair. If there are conflicts with regards to property settlement and contesting a will in NSW, it is best to get advice from professionals to get a grasp of your options within the scope of the law.

  1. Funeral costs

It’s unlikely that the deceased will leave money for his funeral costs or have funeral insurance. That means the children should pay for the funeral expenses. How do you distribute the expense equally? It’s best to talk to the funeral director about the total cost and see whether the estate has enough money to cover that expense. If not, you can talk to the government to help pay for the funeral. Additionally, you can also arrange to crowdfund among your neighbours and friends if you don’t have enough money.

  1. Money and possessions

How do you divide your parents’ money and possessions among your siblings once they pass away? The first thing you can check is whether your parents left a will or not. This would make things easier to divide. If there is no will, and your siblings can’t decide what to take or feel left out, you can seek legal advice from a lawyer. Talking to a lawyer can reduce unnecessary conflicts among your family members and ensure equal distribution of the estate.

  1. Mediation 

Mediation is one of the best ways to settle money disputes after a death in the family, especially when you and other family members can’t decide how to distribute the estate equally. An independent mediator will try to settle the dispute in such a way that all the parties are happy with their portions. Mediation is a cost-effective way to settle money disputes, and it also keeps the family relationships intact.

Now that you know the best ways to handle financial disputes after a death in your family, resort to one of the above methods to distribute the estate equally and avoid personal problems with other family members.