Distribution disagreements over the way assets of a Miami estate are divided up is quite common. Disputes arise frequently when a decedent will or trust is not clear enough as to how to wind up and distribute certain estate assets. The executor of the estate is then faced with making the ultimate decision as part of the executor’s duties. However, in order to avoid disputes or estate litigation with the decedent’s beneficiaries, it is always a good idea for the executor to discuss the subject with the beneficiaries and get their input.
The Manner of Distribution
Typically, decisions about estate assets involve whether to sell or keep an asset. When real estate is involved, leasing the property is also another option.
For instance, let’s say your mother owned a condo in Miami Beach and passed away leaving the property to you and your two siblings. Your brother is thinking about retiring and wants to use the condo for the winter, but you and your sisters want to sell because you need the money. Family decisions about what to do with mom or dad’s permanent resident or Miami retirement or vacation home are common and can create distribution disagreements amongst family members.
A solution might be to have your brother buy you and your sister out or to lease the condo and give you the income and let him get the benefit of living there or some other arrangement that all of you may come up with to keep the condo and resolve the dispute.
Trying to decide which beneficiary gets the decedent’s personal items such as clothing, jewelry, artwork and other collectibles can turn relatives against each other and create a distribution disagreement. When items are not of sentimental value to the beneficiaries, it might just be better for everyone if the executor sells the items and divides the money equally amongst the beneficiaries.
Unique items or items that are hard to put a monetary value can be a source of disagreement as well. A professional appraisal or valuation may be needed in order to resolve the distribution disagreement.
Miami Probate and Estate Lawyer
If you are an executor of a Miami estate or a beneficiary involved in a distribution disagreement, an experienced Miami probate and estate attorney can assist you with valuation of estate property to help make sure that the estate and beneficiaries receive the highest and best valuation and to help with resolving any distribution disagreements. Give us a call at (786) 522-1411.