It has been rightly said by people that blood is thicker than water but when things come down to property distribution, no blood relation is left unharmed on the battlefield. It sounds tacky and heartbreaking that siblings who have spent their entire life together sharing the same Bloodline would fight over a piece of land or their family inheritance but it’s today’s reality. Siblings estate disputes are quite common all over the world where the rivalry ensues for years at an end.
There are certain ways on the part of the parents as well as on the siblings to make sure that these disputes do not arise or even if they do to mediate it cordially and maintain fairness in the distribution of assets. Here are 8 tips for siblings to avoid property disputes among themselves.
1.Differentiate the gifts and assets that have been left exclusively to them
It happens a lot of times that particular jewellery or piece of the asset has been given to one sibling as a gift on an occasion. These gifts are specifically given to one sibling and not the other and should rightfully belong only to them. This piece of jewellery or any other form of the asset should not be put up for division and it should be cordially discussed and listed among the siblings.
2. Ask their parents to divide it among them
Every child is equal in the eyes of their parents and that is why they are the most reliable and fair judges when it comes to the division of property and assets. In the case of doubting any dispute arousal among siblings, it would be quite wise for them to let their parents decide which sibling gets which part of the property and ancestral asset. This is a good way to settle property disputes without intellectual property lawyers in India.
3. Convince their parents to prepare a written will to be carried out
When it comes to family property disputes people do not even consider their own blood. They are out for blood. It might be natural for some people to doubt that the other siblings would Ariel to the wishes of their parents if they have already decided and presented the division of property and assets. A written wish is not legally binding. This is why it is important to get a written will be prepared by the parents to make the division of assets lawful and binding.
4. Take a seat together and resolve the disputes personally
There is no dispute in the world that cannot be solved by sitting together with a calm and rational mind and talking it out. If nations have stopped wars and destruction then what are we? It is the most cordial way of settling disputes among siblings. getting together and expressing their views peacefully is surely the best way to go among themselves to resolve property disputes.
5. Take the help of a Mediator
There are times when siblings don’t talk things out on their own as it leads to a heated discussion. A professional mediator can be helpful in situations like this as disputes can be resolved and a consensus can be reached by availing his services. Many law firms in India provide Mediators as well.
6. Avail the services of an independent Fiduciary
One sibling might cancel the appointment when the property and asset distribution is to be finalized. A fiduciary is another person who will be there representing that sibling but it is possible only if the sibling has approved of that person. This person can be a member of the family or a professional chosen from many law firms in India.
7. Use the lottery system to divide property
If the siblings cannot decide which property is to be assigned to which one then living things to the favour of luck is sometimes put to use. the names of the property written on the chits and put into a bowl from which each sibling will pick up a chit and the property mentioned in it will be assigned to them by a stroke of luck.
8. Liquidate the assets and divide the money
Siblings might not agree on the value of the property that they have been assigned. the fairest and equitable decision that they can come to is to sell the property or liquidate the assets and divide the money among themselves into equal portions.