Steven Saraisky, of Cole Schotz PC, has made available for download his article, “Contested Estates – When Is The Right Time To Go To Court?” published in JDSUPRA. The abstract is as follows:
There are some instances where going to court is required or necessary. For example, there is a specific time period to contest a Will and a court filing is required. Or, if there is an imminent action that will harm the beneficiaries of an estate (such as selling an important estate asset), the beneficiaries may go to court to seek immediate restraints. In a recent public example of this, the beneficiaries of the Prince estate (his siblings) went to court to try to remove the corporate executor, Comerica Bank.
However, in many cases, a client is best served by not running straight into court. Lawsuits are expensive, emotionally draining, and follow very defined rules (regarding discovery and motions, for example). It is frequently preferable to try to negotiate a resolution with another family member or party in advance of filing a lawsuit. The threat of the lawsuit often is sufficient to bring parties to the negotiating table. Negotiation frequently will be effective for the parties to explain their respective positions, and explore whether the dispute can be resolved through an agreement. Mediation, usually with a retired judge as a mediator, is also an option to consider and much less expensive than a lawsuit.
To view the full article, click here: “Contested Estates – When Is The Right Time To Go To Court?”
Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.