Sibling Rivalry Complicates Estate Planning

When a parent dies, siblings may battle for years over their inheritance. For example, a sibling of the late guitarist Jimi Hendrix and a company affiliated with another sibling recently reached a tentative settlement in a suit involving the Hendrix estate. Their father, Al Hendrix, died in 2002 and left Jimi Hendrix’s estimated $80 million estate under the sole control of one of the siblings. Jimi Hendrix died without a will in 1970. For estates of all sizes, many of these sibling battles can be avoided, estate lawyers and financial advisers say. That can require more than simply writing a will. Leaving detailed instructions regarding jewelry and other family valuables, appointing a professional fiduciary as executor and communicating your wishes before death are a few ways to prevent your heirs from battling it out once you’re gone. Battling over a $15 watch Fights over Mom’s or Dad’s possessions—whether it is a prized watch, lucky five iron or wedding ring—is a common area of conflict in estate settlements, advisers say. Even if the object isn’t of great financial value, the emotional attachment can make it priceless in the eyes of heirs. Parents should anticipate that heirs may have sentimental attachments to certain objects, and they should plan ahead to smooth over conflicts and right any perceived wrongs. Michael Wernersback, regional estate-settlement manager for Wells Fargo Private Bank in Bay St. Louis, Miss., recalls a particularly ugly example of two sisters who fought over their late mother’s jewelry—specifically a $15 watch […]