Probate disputes between family members do sometimes involve high-value assets. The focus is on the financial value more than anything else. An example could be siblings who are fighting over how to split up $10 million that their parents had in the bank when they passed away. They all want their share of the money.
But one important thing to keep in mind is that items with strictly sentimental value can also lead to probate disputes. Children may feel nostalgic about books, artwork, home furnishings, vehicles, jewelry collections and much more. Disputes often revolve around who should get specific assets, and the children are not focused on the financial value at all.
This often complicates the chances of finding a resolution. If they were just thinking about financial value, they could sell the asset and split up the money. But with sentimental value being the main driver behind the dispute, selling it does not actually make sense.
Major assets can also have sentimental value
Additionally, remember that some valuable assets may be worth a lot financially, but also contain sentimental value that makes it difficult to determine how to address them.
An example could be a family cabin or a vacation property. If children grew up going there every summer with their parents, some of them may want to keep the property in the family so that they can go with their own children. Others, however, may see real estate as a valuable asset that should be sold so that they can split up the proceeds.
Ideally, parents will leave an estate plan to provide guidance to their children. But even when they do, disputes are still possible, and it is important for those involved to understand their legal options while going through probate litigation.