Managing estate disputes without breaking strong family bonds
Ibrahim, Emmanuel and Dipo Olowo hugged and for the rest of the night, looked at old family photos and relived childhood memories.
Just two weeks before, the three brothers couldn’t see eye to eye. After their dad died and left Dipo, the first son, to manage his estate, Ibrahim and Emmanuel disagreed with him on almost all key decisions.
The fight carried on until Dipo asked the siblings to consult with an estate administrator. That was the decision that turned the course of events around for good.
When a parent dies, the aftermath could result in bringing the children together or tearing them apart. The latter was the case for Ibrahim, Emmanuel and Dipo.
How Dipo handled the disagreement is a useful template for addressing this staple inheritance contest in estate planning. While there is a no single solution, these ideas generally help to keep families from falling apart:
Appoint a neutral institutional administrator
The first step to eliminating bias and sibling rivalry is to seek the appointment of an institutional administrator like FBN Trustees to the estate. This will provide an assurance to disgruntled siblings that an unbiased third-party is taking care of the process and assets are being properly distributed or managed.
Hold open discussions about the estate
Being the executor of a Will is no small responsibility. To mitigate unhealthy suspicion, conversations around the assets should be open and updates on changes should be communicated to all concerned parties as often and as clearly as possible.
If you have been left to manage an estate under similar circumstances as Dipo, your first step is to engage an expert, credible institutional executor like FBN Trustees.
A member of the reputed FBN Holdings Group, we are a team of experts who have in-depth industry knowledge, local awareness and relevant experience, having helped develop wealth transfer plans for families over several decades.
You can count on us to provide you with bespoke solutions to address your wealth transfer objectives, especially as we realise that no two individuals have exactly the same needs.
Begin today and afford your loved ones the opportunity to reach for success. Contact FBN Trustees to schedule a consultation.