There are many dynamics surrounding family homes thus , what is required is knowledge and information to help the family resolve these matters , or to even avoid getting into these troubles and heartache in the first place .
According a survey conducted in 2019 by TD Wealth , family conflict remains the biggest threat towards estate planning . The survey had a total of 105 respondents who attended the 53rd Annual Heckerling Institute of Estate Planning event which included attorneys , accountants , trust officers , as well as insurance advisors .
As conflict continues to feature highly in this regard , 2 factors are at play , the first being the dynamics around blended families which consist of a couple and their current children as well as those from their previous relationships respectively , with another factor being the designation of beneficiaries .
Why Late Estates Cause Conflict
Amongst Family Members Furthermore , over the years of working on real estate properties , issues around deceased estates often crop up from family members or even relatives , sometimes even criminals who claim to be related to the deceased in order to get ‘ appointed ’ as an executor and claim the inheritance .
As property practitioners we often see a lot of properties being sold by an individual whose name appears on the Title Deed , but later it emerges that either they managed to somehow transfer the late parents ’ or guardians home into their name without informing other family members .
“ Family estates continue to hold a very sacred space amongst various communities in South Africa .”
Sometimes , family members know that the property is in this person ’ s name but never expected this person to sell the family home without the family ’ s consent , but it happens . There is an even bigger ridiculous claim some of these people have , they say ‘ I ’ m the last born therefore , I am entitled to this property ”.
The Role of Property Practitioners Moreover , this then brings into question the role of property practitioners in being the foundation of assistance for clients who may encounter such challenges , and thus bringing in attorneys , conveyancers and notaries to provide added expertise and advise accordingly .
In Providing this guidance and one would advise people in consultation with an attorney to ask questions such
SA Real Estate Investor Magazine MARCH 2022 43