Families don’t always get along, especially when money is involved. That’s why they often end up in court. If you’re currently in a legal dispute that relates to probate, trusts and estates, and elder care concerns, you should know there’s another path to settle your dispute.
Sadly, we’ve seen many families fighting each other in court. And often, the grievances get entangled with history and varied interpretations of events. You’re not making any headway and your legal fees are adding up. That’s when your attorney may suggest that you consider mediation or arbitration, which can be highly cost-effective alternatives to litigation.Mediation and Arbitration – what’s the difference?
Both mediation and arbitration are forms of dispute resolution geared toward obtaining a faster end to a disagreement.
Mediation is a good choice when the parties are willing to consider compromise as a means of achieving a final resolution. The parties agree on a neutral attorney to act as the mediator. The mediator helps the parties understand each other’s positions and works to develop options to resolve the dispute in ways that are mutually beneficial. In most cases, the mediation process is done in a day. Read more…
Where mediation is a means to facilitate a voluntary settlement, arbitration, on the other hand, is a more structured, legally binding process. In arbitration, the parties agree present their case to an arbitrator and be bound by the arbitrator’s decision. Here again, the arbitrator is a neutral attorney whom the parties select.
Arbitration is suitable for parties who prefer to “have their day in court” rather than compromise. It is typically faster than court litigation and has the added benefit of privacy. Unlike court litigation, the parties get to pick the arbitrator who will decide the case. Read more…
Areas in which mediation or arbitration could benefit you:
- Challenges to the validity of wills and trusts
- Issues with estate administration and executor performance
- Gifts and other lifetime property transfers
- Trust management and trustee performance problems
- Disputes over conservatorship and elder care
- Power of attorney problems
- Conflicts in family-owned businesses