Easy Questions  
Free Legal Documents

Communicating Your Estate Planning Wishes to Your Heirs in Adolph, MN

Communicating Your Estate Planning Wishes to Your Heirs in Adolph, MN


If a man's character is to be abused, say what you will, there's nobody like a relative to do the business.
 
- William Makepeace Thackeray


Open communication from parents about their Estate Planning Wishes can give children a lifetime to adjust their expectations and ask questions about why the property was being split up the way it was. Be open and honest about your intentions—even if your heirs have to deal with unhappiness now.


Don't settle scores with a will

It can be a big mistake to favor one child over the others when you're leaving property, even if you're trying to correct past financial inequities. If you really feel that one child deserves something extra, rather than doing it in your will, consider doing it while you are still alive.

For example, if you paid for business school for your daughter and didn't give your son anything for his education, then you could give him a cash gift during your lifetime—perhaps a down payment on a house. If one child took care of you for 10 years in the family home and the others didn't help at all, then consider giving her a direct payment for the time invested—and explain to your other children at that time why you're doing it.


If you are determined to favor one or more of your children in your will, at least let all your kids know about your decision well in advance. This can be uncomfortable, but when the whole family knows what to expect, it can minimize hurt feelings down the road. Even discussing these decisions may cause hurt and anger, but it needs to be done so that the heirs get a chance to get some answers to their questions. They may not like the answer, but they'll at least understand why you did what you did. At the end of the day, it is your money and you should feel a need to apologize for any decision you make.

Include a note to the heirs

To make absolutely sure there are no misunderstandings, it's a good idea to write a brief letter to your children, to be read before the will. Explain why you made the decisions you did.


Consider paying taxes and funeral expenses with life insurance

Estate taxes, inheritance taxes, and funeral expenses can be a burden on your heirs. A great way to cover that cost is to take out a life insurance policy to pay these expenses.

If you are in a second marriage and you have grown children from the first marriage that you'd like to bequeath something to, you could leave them a set amount of money in the form of a life insurance policy. It's a great way to guarantee that your current family's lifestyle won't be disrupted, without forgetting the kids you had with your first wife or husband. Cash from a life insurance policy help to maintain the peace between the two families when the will is read.

Sell the vacation homes when you stop using them

Once you reach a certain age, you may find you're not really up to the long drive up to the vacation home any more. You may want to confer with the kids to see whether they actually want it. If not, the simplest thing to do is to sell it yourself.


Cash is king

That brings us to what may be the most controversial advice of all when leaving property: don't do it. If there is more than one child, coming up with a plan that's flexible enough to deal with life's twists and turns while keeping everyone happy is almost impossible. Making multiple children co-owners of a shared property can be messy.

Knowing that you loved them can be the best gift of all

 
Personalize & Print a Free MN Last Will Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free MN Power of Attorney Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Adolph, MN
Walsh & Gaertner, P.A.
24 4th St E
Saint Paul, MN 55101
(651) 228-9968
Criminal Law Attorneys,  Family Law Attorneys,  Social Security & Disability Law Attorneys,  Persona
Sunray Law Office
PO Box 67
Brainerd, MN 56401
(218) 270-9938
Attorneys, General Practice Attorneys, Legal Service Plans
Austin Advocacy and Law Center
212 2nd Ave N
Minneapolis, MN 55401
(612) 200-9919
General Practice Attorneys, Attorneys, Legal Service Plans
McNeilly Law Firm
333 Washington Ave N Ste 300
Minneapolis, MN 55401
(612) 349-9866
Attorneys, Legal Service Plans, Criminal Law Attorneys, Juvenile Law Attorneys, Corporation & Partne
Nolen Law Office
333 Washington Ave N Ste 300
Minneapolis, MN 55401
(612) 373-9844
General Practice Attorneys, Attorneys
Minnesota Disability Law Center
12 Civic Center Plz Ste 3000A
Mankato, MN 56001
(507) 389-9826
Attorneys, General Practice Attorneys, Legal Service Plans
Cutshall Law Offices PA
333 Washington Ave N Ste 317
Minneapolis, MN 55401
(612) 373-9818
Attorneys, General Practice Attorneys, Legal Service Plans
Kitzmann Stuart J
916 Washington Ave
Detroit Lakes, MN 56501
(218) 846-9712
Attorneys,  Family Law Attorneys,  DUI & DWI Attorneys,  General Practice Attorneys,  Legal Service
Fitzpatrick Thomas A
411 Front St
Brainerd, MN 56401
(218) 829-9692
Attorneys,  Labor & Employment Law Attorneys,  Corporation & Partnership Law Attorneys,  Real Estate
Western Minnesota Legal Svc
415 7th St SW
Willmar, MN 56201
(320) 235-9600
Attorneys, Legal Service Plans
Cooper Law Firm
1201 Yale Place-Loving Grn E, Bldg Ste
Minneapolis, MN 55401
(651) 225-9559
Attorneys, General Practice Attorneys, Legal Service Plans
Koslow & Associates In Butler Square Bldg
123 N 3rd St
Minneapolis, MN 55401
(612) 252-9488
Attorneys, Legal Service Plans
Anderson Gwen M
803 W Saint Germain St
Saint Cloud, MN 56301
(320) 240-9423
Attorneys, Legal Service Plans
Jeddeloh & Snyder PA
803 W Saint Germain St Germain
Saint Cloud, MN 56301
(320) 240-9423
Probate Law Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Wills, Trusts & Esta
Bethel and Associates
336 Robert St N
Saint Paul, MN 55101
(651) 292-9406
Corporation & Partnership Law Attorneys, Attorneys, Business Law Attorneys
Nelson Eric
400 2nd Ave S # 700
Minneapolis, MN 55401
(612) 321-9402
Attorneys
Simmonds & Wright LLP
881 E Madison Ave
Mankato, MN 56001
(507) 205-9398
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
Richard A. Ohlsen
417 Laurel St
Brainerd, MN 56401
(218) 825-9334
Bankruptcy Law Attorneys,  Attorneys,  Family Law Attorneys,  Legal Service Plans
Klaers Michael J Cpa/Atty
416 6th St SW
Willmar, MN 56201
(320) 235-9318
Attorneys, Legal Service Plans
Culberth Celeste
444 Cedar St # 1050
Saint Paul, MN 55101
(651) 290-9300
General Practice Attorneys, Attorneys
Charpentier & Lange
718 Front St
Brainerd, MN 56401
(855) 334-9281
Probate Law Attorneys,  Attorneys,  Family Law Attorneys,  Wills, Trusts & Estate Planning Attorney
Biglow Michael J
401 2nd Ave S
Minneapolis, MN 55401
(612) 339-9221
General Practice Attorneys, Attorneys, Legal Service Plans
Lackore Ramona C
432 Litchfield Ave SW
Willmar, MN 56201
(320) 235-9203
Attorneys, General Practice Attorneys
Enger Robert
215 4th St NW
Bemidji, MN 56601
(218) 751-9201
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US