Easy Questions  
Free Legal Documents

Communicating Your Estate Planning Wishes to Your Heirs in Alba, TX

Communicating Your Estate Planning Wishes to Your Heirs in Alba, TX


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 TX 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 TX Power of Attorney Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Alba, TX
Attorney General
1400 Hillcrest Dr
Arlington, TX 76010
(817) 277-9805
Attorneys
Shivers Robert A
1146 S Alamo St
San Antonio, TX 78210
(210) 226-9725
Administrative & Governmental Law Attorneys, Immigration Law Attorneys, Attorneys
Martinez & Martinez
1105 Wooded Acres Dr #200
Waco, TX 76710
(254) 776-9700
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Drug Charges Attorneys,  Child Custod
Cotner Robert
3501 W Waco Dr
Waco, TX 76710
(254) 752-9688
Attorneys
Zimmerman & Zimmerman & Cotner & Young A Professional Corporation
3501 W Waco Dr
Waco, TX 76710
(254) 752-9688
Accident & Property Damage Attorneys,  Attorneys,  Legal Service Plans,  Personal Injury Law Attorne
Zimmerman Law Firm
3501 W Waco Dr
Waco, TX 76710
(254) 752-9688
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Automobile Accident Attorneys
Morris, Michael P - Tekell Book Matthews & Limmer
1221 McKinney St # 4300
Houston, TX 77010
(713) 222-9542
Personal Injury Law Attorneys, Attorneys
Tekell Book LLP
1221 McKinney St Ste 4300
Houston, TX 77010
(713) 222-9542
Attorneys, Legal Service Plans
Book, William C - Tekell Book Matthews & Limmer
1221 McKinney St # 4300
Houston, TX 77010
(713) 222-9542
Insurance Attorneys, Personal Injury Law Attorneys, Attorneys
Clark Dick
3311 N Ridge Dr
Waco, TX 76710
(254) 772-9464
Attorneys
Muizers Martin I
2525 E Arkansas Ln
Arlington, TX 76010
(817) 548-9437
Attorneys Referral & Information Service, Attorneys, General Practice Attorneys
Central Texas Litigation
7215 Bosque Blvd
Waco, TX 76710
(254) 399-9400
Attorneys Referral & Information Service, Litigation Support Services
Kerrisa Chelkowski
1017 South Alamo Street
San Antonio, TX 78210
(210) 228-9393
Criminal Law Attorneys, DUI & DWI Attorneys
Abbott J Perry CPA
609 W Main St
Arlington, TX 76010
(817) 265-9306
Attorneys,  Estate Planning, Probate, & Living Trusts,  Wills, Trusts & Estate Planning Attorneys
Brenda Dushane
12404 Highway 6
Santa Fe, TX 77510
(409) 316-9254
General Practice Attorneys, Attorneys, Legal Service Plans
The Law Office of Wendy L. Hackler
1810 A 8th Ave.
Fort Worth, TX 76110
817-926-9890
Attorneys, Child Support Collections, General Practice Attorneys
Hasdorff & Convery P C
1007 S Alamo St
San Antonio, TX 78210
(210) 738-9060
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Legal Service Plans
Green Neal Jr
110 W Collin St
Corsicana, TX 75110
(903) 874-9009
Divorce Assistance, Attorneys, Family Law Attorneys, Legal Service Plans
Hardin Rusty & Associates PC
1401 McKinney St Ste 2250
Houston, TX 77010
(713) 652-9000
Attorneys, Criminal Law Attorneys, Appellate Practice Attorneys, Litigation & Tort Attorneys, Legal
York Robert Atty
312 W 4th Ave
Corsicana, TX 75110
(903) 874-8890
Attorneys, Family Law Attorneys, Divorce Attorneys, Litigation & Tort Attorneys, Estate Planning Att
Scanes, Routh & James
7901 Fish Pond Rd
Waco, TX 76710
(254) 399-8788
Attorneys,  Accident & Property Damage Attorneys,  Civil Litigation & Trial Law Attorneys,  Real Est
Shields Joel
7901 Fish Pond Rd Ste 200
Waco, TX 76710
(254) 399-8788
Corporation & Partnership Law Attorneys, Attorneys, Labor & Employment Law Attorneys, Legal Service
Anita J Anderson
829 E Guenther St
San Antonio, TX 78210
(210) 533-8726
Attorneys Referral & Information Service, General Practice Attorneys, Attorneys
Aldous Law Firm
11959 fm 1764
Santa Fe, TX 77510
(281) 435-8648
Automobile Accident Attorneys,  Family Law Attorneys,  Litigation & Tort Attorneys,  Medical Malprac
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US