12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Communicating Your Estate Planning Wishes to Your Heirs in Ava, OH

Communicating Your Estate Planning Wishes to Your Heirs in Ava, OH


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 gives children time to adjust their expectations and ask questions. Be open and honest about your intentions with your heirs.

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 OH Last Will Create 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 OH Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Ava, OH
Pond, Donald K Pond Co
600 Brown St
Akron, OH 44311
(330) 253-9747
Litigation & Tort Attorneys, Attorneys
Jorge H Martinez
20 High St
Hamilton, OH 45011
(513) 887-9700
Attorneys
American Mediation
P.O. Box 112221
Cincinnati, OH 45211
(513) 936-9600
Credit & Debt Counseling,  Debt Adjusters,  Mediation Services,  Arbitration & Mediation Attorneys
Young Sucher & Guidubaldi
1001 Jaycox Rd
Avon, OH 44011
(440) 937-9100
Attorneys Referral & Information Service, Attorneys, General Practice Attorneys
Yoder J Reid
520 S Main St # 500
Akron, OH 44311
(330) 475-8895
Attorneys, Legal Service Plans
Mac Gillivray Linda
325 N Main St
Bellefontaine, OH 43311
(937) 593-8725
General Practice Attorneys, Attorneys
Kampani Dharminder
17140 Lorain Ave
Cleveland, OH 44111
(216) 251-8023
Attorneys, Legal Service Plans
Robert Hoglund Law Office
520 S Main St
Akron, OH 44311
(330) 252-8009
General Practice Attorneys, Attorneys, Legal Service Plans
Wickens Herzer Panza Cook
35765 Chester Rd
Avon, OH 44011
(440) 930-8000
Environment & Natural Resources Law Attorneys, Attorneys, Labor & Employment Law Attorneys
Martin, Kyle D - Mc Cracken & Martin
2 S 3rd St # 570
Hamilton, OH 45011
(513) 737-8000
Attorneys,  Legal Service Plans,  Labor & Employment Law Attorneys,  Social Security & Disability La
Smith Ronald R
203 Northwest St
Bellevue, OH 44811
(419) 483-7724
Accident & Property Damage Attorneys,  Attorneys,  Family Law Attorneys,  General Practice Attorneys
Stringer, Stringer & Gasior
36815 Detroit Rd
Avon, OH 44011
(440) 934-7676
Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partnership Law Attorneys,  Legal S
Meckstroth John R
3646 Glenmore Ave
Cincinnati, OH 45211
(513) 662-7488
Attorneys
Kaffen & Zimmerman
520 S Main St
Akron, OH 44311
(330) 762-7477
Attorneys,  Small Business Attorneys,  Bankruptcy Law Attorneys,  Corporation & Partnership Law Atto
Laatsch Morris H
520 S Main St # 500
Akron, OH 44311
(330) 762-7477
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Davidson Law Offices
127 N 2nd St
Hamilton, OH 45011
(513) 868-7100
Personal Injury Law Attorneys, Insurance Attorneys, Attorneys
Wilms Denise G
36855 American Way # 2C
Avon, OH 44011
(440) 934-7060
Mon-Fri 8:30am-5pm, Sat 8:30am-2pm, Appointments Available
Conese Mark
26 S 3rd St
Hamilton, OH 45011
(513) 737-7044
General Practice Attorneys, Attorneys, Legal Service Plans
Hull Alexandra
362 S Main St
Akron, OH 44311
(330) 762-6767
Attorneys, Legal Service Plans
Keck William C
6 S 2nd St
Hamilton, OH 45011
(513) 863-6700
General Practice Attorneys, Attorneys, Legal Service Plans
Millikin & Fitton Law Firm
6 S 2nd St # 600
Hamilton, OH 45011
(513) 863-6700
Attorneys, General Practice Attorneys, Legal Service Plans, Business Law Attorneys, Real Estate Atto
Butler County Bar Assn
315 Maple Ave
Hamilton, OH 45011
(513) 896-6671
Attorneys Referral & Information Service
Marcie Jay C
1001 Jaycox Rd Ste 1
Avon, OH 44011
(440) 937-6604
Attorneys
Marcie & Associates LPA
1001 Jaycox Rd
Avon, OH 44011
(440) 937-6600
Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US