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 Rogers, AR

Communicating Your Estate Planning Wishes to Your Heirs in Rogers, AR


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 AR 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 AR Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Rogers, AR
Habern Equestrian Partnership
22 Pinnacle Dr
Rogers, AR 72758
(479) 619-9242
Attorneys
Maurras Bret A
410 N 8th St
Rogers, AR 72756
(479) 636-9169
Attorneys
Slinkard Law Firm
410 N 8th St
Rogers, AR 72756
(479) 636-9169
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Legal Service Plans,  Criminal Law Attorneys,
Petty Roy
402 N 2nd St
Rogers, AR 72756
(479) 621-9150
Attorneys, Legal Service Plans
Dennis R Raebel Attorney
8984 S Park Rd
Rogers, AR 72756
(479) 925-9090
Adoption Law Attorneys,  Attorneys,  Divorce Attorneys,  Credit & Debt Counseling
The Bryant Firm
9 Halsted CIR
Rogers, AR 72756
(479) 633-8994
Attorneys, Legal Service Plans
Weaver Timothy M
216 W Cherry St
Rogers, AR 72756
(479) 631-8889
Attorneys,  Bankruptcy Services,  Legal Service Plans,  Bankruptcy Law Attorneys
Johnson Vorhees & Martucci
2525 Market St # 200
Rogers, AR 72758
(479) 271-8585
Accident & Property Damage Attorneys, Automobile Accident Attorneys, Medical Malpractice Attorneys,
Meister Mc Cracken Law Firm
221 N 3rd St
Rogers, AR 72756
(479) 633-8499
Attorneys, General Practice Attorneys
Williams Law Group, PLC
4201 W New Hope Rd Suite 202
Rogers, AR 72758
(479) 633-8421
Attorneys,  Bankruptcy Law Attorneys,  Divorce Assistance,  Employment Discrimination Attorneys,  Wi
Williams Law Group. PLC
4201 W New Hope Rd Suite 202
Rogers, AR 72758
(479) 633-8421
Attorneys,  Business Law Attorneys,  Corporation & Partnership Law Attorneys,  Commercial Law Attorn
Watts Monty
5434 Walsh Ln
Rogers, AR 72758
(479) 464-8269
Attorneys
Clearman Danny
100 N Dixieland Rd Ste B2
Rogers, AR 72756
(479) 696-8212
Attorneys
Habern & Assoc
22 Pinnacle Dr
Rogers, AR 72758
(479) 464-8164
Attorneys
Lewis Patrick
110 S Dixieland Rd
Rogers, AR 72758
(479) 636-7899
Attorneys, Legal Service Plans
Lingle Law Firm
110 S Dixieland Rd
Rogers, AR 72758
(479) 636-7899
Attorneys, General Practice Attorneys
Harris J C
5208 Village Pkwy # 9
Rogers, AR 72758
(479) 715-6767
Attorneys, Legal Service Plans
Hatfield & Harris PLLC
5208 Village Pkwy
Rogers, AR 72758
(479) 715-6767
Attorneys,  Legal Service Plans,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  Bankruptc
Hindmarsh Law Firm PA
195 N 34th St
Rogers, AR 72756
(479) 899-6552
Attorneys, General Practice Attorneys, Legal Service Plans
Hindmarsh Hadley
195 N 34th St
Rogers, AR 72756
(479) 899-6552
Attorneys
Cottrell Wesley A
117 S 2nd St
Rogers, AR 72756
(479) 631-6464
Attorneys
Accident Bankruptcy Custody & Divorce Attorneys
3403 W Walnut St
Rogers, AR 72756
(479) 636-6400
Attorneys, General Practice Attorneys, Legal Service Plans
Chase Michael Atty
3403 W Walnut St
Rogers, AR 72756
(479) 636-6400
Attorneys
Chase Michael
104 N 37th St # B
Rogers, AR 72756
(479) 636-6400
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US