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 Zip Code 90313

Communicating Your Estate Planning Wishes to Your Heirs in Zip Code 90313


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 CA 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 CA Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Zip Code 90313
Public Counsel Law Center
312 S Hill St
Los Angeles, CA 90013
(213) 613-9956
General Practice Attorneys, Attorneys
Hopkins & Carley-A Law Corporation
70 S 1st St
San Jose, CA 95113
(408) 286-9800
Attorneys, Bankruptcy Services, Financial Services
Roberts & Elliott Attorneys
10 Almaden Blvd
San Jose, CA 95113
(408) 275-9800
Litigation & Tort Attorneys, Attorneys, General Practice Attorneys
Ross Jay M
70 S 1st St # 408
San Jose, CA 95113
(408) 286-9800
Real Estate Attorneys, Attorneys
Wenzel Robert D
70 S 1st St # 408
San Jose, CA 95113
(408) 286-9800
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Capurro Joseph V
300 S 1st St # 245
San Jose, CA 95113
(408) 217-9725
Personal Injury Law Attorneys, Attorneys
Daley John M
95 S Market St # 300
San Jose, CA 95113
(408) 993-9577
Business Law Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans
Pupach, Timothy A
95 S Market St
San Jose, CA 95113
(408) 971-9445
Attorneys
Lapin, Daniel L
99 Almaden Blvd Ste 1080
San Jose, CA 95113
(408) 271-9270
Employee Benefits & Worker Compensation Attorneys, Attorneys, Legal Service Plans
Briski Kael M
4 N 2nd St # 550
San Jose, CA 95113
(408) 297-9100
Attorneys,  Labor & Employment Law Attorneys,  Accident & Property Damage Attorneys,  Corporation &
AntiPrudential.org
6746 Nixon St
Lakewood, CA 90713
(562) 412-9016
Employee Benefits & Worker Compensation Attorneys, Attorneys, Labor & Employment Law Attorneys, Lega
Proposition 215 Attorney
555 West Fifth Street 31st Floor
Los Angeles, CA 90013
(213) 596-9008
Corporation & Partnership Law Attorneys, Drug Charges Attorneys, Landlord & Tenant Attorneys
Bewley J Michael
160 W Santa Clara #625
San Jose, CA 95113
(408) 292-9000
Labor & Employment Law Attorneys, Sexual Harassment Attorneys, Attorneys
Anderson Jacqueline A Law Corp
111 W Saint John St # 205
San Jose, CA 95113
(408) 293-8993
Attorneys, General Practice Attorneys, Legal Service Plans, Family Law Attorneys, Divorce Attorneys
Daniel Dezhan Li
84 W Santa Clara St, Suite 560
San Jose, CA 95113
(408) 844-8984
Real Estate Attorneys, Attorneys
Terry LaPorte
125 S Market St Ste 1075
San Jose, CA 95113
(408) 293-8810
General Practice Attorneys, Attorneys
Gabel Tamara J
177 Park Ave
San Jose, CA 95113
(408) 279-8636
General Practice Attorneys, Attorneys
Halpern Law Offices
111 N Market St
San Jose, CA 95113
(408) 286-8595
Attorneys,  Mediation Services,  Arbitration Services,  General Practice Attorneys,  Legal Service P
Richard B Vaught Law Offices
111 W Saint John St # 500
San Jose, CA 95113
(408) 275-8523
Insurance Attorneys,  Attorneys,  Business Law Attorneys,  Personal Injury Law Attorneys
Richard B Vaught Law Offices
111 W Saint John St Ste 500
San Jose, CA 95113
(408) 275-8523
Insurance Attorneys, Attorneys, Legal Service Plans, Business Law Attorneys, Personal Injury Law Att
Lola U. Fenner
28 North First St, Ste 100
San Jose, CA 95113
(650) 906-8517
Civil Litigation & Trial Law Attorneys, Employment Discrimination Attorneys, Family Law Attorneys, G
American Legal Search
555 W 5th St # 3000
Los Angeles, CA 90013
(213) 996-8458
Attorneys Support & Service Bureaus, Attorneys, General Practice Attorneys
Holden Green-A Professional Corporation
111 N. Market Street Ste#300
San Jose, CA 95113
(408) 451-8449
Civil Litigation & Trial Law Attorneys
Thomas F Mueller Law Offices
95 S Market St # 300
San Jose, CA 95113
(408) 292-8420
Legal Service Plans, Criminal Law Attorneys, General Practice Attorneys, Litigation & Tort Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US