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 96059

Communicating Your Estate Planning Wishes to Your Heirs in Zip Code 96059


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 96059
Full Service Evictions
1130 1st St Ste 215
Napa, CA 94559
(707) 253-9497
Attorneys, Eviction Service, Landlord & Tenant Attorneys
Anderson James R Law Office
230 Main St
Nevada City, CA 95959
(530) 265-9479
Attorneys,  Mediation Services,  Family Law Attorneys,  Arbitration Services,  Arbitration & Mediati
Loizeaux Christopher
587 Jefferson St
Napa, CA 94559
(707) 224-9209
Attorneys
Gaw Van Male
1000 Main St
Napa, CA 94559
(707) 252-9000
Divorce Assistance,  Attorneys,  Probate Law Attorneys,  Real Estate Attorneys,  Wills, Trusts & Es
James Butler Law Office
11908 Casci Ridge Rd
Nevada City, CA 95959
(530) 470-9000
Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Insurance Attorneys,  Attorne
Smith Douglas N
1207 Coombs St
Napa, CA 94559
(707) 257-8935
Divorce Assistance, Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorneys,
Dreskin Anderson Naomi
1001 2nd St Ste: 345
Napa, CA 94559
(707) 252-8900
Attorneys, Nursing Home Litigation Attorneys
Burton Richard C
301 Broad St
Nevada City, CA 95959
(530) 265-8888
Divorce Attorneys,  Arbitration & Mediation Attorneys,  Attorneys,  Real Estate Attorneys,  Family L
Guyton Jeffrey P Esquire
305 Railroad Ave # 7
Nevada City, CA 95959
(530) 470-8871
Attorneys, General Practice Attorneys
Peter Bradley S Attorney & Counselor At Law
922 Marina Dr
Napa, CA 94559
(707) 253-8838
Attorneys
Sierra Mediation
138 New Mohawk Rd.
Nevada City, CA 95959
(530) 265-8785
Attorneys, Mediation Services, Arbitration & Mediation Attorneys
Foster Teresa Immigration Consultant
2180 Jefferson St
Napa, CA 94559
(707) 255-8666
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
James V. Jones Law Offices
1564 1st St
Napa, CA 94559
(707) 252-8644
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  DUI & DWI Attorneys,  Personal Injury La
Munkelt Stephen A
206 Providence Mine Rd Suite 218
Nevada City, CA 95959
(530) 265-8508
Attorneys, Criminal Law Attorneys
Day Richard V
587 Jefferson St
Napa, CA 94559
(707) 253-8500
Bankruptcy Law Attorneys,  General Practice Attorneys,  Estate Planning Attorneys,  Bankruptcy Servi
Murphy Logan & Bardwell
2350 1st St
Napa, CA 94559
(707) 257-8100
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Family Law Attorneys,  Business Law Attorne
Matthew Bishop
1030 Seminary St
Napa, CA 94559
(707) 258-8090
General Practice Attorneys, Attorneys, Legal Service Plans
Zeller Robert H
929 Randolph St
Napa, CA 94559
(707) 509-8082
Attorneys
Elliott Joyce
1250 Main St
Napa, CA 94559
(707) 255-8055
Attorneys,  Child Custody Attorneys,  Family Law Attorneys,  Divorce Attorneys
Lewis & Blevans Llp
1005 Coombs St
Napa, CA 94559
(707) 226-8009
Divorce Attorneys, Family Law Attorneys, Attorneys
Goodman Grace
1114 Franklin St
Napa, CA 94559
(707) 253-8005
Attorneys, Legal Service Plans
Ellen York
822 Brown St
Napa, CA 94559
(707) 224-7971
Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys
York & York
822 Brown St
Napa, CA 94559
(707) 224-7971
Estate Planning Attorneys, Attorneys
Richert Scott
505 Coyote St
Nevada City, CA 95959
(530) 265-7800
Small Business Attorneys, Business Law Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US