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 Hialeah, FL

Communicating Your Estate Planning Wishes to Your Heirs in Hialeah, FL


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 FL 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 FL Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Hialeah, FL
Butler Pappas Weihmuller Katz Craig LLP
80 W 8th St
Hialeah, FL 33010
(305) 416-9998
Insurance Attorneys, Attorneys
Izquierdo Alexis Atty
102 E 49th St
Hialeah, FL 33013
(305) 826-9994
General Practice Attorneys, Attorneys
Raheb Michael
1 E 3rd St
Hialeah, FL 33010
(786) 425-9993
Criminal Law Attorneys, Attorneys
National Trust And Title
6175 NW 153rd St
Hialeah, FL 33014
(305) 827-9985
Family Law Attorneys, Labor & Employment Law Attorneys, Attorneys
Attorneys Labor And Employment Law
6175 NW 153rd St
Hialeah, FL 33014
(305) 827-9983
Attorneys, General Practice Attorneys
Immigration & Family Law
18400 NW 75th Place, Unit 120
Hialeah, FL 33015
(305) 921-9946
Immigration Law Attorneys
Forensis Technologies
7322 W 48th St
Hialeah, FL 33012
(305) 663-9944
Attorneys Support & Service Bureaus
Abouelazm Immigration Law Office
3751 W 16th Ave Suite 406
Hialeah, FL 33012
(305) 231-9936
Immigration Law Attorneys
Larraz Jose J
7270 W 12th Ave
Hialeah, FL 33014
(305) 477-9900
Employee Benefits & Worker Compensation Attorneys
Accident Law Group
2655 E 8th Ave
Hialeah, FL 33013
(305) 446-9702
Employee Benefits & Worker Compensation Attorneys, Attorneys
Carlson & Lewittes PA
1 E 3rd St
Hialeah, FL 33010
(305) 372-9700
Attorneys
Mj Louis PA
80 W 8th St
Hialeah, FL 33010
(305) 377-9646
Civil Litigation & Trial Law Attorneys
Goldberg, Sidney A
1 E 3rd St
Hialeah, FL 33010
(305) 372-9601
Attorneys,  Personal Injury Law Attorneys,  Medical Malpractice Attorneys,  Commercial Law Attorneys
Montano-Miranda PA
2100 W 22nd St
Hialeah, FL 33010
(305) 854-9591
Immigration Law Attorneys
Legal Solutions Law Firm LLC
900 W 49th St Suite 422
Hialeah, FL 33012
(305) 448-9590
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Foreclosure Services, General Practice Atto
Eiglarsh, Mark
2250 W 3rd Ave
Hialeah, FL 33010
(305) 858-9550
Criminal Law Attorneys
Raben, David PA
2250 W 3rd Ave
Hialeah, FL 33010
(305) 858-9550
Criminal Law Attorneys, Attorneys
Robbins, Frederick PA
2250 W 3rd Ave
Hialeah, FL 33010
(305) 858-9550
Criminal Law Attorneys, Attorneys
Ross, Alan Pa
2250 W 3rd Ave
Hialeah, FL 33010
(305) 858-9550
Criminal Law Attorneys, Attorneys
Tunkey, William Pa
2250 W 3rd Ave
Hialeah, FL 33010
(305) 858-9550
Criminal Law Attorneys, Attorneys
Waxman, Benjamin Pa
2250 W 3rd Ave
Hialeah, FL 33010
(305) 858-9550
Criminal Law Attorneys, Attorneys
Franklin Law Group
7975 NW 154th St
Hialeah, FL 33016
(305) 512-9400
Bankruptcy Law Attorneys, Attorneys
Dopazo Arturo III PA
1675 W 27th Ave
Hialeah, FL 33016
(305) 285-9300
Real Estate Attorneys
Yuma Cuba Express Inc
4231 W 16th Ave
Hialeah, FL 33012
(305) 827-9222
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US