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 Eagarville, IL

Communicating Your Estate Planning Wishes to Your Heirs in Eagarville, IL


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 IL 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 IL Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Eagarville, IL
Christopher K Bradley LTD
147 N Water St
Decatur, IL 62523
(217) 424-9916
Gental Susan
PO Box 24391
Belleville, IL 62223
(618) 398-9889
Criminal Law Attorneys, Attorneys
Massey David L
132 S Water St # 445
Decatur, IL 62523
(217) 429-9860
Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys, General Practice Attorneys, Legal Service Pl
Massey David L Atty
250 N Water St
Decatur, IL 62523
(217) 429-9860
Attorneys, Criminal Law Attorneys, Legal Service Plans, Traffic Law Attorneys
Leahy Jas P
1275 Davis Rd
Elgin, IL 60123
(847) 695-9806
Accident & Property Damage Attorneys, Attorneys, Family Law Attorneys, Malpractice Law Attorneys, Co
Staci M Yandyle
7012 W Main St
Belleville, IL 62223
(618) 394-9600
General Practice Attorneys, Attorneys, Legal Service Plans
Bradley Harris & Assoc
1301 W 22nd St Ste 914
Oak Brook, IL 60523
(630) 368-9500
Insurance Attorneys, Attorneys
Danelle Wozniak
466 Princeton Ct
Elgin, IL 60123
(847) 452-9267
Adoption Law Attorneys, Attorneys, Family Law Attorneys
Roger Cantu & Assoc
1100 Jorie Blvd # 215
Oak Brook, IL 60523
(630) 573-9215
Attorneys Referral & Information Service, Legal Service Plans, Attorneys
Rex Carr Law firm LLC
7012 W Main St
Belleville, IL 62223
(618) 397-9191
Attorneys,  Personal Injury Law Attorneys,  Accident & Property Damage Attorneys,  Malpractice Law A
Dixon Liam Law Offices
85 Market St
Elgin, IL 60123
(847) 697-9091
General Practice Attorneys, Attorneys, Legal Service Plans
Rathbun Kent A PC
132 S Water St #642
Decatur, IL 62523
(217) 423-9060
Attorneys, Family Law Attorneys
Faber, William - William Faber Ltd
236 N Water St Ste 300
Decatur, IL 62523
(217) 425-9002
Attorneys, Labor & Employment Law Attorneys, Personal Injury Law Attorneys, Insurance Attorneys, Lit
Karl E Park Law Office
205 Oakmont Dr
Elgin, IL 60123
(847) 622-9000
General Practice Attorneys, Attorneys, Legal Service Plans
Tasch Martin D Law Offices
903 Commerce Dr
Oak Brook, IL 60523
(630) 571-9000
General Practice Attorneys, Attorneys
James P. Leahy
1275 Davis Rd
Elgin, IL 60123
(866) 999-8981
Employee Benefits & Worker Compensation Attorneys,  Attorneys,  Family Law Attorneys,  Malpractice L
Kevin R. Barry
1070 Larkin Ave
Elgin, IL 60123
(847) 697-8900
Attorneys, Wills, Trusts & Estate Planning Attorneys, Family Law Attorneys
Topol Gary N
1814 Grandstand Pl
Elgin, IL 60123
(847) 742-8840
Attorneys
McNally Law Offices S C
2810 Frank Scott Pkwy W
Belleville, IL 62223
(618) 234-8833
General Practice Attorneys, Attorneys, Legal Service Plans
McNally Law Offices Sc
132 S Water St Ste 353
Decatur, IL 62523
(217) 424-8833
General Practice Attorneys, Attorneys, Legal Service Plans
Vanek Gary
1250 Larkin Ave # 100
Elgin, IL 60123
(847) 742-8800
Attorneys, Legal Service Plans
Margaret Bennett Law Office
2015 Spring Rd Ste 720
Oak Brook, IL 60523
(630) 573-8800
Attorneys, Family Law Attorneys, Divorce Attorneys, Legal Service Plans
Bass Richard
2021 Midwest Rd Ste 200
Oak Brook, IL 60523
(630) 953-8655
Attorneys, General Practice Attorneys, Legal Service Plans
Botti Law Firm P.C.
1550 Spring Rd Suite 310
Oak Brook, IL 60523
(630) 573-8585
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US