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 Natalbany, LA

Communicating Your Estate Planning Wishes to Your Heirs in Natalbany, LA


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 LA 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 LA Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Natalbany, LA
Robinson, Jeffrey
215 6th St # B
Jonesboro, LA 71251
(318) 259-9024
Attorneys, Legal Service Plans
Moreau, Miche'
208 E Mark St
Marksville, LA 71351
(318) 240-9000
Attorneys
12th Judicial District Court Service Program
306 N Washington St
Marksville, LA 71351
(318) 253-8784
Attorneys, Legal Service Plans, Justice Courts
Bryan Douglas L
419 S Preston St
Marksville, LA 71351
(318) 240-8282
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Probate Law Attorneys,  Social Security & Dis
Roy Cory P
107 N Washington St
Marksville, LA 71351
(318) 240-7800
Attorneys, General Practice Attorneys, Legal Service Plans
Dupuy & Didier
313 N Monroe St
Marksville, LA 71351
(318) 253-7584
Attorneys,  Abstracters,  Title Companies,  Legal Service Plans
Lafargue, Edwin L
313 N Main St
Marksville, LA 71351
(318) 253-7521
General Practice Attorneys, Attorneys
Spruill Law Office
219 N Main St
Marksville, LA 71351
(318) 240-7501
Attorneys, General Practice Attorneys, Legal Service Plans
Gaspard Law Firm The
313 N Main St
Marksville, LA 71351
(318) 240-7329
General Practice Attorneys, Attorneys, Legal Service Plans
Andrea Ducote Aymond
121 S Washington Street
Marksville, LA 71351
(318) 240-7232
Family Law Attorneys
Andrea Ducote Aymond
120 E Mark St
Marksville, LA 71351
(318) 240-7232
Attorneys, Legal Service Plans
Salario Law Firm
439 N Main St
Marksville, LA 71351
(318) 240-7123
Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans
Chad P Guillot
208 E Mark St
Marksville, LA 71351
(318) 253-6656
Attorneys
Luke Benjamin A
643 N Main St
Marksville, LA 71351
(318) 253-6565
Attorneys, Abstracters, Wills, Trusts & Estate Planning Attorneys, Real Estate Attorneys, Contract L
Piazza, Angelo J III
116 W Bontemps St
Marksville, LA 71351
(318) 253-6423
Attorneys, Criminal Law Attorneys, Legal Service Plans
Greenhouse Norris J
214 N Main St0
Marksville, LA 71351
(318) 253-6394
Attorneys, Legal Service Plans
Greenhouse Law Office LLC
214 N Main St
Marksville, LA 71351
(318) 253-6394
Attorneys,  Personal Injury Law Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorn
Knoll, Jerold Edward Sr
233 S Main St
Marksville, LA 71351
(318) 253-6200
General Practice Attorneys, Attorneys
Knoll Law Firm The
233 S Main St
Marksville, LA 71351
(318) 253-6200
General Practice Attorneys, Attorneys, Legal Service Plans
Ryland, Darrel
115 W Mark St
Marksville, LA 71351
(318) 253-5961
Accident & Property Damage Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
Whittington Law Firm
339 Moreau St
Marksville, LA 71351
(318) 253-5852
Attorneys, General Practice Attorneys, Legal Service Plans
Manuel Keith W
115 E Ogden St
Marksville, LA 71351
(318) 253-5126
Criminal Law Attorneys, Attorneys
Pucheu Jay A
114 E Cappel St
Marksville, LA 71351
(318) 253-5080
Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partnership Law Attorneys,  Legal S
Bennett, Ben Clyde
237 E Mark St
Marksville, LA 71351
(318) 253-4631
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US