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 Saint Maurice, LA

Communicating Your Estate Planning Wishes to Your Heirs in Saint Maurice, 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 Saint Maurice, LA
Inabnet & Jones
1331 W Causeway Approach
Mandeville, LA 70471
(985) 624-9920
Construction Law Attorneys, Attorneys
DWI Mark - Attorney Mark Lane
1070 West Causeway Approach
Mandeville, LA 70471
(985) 951-9712
Criminal Law Attorneys, Drug Charges Attorneys, DUI & DWI Attorneys, Traffic Law Attorneys
JP Marchan & Associates, LC
1070B W. Causeway Approach
Mandeville, LA 70471
(985) 626-9595
Immigration Law Attorneys, Attorneys
Marchan Jesse P
1070 W Causeway Approach
Mandeville, LA 70471
(985) 626-9595
Immigration Law Attorneys, Attorneys
Sloan Frank
948 Winona Dr
Mandeville, LA 70471
(985) 845-9492
Attorneys, General Practice Attorneys
Southern Legal Clinics
2040 N Causeway Blvd
Mandeville, LA 70471
(985) 626-9228
Legal Service Plans,  Attorneys,  Bankruptcy Law Attorneys,  Criminal Law Attorneys,  Family Law Att
Randy P Russell Law Offices
1070 W Causeway Approach
Mandeville, LA 70471
(985) 727-9042
General Practice Attorneys,  Labor & Employment Law Attorneys,  Attorneys,  Legal Service Plans,  Em
Strayham Frances M
1800 W Causeway Approach
Mandeville, LA 70471
(985) 626-8854
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Rusch David
1305 N Causeway Blvd Approach
Mandeville, LA 70471
(985) 626-8484
Attorneys, Legal Service Plans
Stone, Michael T
1600 W Causeway Approach
Mandeville, LA 70471
(985) 624-8045
Attorneys, Title Companies
Patron Arthur S
1305 W Causeway Approach
Mandeville, LA 70471
(985) 674-7700
Malpractice Law Attorneys, Attorneys, Professional Liability & Negligence Law Attorneys
Mccool Law
1433 W Causeway Approach
Mandeville, LA 70471
(985) 624-7664
Attorneys, Legal Service Plans
Devun & Juarez Attorneys
1106 Highway 59
Mandeville, LA 70471
(985) 231-7555
General Practice Attorneys, Attorneys, Legal Service Plans
Terrell Sandra B
1 Sanctuary Blvd
Mandeville, LA 70471
(985) 727-7444
Attorneys
Stadler Linda L
2895 Highway 190 Suite 206
Mandeville, LA 70471
(985) 727-6771
Attorneys, Family Law Attorneys
Edler Law Firm
2895 Highway 190
Mandeville, LA 70471
(985) 727-6712
General Practice Attorneys, Attorneys
Bobadilla Doris T
3 Sanctuary Blvd # 3
Mandeville, LA 70471
(985) 674-6680
Attorneys, Legal Service Plans
Cole, Kevin L
3 Sanctuary Blvd
Mandeville, LA 70471
(985) 674-6680
Attorneys
Johnson Gray & Mc Namara
21357 Marion Ln
Mandeville, LA 70471
(985) 246-6544
Business Litigation Attorneys, Corporation & Partnership Law Attorneys, Attorneys
Losch Jill T Atty
21357 Marion Ln
Mandeville, LA 70471
(985) 246-6544
Attorneys
Dutel Law Firm
1131 N Causeway Blvd
Mandeville, LA 70471
(985) 231-6511
Attorneys,  Business Law Attorneys,  Real Estate Attorneys,  Wills, Trusts & Estate Planning Attorn
Dugan Law Group
2895 Highway 190
Mandeville, LA 70471
(985) 624-6300
General Practice Attorneys, Attorneys
Bopp Law Office
101 Brookside Dr
Mandeville, LA 70471
(504) 271-6242
General Practice Attorneys, Attorneys, Legal Service Plans
Bopp Law Corporation
1350 Park Dr Ste A
Mandeville, LA 70471
(985) 727-6022
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US