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 02659

Communicating Your Estate Planning Wishes to Your Heirs in Zip Code 02659


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 MA 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 MA Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Zip Code 02659
Total Attorneys - Bankruptcy
271761 Montague Rd
North Amherst, MA 01059
(413) 349-9927
Bankruptcy Law Attorneys,  Attorneys,  Banking & Mortgage Law Attorneys,  Bankruptcy Services,  Lega
Export Compliance NE
60 Rowena Rd
Newton Center, MA 02459
(617) 999-9694
Attorneys
David P Gerstenblatt Assoc
85 Wells Ave
Newton Center, MA 02459
(617) 244-9521
Attorneys
Shea Christopher
100 Schoosett St
Pembroke, MA 02359
(781) 826-8088
Attorneys
Mark Avery
158 Center St
Pembroke, MA 02359
(781) 294-7855
General Practice Attorneys, Attorneys
Fields Jonathan E
57 Wells Ave
Newton Center, MA 02459
(617) 332-7591
General Practice Attorneys, Attorneys, Legal Service Plans
Feldman Solomon M
189 Wells Ave # 200
Newton Center, MA 02459
(617) 523-7573
Attorneys, Business Law Attorneys, Legal Service Plans
Ethan C. Stiles
2 Columbia Road, Suite 9
Pembroke, MA 02359
(781) 312-7520
Collection Law Attorneys, Criminal Law Attorneys, Landlord & Tenant Attorneys, Attorneys, General Pr
Patterson David D
1087 Beacon St # 201
Newton Center, MA 02459
(617) 332-7045
Attorneys, Legal Service Plans
Loff Timothy R
1087 Beacon St # 201
Newton Center, MA 02459
(617) 332-7021
Attorneys, Legal Service Plans
Nagle & Joyce
100 Schoosett St Ste 1B
Pembroke, MA 02359
(781) 826-6911
General Practice Attorneys, Attorneys, Legal Service Plans
Newman Andrew J
7 Wells Ave # 23
Newton Center, MA 02459
(617) 581-6744
Attorneys, Legal Service Plans
Kerns Paul
1087 Beacon St # 204
Newton Center, MA 02459
(617) 965-6672
Attorneys, Legal Service Plans
Libby Maureen
2 Victoria Ln
Pembroke, MA 02359
(781) 293-6667
Attorneys, Legal Service Plans
Bridges Frank
199 Wells Ave # 302
Newton Center, MA 02459
(617) 630-5700
Attorneys
Kaitz Richard J
38 Glen Ave
Newton Center, MA 02459
(617) 658-5100
Real Estate Attorneys, Attorneys
David M Beliveau Law Office
120 Wells Ave
Newton Center, MA 02459
(617) 630-4970
General Practice Attorneys, Attorneys, Legal Service Plans
Wasserman Marion Lee
100 Wells Avenue
Newton Center, MA 02459
(781) 449-4815
Attorneys
Lindmark Pamela
1330 Centre St
Newton Center, MA 02459
(617) 964-4417
General Practice Attorneys, Attorneys, Legal Service Plans
Kriss Scott
1087 Beacon St
Newton Center, MA 02459
(617) 332-3636
General Practice Attorneys, Attorneys
Donovan Ann
1087 Beacon St # 204
Newton Center, MA 02459
(617) 965-3222
Attorneys, Legal Service Plans
Nitkin William
1320 Centre St # 300
Newton Center, MA 02459
(617) 964-2300
Attorneys, Legal Service Plans
Nash Randall E
166 Schoosett St # 1
Pembroke, MA 02359
(781) 829-2075
Attorneys, Legal Service Plans
Vanderveen Timothy J
243 Church St # L
Pembroke, MA 02359
(781) 829-2003
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US