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 Needham Heights, MA

Communicating Your Estate Planning Wishes to Your Heirs in Needham Heights, MA


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 Needham Heights, MA
Liberman Leonard J
175 Highland Ave # 7
Needham Heights, MA 02494
(781) 444-9998
Attorneys, Legal Service Plans
Zak Law Offices
200 Highland Ave # 301
Needham Heights, MA 02494
(781) 449-9903
Attorneys, Legal Service Plans, General Practice Attorneys
Alan H. Segal
175 Highland Ave
Needham Heights, MA 02494
(781) 444-9676
Real Estate Attorneys,  Business Law Attorneys,  Landlord & Tenant Attorneys,  Attorneys,  Corporati
Eric P. Rothenberg, Esq.
160 Gould St Suite #320
Needham Heights, MA 02494
(781) 239-8900
Tax Attorneys,  Business Law Attorneys,  Small Business Attorneys,  Administrative & Governmental La
Daniels Nora
687 Highland Ave
Needham Heights, MA 02494
(781) 444-8888
Attorneys, Legal Service Plans
Hulme Susan
160 Gould St
Needham Heights, MA 02494
(781) 449-8702
Attorneys,  Insurance,  General Practice Attorneys,  Legal Service Plans
Golden E Alexandra
200 Highland Ave # 302
Needham Heights, MA 02494
(781) 433-8665
General Practice Attorneys, Attorneys, Legal Service Plans
Levin Charles
56 Kearney Rd #4
Needham Heights, MA 02494
(781) 449-7400
Bankruptcy Law Attorneys, Attorneys, Developmentally Disabled & Special Needs Services & Products
Foner Susan W
175 Highland Ave # 2
Needham Heights, MA 02494
(781) 898-7312
Attorneys, Legal Service Plans
Gold Diane H
200 Highland Ave # 302
Needham Heights, MA 02494
(781) 455-6637
Attorneys, General Practice Attorneys, Legal Service Plans
Jepsky & Sack
19 Brook Rd
Needham Heights, MA 02494
(781) 449-6006
General Practice Attorneys, Attorneys
Obrien John J
10 Kearney Rd
Needham Heights, MA 02494
(617) 738-5505
Attorneys
Mofenson Law Offices
200 Highland Ave Ste 306
Needham Heights, MA 02494
(781) 247-4200
Business Law Attorneys, Attorneys, Real Estate Attorneys, Estate Planning Attorneys
Leonard A Simon
197 1st Ave Ste 310
Needham Heights, MA 02494
(339) 225-4010
General Practice Attorneys, Attorneys, Legal Service Plans
Stone & Stone
35 Highland Cir
Needham Heights, MA 02494
(781) 444-3400
Attorneys, Legal Service Plans
Levenson Andrew M
160 Gould St # 100
Needham Heights, MA 02494
(781) 444-2394
Attorneys, Legal Service Plans
Magier Eugene M
687 Highland Ave # 1
Needham Heights, MA 02494
(781) 453-1919
General Practice Attorneys, Attorneys, Legal Service Plans
Cohen Law Offices
56 Kearney Rd Ste 2
Needham Heights, MA 02494
(781) 400-1541
General Practice Attorneys, Attorneys, Legal Service Plans
Mc Grail James
51 Fremont St
Needham Heights, MA 02494
(781) 455-1422
General Practice Attorneys, Attorneys, Legal Service Plans
Goldman Howard
160 Gould St # 320
Needham Heights, MA 02494
(781) 292-1080
Attorneys, Legal Service Plans
Magerer Michael
109 Highland Ave # 2
Needham Heights, MA 02494
(781) 453-0800
Attorneys, Legal Service Plans
Burke Timothy M
160 Gould St # 111
Needham Heights, MA 02494
(781) 455-0707
General Practice Attorneys, Attorneys, Legal Service Plans
Sharaf Steven C
109 Highland Ave # 3
Needham Heights, MA 02494
(781) 455-0300
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US