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 Zurich, MT

Communicating Your Estate Planning Wishes to Your Heirs in Zurich, MT


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 MT 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 MT Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Zurich, MT
Voyich Vuko J
104 E Callender St # 2
Livingston, MT 59047
(406) 222-9626
Attorneys,  Mediation Services,  Malpractice Law Attorneys,  Medical Law Attorneys,  Legal Service P
Hartwig Mark J
201 W Park St # 315
Livingston, MT 59047
(406) 222-7961
Attorneys
Hartwig Mark J
116 W Callender St # C
Livingston, MT 59047
(406) 222-7961
Attorneys, Legal Service Plans
Hesse Jon M
411 E Callender St
Livingston, MT 59047
(406) 222-6037
Attorneys, Legal Service Plans
Potenberg Stephen
411 E Callender St
Livingston, MT 59047
(406) 222-6037
Attorneys, Legal Service Plans
Jami Rebsom Law Firm
320 N Main St
Livingston, MT 59047
(406) 222-5963
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Legal Clinic
Christian Dana
421 S Yellowstone St
Livingston, MT 59047
(406) 222-5812
Attorneys, General Practice Attorneys
Polich Ranch
1524 Cartersville Rd
Rosebud, MT 59347
(406) 347-5492
Attorneys
Brown Kevin S
120 W Callender St # 201
Livingston, MT 59047
(406) 222-4420
Attorneys
Paoli Jr Fred
120 W Callender St # 201
Livingston, MT 59047
(406) 222-4420
Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attorneys,  General Practice Atto
Tweardy Melissa A
120 W Callender St # 201
Livingston, MT 59047
(406) 222-4420
Attorneys
Gangle Law Firm
424 Lakeside Dr
Lolo, MT 59847
(406) 273-4304
Attorneys
Swindlehurst Joseph T
222 S 5th St
Livingston, MT 59047
(406) 222-3629
Attorneys
Peterson Law Office - Robert Peterson
PO Box 1259
Lolo, MT 59847
(406) 830-3436
Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  General Practice
Jovick Robert Atty
410 S 8th St
Livingston, MT 59047
(406) 222-3407
Attorneys
R and T Mack
219 S 12th St
Livingston, MT 59047
(406) 222-3314
Attorneys
Swandall Douglass & Gilbert PC Attys
119 S 3rd St
Livingston, MT 59047
(406) 222-3301
Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans
Gilbert Brenda R
119 S 3rd St
Livingston, MT 59047
(406) 222-3301
Legal Service Plans,  Attorneys,  Family Law Attorneys,  Mediation Services,  General Practice Attor
Jovick Robert
227 S 2nd St
Livingston, MT 59047
(406) 222-3065
Attorneys, General Practice Attorneys
Swandal Law P
127 S C St
Livingston, MT 59047
(406) 333-2383
Attorneys
Woodruff Stephen
420 S 2nd St
Livingston, MT 59047
(406) 222-2023
Attorneys
Swindlehurst Joseph T
420 S 2nd St
Livingston, MT 59047
(406) 222-2023
Attorneys
Huppert Swindlehurst & Woodruff PC
420 S 2nd St
Livingston, MT 59047
(406) 222-2023
Accident & Property Damage Attorneys,  Attorneys,  Corporation & Partnership Law Attorneys,  Busines
Depuy David W Attorney
614 S 8th St
Livingston, MT 59047
(406) 222-1524
Attorneys, General Practice Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US