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 87011

Communicating Your Estate Planning Wishes to Your Heirs in Zip Code 87011


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 NM 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 NM Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Zip Code 87011
Steider Timothy
3240 Juan Tabo Blvd NE # D
Albuquerque, NM 87111
(505) 237-9880
General Practice Attorneys, Attorneys, Legal Service Plans
Grow David
12104 Baja Dr NE
Albuquerque, NM 87111
(505) 299-9696
Attorneys
Frye Paul
10400 Academy Rd NE # 310
Albuquerque, NM 87111
(505) 296-9400
Attorneys, General Practice Attorneys
Lakins Law Firm
3620 Wyoming Blvd NE # 225
Albuquerque, NM 87111
(505) 404-9377
General Practice Attorneys, Attorneys, Legal Service Plans
Reecer Larry M
5203 Juan Tabo Blvd NE # 2D
Albuquerque, NM 87111
(505) 889-8928
Attorneys,  Legal Service Plans,  Probate Law Attorneys,  Civil Litigation & Trial Law Attorneys,  W
Revo Law Firm
10400 Academy Rd NE # 200
Albuquerque, NM 87111
(505) 293-8888
Insurance Attorneys, Attorneys, Legal Service Plans, Personal Injury Law Attorneys, Litigation & Tor
Garcia Alvin R
3620 Wyoming Blvd NE # 206
Albuquerque, NM 87111
(505) 242-8888
General Practice Attorneys, Attorneys
Bencoe Lori
9201 Montgomery Blvd NE # 404
Albuquerque, NM 87111
(505) 247-8800
Attorneys, General Practice Attorneys, Legal Service Plans
George "Dave" Giddens PC
10400 Academy Rd NE Suite 350
Albuquerque, NM 87111
(505) 702-8728
Attorneys, Civil Litigation & Trial Law Attorneys
Sandenaw Thomas
2951 N Roadrunner Pkwy
Las Cruces, NM 88011
(575) 522-7500
General Practice Attorneys, Attorneys, Legal Service Plans
Scott, Travis M
3801 Westerfeld Dr NE Ste 102
Albuquerque, NM 87111
(877) 825-7273
Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Child Custody Attorneys
Reardon Walter L
3733 Eubank Blvd NE
Albuquerque, NM 87111
(505) 293-7000
Attorneys, Legal Service Plans
Thompson Charles R
3733 Eubank Blvd NE
Albuquerque, NM 87111
(505) 294-7000
General Practice Attorneys, Attorneys
Revo/Smith Law Firm
10400 Academy Rd NE
Albuquerque, NM 87111
(505) 431-6929
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Automobile Accident Attorneys
Payne William H
13415 Wilderness Pl NE
Albuquerque, NM 87111
(505) 884-6872
Attorneys, General Practice Attorneys
Lind Duane
10400 Academy Rd NE # 140
Albuquerque, NM 87111
(505) 292-6400
General Practice Attorneys, Attorneys, Legal Service Plans
Richards Alice
10400 Academy Rd NE
Albuquerque, NM 87111
(505) 271-6324
Attorneys, Real Estate Buyer Brokers, General Practice Attorneys, Legal Service Plans
Camacho Joseph D
10555 Montgomery Blvd NE # 100
Albuquerque, NM 87111
(505) 242-5900
Attorneys, Legal Service Plans
Alan M Chodorow Consultant
9414 Oakmont Rd NE
Albuquerque, NM 87111
(505) 299-5856
Attorneys
Merchant Carolyn
4101 Morris St NE # F
Albuquerque, NM 87111
(505) 271-5700
General Practice Attorneys, Attorneys
Sutherland Law Firm
11005 Spain Rd NE
Albuquerque, NM 87111
(505) 570-5438
General Practice Attorneys, Attorneys
Sutherland Law Firm Llc
11005 Spain Rd NE
Albuquerque, NM 87111
(505) 570-5438
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Real Estate Attorneys,  Civil Litigation & Tr
Apodaca Law Firm
755 S Telshor Blvd
Las Cruces, NM 88011
(575) 522-5220
Attorneys
Rosenblum Law
111 Lomas NW
Albuquerque, NM 87111
(505) 766-5102
Child Support Collections, Relocation Service, Child Custody Attorneys, Divorce Attorneys, Domestic
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US