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 74820

Communicating Your Estate Planning Wishes to Your Heirs in Zip Code 74820


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 OK 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 OK Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Zip Code 74820
Sweeney Kurt
1320 Stonebridge
Ada, OK 74820
(580) 421-9911
Attorneys
Deresa Gray
314 S Broadway Ave
Ada, OK 74820
(580) 272-9300
Attorneys
Blake Bostick
124 S Broadway Ave
Ada, OK 74820
(580) 310-9044
Attorneys
Shew D Craig
120 E 14th St
Ada, OK 74820
(580) 332-9033
Attorneys, Bankruptcy Law Attorneys
Scrivner James R
120 E 14th St
Ada, OK 74820
(580) 332-9033
Attorneys, Legal Service Plans
Sweeney, Smith, Draper & Christopher
1320 Stonebridge
Ada, OK 74820
(580) 332-7200
Accident & Property Damage Attorneys, Attorneys, Civil Litigation & Trial Law Attorneys
Legal Aid Services of Oklahoma Inc
410 S Mississippi Ave
Ada, OK 74820
(580) 332-7141
Attorneys, Legal Service Plans
Bailey Gray & Associates
301 N Mississippi Ave
Ada, OK 74820
(580) 332-7005
Attorneys, Legal Service Plans
Stafford Joel D
114 S Broadway Ave
Ada, OK 74820
(580) 436-6500
General Practice Attorneys, Attorneys, Legal Service Plans
Mayhue Charles D
114 S Broadway Ave
Ada, OK 74820
(580) 436-6500
Attorneys, General Practice Attorneys, Legal Service Plans
Lewis Porter & Merchant
6114 NW 63rd
Ada, OK 74820
(580) 332-6069
Attorneys
Saunders Kyle
731 W Main St
Ada, OK 74820
(580) 436-5330
General Practice Attorneys, Attorneys, Legal Service Plans
Meagan E Brooking
100 E 13th Ave Suite 215
Ada, OK 74820
(580) 427-5291
Attorneys
Jaques Robert
115 S Broadway Ave
Ada, OK 74820
(580) 332-3850
Attorneys
Jacques Robert
115 S Broadway Ave
Ada, OK 74820
(580) 332-3850
Attorneys
Stout Frank
116 S Broadway Ave
Ada, OK 74820
(580) 332-3355
Attorneys, Legal Service Plans
Burkhart Barry G
120 S Broadway Ave
Ada, OK 74820
(580) 332-2800
Attorneys, Legal Service Plans
Billingsley & Associates
201 W. Main St
Ada, OK 74820
(580) 559-2579
Attorneys, Divorce Attorneys, Family Law Attorneys, General Practice Attorneys, Personal Injury Law
Green Law Firm PC
301 E Main St
Ada, OK 74820
(580) 436-1946
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Family Law A
Green Jess
301 E Main St
Ada, OK 74820
(580) 436-1946
Attorneys
Kemp James H
830 N Broadway Ave
Ada, OK 74820
(580) 332-1717
Attorneys, Legal Service Plans
Morris Law Office
8446 State Highway 19
Ada, OK 74820
(580) 436-1574
General Practice Attorneys, Attorneys, Legal Service Plans
Morris Amber
8446 State Highway 19
Ada, OK 74820
(580) 436-1574
Attorneys
Pre-Paid Legal Svc Inc
1 Prepaid Way
Ada, OK 74820
(580) 436-1234
Attorneys Referral & Information Service, Legal Service Plans, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US