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 97124

Communicating Your Estate Planning Wishes to Your Heirs in Zip Code 97124


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 OR 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 OR Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Zip Code 97124
Gillingham John W
121 NE 75th Ave
Hillsboro, OR 97124
(503) 693-9966
Attorneys
Baxter & Baxter, LLP
5635 NE Elam Young Parkway, Suite 300
Hillsboro, OR 97124
(503) 681-9752
Bankruptcy Law Attorneys, Attorneys
Schantz Laura L
3000 NW Stucki Pl Ste 230
Hillsboro, OR 97124
(503) 466-9626
Family Law Attorneys, Attorneys, Legal Service Plans
Cross Dan Attorney
230 NE 2nd Ave Ste D
Hillsboro, OR 97124
(503) 640-9509
Attorneys, General Practice Attorneys, Legal Service Plans
Corbridge & Kroll
19720 NW Tanasbourne Dr Ste 200
Hillsboro, OR 97124
(503) 352-9360
Attorneys, Legal Service Plans
Mc Neil Ken
1323 NE Orenco Station Pkwy # 310
Hillsboro, OR 97124
(503) 615-8336
Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Legal Service Plans
Garland Barbara J
230 NE 2nd Ave # H
Hillsboro, OR 97124
(503) 615-8233
Attorneys, Legal Service Plans
Farrell Douglas
3000 NW Stucki Pl # 230
Hillsboro, OR 97124
(503) 645-7788
Attorneys, General Practice Attorneys, Legal Service Plans
Heard Robert A
330 NE Lincoln St Ste 100
Hillsboro, OR 97124
(503) 648-7433
Attorneys, Legal Service Plans
Harris J Michael
220 NE 3rd Ave
Hillsboro, OR 97124
(503) 648-7383
Attorneys
Rini Michele C Atty
220 NE 3rd Ave
Hillsboro, OR 97124
(503) 648-7383
Attorneys
Stanton Shelby C
220 NE 3rd Ave
Hillsboro, OR 97124
(503) 648-7383
Attorneys, Legal Service Plans
Widmer Lindsey R
220 NE 3rd Ave
Hillsboro, OR 97124
(503) 648-7383
Attorneys, Legal Service Plans
Legal Aid Services of Oregon
230 NE 2nd Ave Ste A
Hillsboro, OR 97124
(503) 648-7163
Attorneys, Legal Service Plans
Andrew M. Rich PC
330 NE Lincoln St
Hillsboro, OR 97124
(503) 925-6710
Elder Law Attorneys,  Attorneys,  Estate Planning, Probate, & Living Trusts,  Real Estate Attorney
Naranjo Prosser Law
110 NE 10th Ave
Hillsboro, OR 97124
(503) 640-6700
Attorneys, Legal Service Plans
Daigle James M Atty
139 NE Lincoln St
Hillsboro, OR 97124
(503) 648-6677
Attorneys
Brisbee & Stockton
139 NE Lincoln St
Hillsboro, OR 97124
(503) 648-6677
Attorneys, Insurance Attorneys
Wilkinson Merlin D
161 NW Adams Ave Ste 206
Hillsboro, OR 97124
(503) 693-6641
Family Law Attorneys, Attorneys, Legal Service Plans
Leonard Brian W
2079 NW Aloclek Dr # 1014
Hillsboro, OR 97124
(503) 531-6000
Attorneys
Toole Margaret
4660 NE Belknap Ct # 201U
Hillsboro, OR 97124
(503) 924-5779
Attorneys, Legal Service Plans
Arntt Steven E
4660 NE Belknap Ct # 101K
Hillsboro, OR 97124
(503) 924-5775
Attorneys, Legal Service Plans
Karen M. Wilson
4660 NE Belknap Ct Ste. 101G
Hillsboro, OR 97124
(503) 924-5761
Child Custody Attorneys,  Criminal Law Attorneys,  Divorce Attorneys,  DUI & DWI Attorneys,  Persona
Baxter & Baxter LLP
5291 NE Elam Young Pkwy #140
Hillsboro, OR 97124
(503) 388-5562
Civil Litigation & Trial Law Attorneys, Attorneys, Federal Law Attorneys, Appellate Practice Attorne
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US