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 Falls, PA

Communicating Your Estate Planning Wishes to Your Heirs in Falls, PA


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 PA 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 PA Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Falls, PA
Mannicci Lori L
7 W Morton St
Bethlehem, PA 18015
(610) 882-9600
Accident & Property Damage Attorneys, Attorneys, Social Security & Disability Law Attorneys
North Penn Legal Services
168 E 5th St
Bloomsburg, PA 17815
(570) 784-8760
Attorneys, Legal Service Plans
David B. Bross
1 E 3rd St
Coudersport, PA 16915
(814) 274-8612
Social Security & Disability Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Lega
Ross David
1 E 3rd St
Coudersport, PA 16915
(814) 274-8612
Attorneys,  Family Law Attorneys,  Commercial Law Attorneys,  General Practice Attorneys,  Legal Ser
Ross David B
1 E 3rd St
Coudersport, PA 16915
(814) 274-8612
Attorneys, Family Law Attorneys, Commercial Law Attorneys, General Practice Attorneys, Legal Service
James Susan Tetrick
29 E Main St
Bloomsburg, PA 17815
(570) 784-8300
Attorneys,  Social Security & Disability Law Attorneys,  Elder Law Attorneys,  Wills, Trusts & Esta
Stenhach Walter
28 E 2nd St
Coudersport, PA 16915
(814) 274-8170
Attorneys, Legal Service Plans
Knight & Assoc
11 Roadway Dr # B
Carlisle, PA 17015
(717) 795-8011
Attorneys, Legal Service Plans
Gay Chacker & Mittin, P.C.
1726 Welsh Rd Fl 1st
Philadelphia, PA 19115
(215) 567-7955
Accident & Property Damage Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
Maina & Associates
212 Gray St
Brookhaven, PA 19015
(484) 821-7904
Immigration Law Attorneys, Attorneys
Derr Pursel Luschas & Naparsteck LLP
120 W Main St
Bloomsburg, PA 17815
(877) 596-7891
Estate Planning Attorneys,  Attorneys,  Family Law Attorneys,  Personal Injury Law Attorneys,  Accid
Voloshen Igor A
9630 Bustleton Ave # 2
Philadelphia, PA 19115
(215) 437-7854
General Practice Attorneys, Attorneys, Legal Service Plans
Bleasdale Law Office
101 Emerson Ave
Pittsburgh, PA 15215
(412) 726-7713
Divorce Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys
Kennedy & Lucadamo PC
18 Sherwood Dr
Bloomsburg, PA 17815
(570) 389-7620
General Practice Attorneys, Attorneys
Primerano Andrew J
18 Sherwood Dr
Bloomsburg, PA 17815
(570) 389-7620
General Practice Attorneys, Attorneys
Steinberg, Marc R Rubin Glickman Steinberg
2605 N Broad St
Colmar, PA 18915
(215) 822-7575
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  P
Stern Amy R
2605 N Broad St
Colmar, PA 18915
(215) 822-7575
Attorneys, Legal Service Plans
Szostak, Robert T - Rubin Glickman Steinberg
2605 N Broad St
Colmar, PA 18915
(215) 822-7575
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Accident & Property Damage Attorneys, Perso
Mihalik John A
3 E 5th St
Bloomsburg, PA 17815
(570) 784-7516
General Practice Attorneys, Attorneys
Glassmire Daniel F
5 E 3rd St
Coudersport, PA 16915
(814) 274-7292
General Practice Attorneys, Attorneys, Legal Service Plans
Amador Paralegal Services
107 E Elbon Rd
Brookhaven, PA 19015
(215) 439-7174
Paralegals
Hill P Jeffrey
38 W 3rd St
Bloomsburg, PA 17815
(570) 784-6770
Elder Law Attorneys, Attorneys, Real Estate Attorneys
Granovsky Law Offices
9831 Bustleton Ave # 2
Philadelphia, PA 19115
(215) 992-6695
General Practice Attorneys, Attorneys, Legal Service Plans
Krasno Krasno & Onwudinjo
29 E Main St
Bloomsburg, PA 17815
(570) 387-6613
Attorneys,  Labor & Employment Law Attorneys,  Social Security & Disability Law Attorneys,  Corporat
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US