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 New Johnsonville, TN

Communicating Your Estate Planning Wishes to Your Heirs in New Johnsonville, TN


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 TN 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 TN Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near New Johnsonville, TN
Anthony T. Fry
48 West Point Dr
Fayetteville, TN 37334
(208) 405-9921
Criminal Law Attorneys, Elder Law Attorneys, Family Law Attorneys, Immigration Law Attorneys, Attorn
William A. Young, Jr.
2820 Summer Oaks Drive
Bartlett, TN 38134
(901) 388-9832
Criminal Law Attorneys,  Divorce Attorneys,  DUI & DWI Attorneys,  Employment Discrimination Attorne
Tennessee Valley Paralegal Services
1511 Swanson Blvd Suite 25
Fayetteville, TN 37334
(931) 433-9609
Abstracters, Title Companies, Searchers Of Records, Real Estate Title Service, Paralegals
Franklin Law Office
2874 Shelby St
Memphis, TN 38134
(901) 372-8026
Divorce Assistance, Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
ENSAFE
5724 Summer Trees Dr
Memphis, TN 38134
(901) 372-7962
Consulting Engineers, Environmental & Ecological Consultants, Civil Engineers, Environmental Enginee
Asbury Robert
11638 Lanesborough Way # 1215
Knoxville, TN 37934
(865) 675-7800
Family Law Attorneys, Attorneys, Legal Service Plans
Levy, Farrell A Atty,At Law
10805 Kingston Pike
Knoxville, TN 37934
(865) 966-7665
Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
Brennan Lenihan & Mediator
10805 Kingston Pike # 120
Knoxville, TN 37934
(865) 288-7161
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, DUI & DWI Attorneys, Chi
Malone, Tracey P
2850 Bartlett Rd
Memphis, TN 38134
(901) 388-6682
Attorneys, General Practice Attorneys
Broadway Stephen J Attorney
310 Market St E
Fayetteville, TN 37334
(931) 433-5979
General Practice Attorneys, Attorneys
Richardson Jr John H
306 Main Ave N
Fayetteville, TN 37334
(931) 433-5919
Attorneys, Legal Service Plans
Eugene Douglass Jr. Atty
2820 Summer Oaks Dr
Memphis, TN 38134
(901) 388-5804
General Practice Attorneys, Attorneys, Legal Service Plans
Wolff Ardis, P.C.
5810 Shelby Oaks Dr
Memphis, TN 38134
(901) 881-5730
Accident & Property Damage Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
Stevens R Whitney Jr
104 Elk Ave S
Fayetteville, TN 37334
(931) 433-5704
General Practice Attorneys, Attorneys, Legal Service Plans
William A. Young Jr.
2820 Summer Oaks Dr
Memphis, TN 38134
(901) 231-4867
Attorneys, Criminal Law Attorneys
Fullen & Townsend Attorneys
5104 Stage Rd
Memphis, TN 38134
(901) 297-4642
Bankruptcy Services,  Bankruptcy Law Attorneys,  Attorneys,  Financial Services,  Family Law Attorne
Thompson, J Rhea
203 Market St E
Fayetteville, TN 37334
(931) 433-4355
General Practice Attorneys, Attorneys
Taylor Iii, Charles G - Mc Donald & Levy
10805 Kingston Pike # 200
Knoxville, TN 37934
(865) 966-4343
Civil Litigation & Trial Law Attorneys, Attorneys
McDonald Levy & Taylor
10805 Kingston Pike
Knoxville, TN 37934
(865) 966-4343
Attorneys,  Arbitration Services,  General Practice Attorneys,  Personal Injury Law Attorneys
Longo Faye Law Office
5705 Stage Rd Ste 133
Memphis, TN 38134
(901) 372-4333
General Practice Attorneys, Attorneys, Legal Service Plans
Gordon David E
1850 - Poplar Crest Cv
Memphis, TN 38134
(901) 244-3324
General Practice Attorneys,  Attorneys,  Legal Service Plans,  Personal Injury Law Attorneys,  Emplo
Evans R Craig
707 N Campbell Station Rd
Knoxville, TN 37934
(865) 675-3090
Attorneys
Walker, Phillip R
2820 Summer Oaks Dr
Memphis, TN 38134
(901) 387-3000
Attorneys, Family Law Attorneys
Kaserman William
112 Glenleigh Ct
Knoxville, TN 37934
(865) 777-2702
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US