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 Eaton Park, FL

Communicating Your Estate Planning Wishes to Your Heirs in Eaton Park, FL


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 FL 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 FL Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Eaton Park, FL
Cynamon Jeff
757 Arthur Godfrey Rd
Miami Beach, FL 33140
(305) 535-9992
Real Estate Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans
Daley, Paul F Daley & Assoc Pl
7331 Office Park Pl # 3
Melbourne, FL 32940
(321) 504-9935
Estate Planning Attorneys, Attorneys, Personal Injury Law Attorneys, Bankruptcy Law Attorneys
Copeland W Thomas
190 SW Range Ave
Madison, FL 32340
(850) 973-9909
Business Bankruptcy Law Attorneys,  Attorneys,  General Practice Attorneys,  Bankruptcy Law Attorney
Landman Alan H
7195 Murrell Rd Ste 102
Melbourne, FL 32940
(321) 242-9800
Criminal Law Attorneys, Attorneys, Legal Service Plans
Curtis Flajole
21 Suntree Pl # 100
Melbourne, FL 32940
(321) 242-9777
Traffic Law Attorneys, Attorneys, Criminal Law Attorneys
Kontos, James G PA
21 Suntree Pl
Melbourne, FL 32940
(321) 242-9777
Attorneys,  Traffic Law Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys
Thompson, Jeffrey G PA
1329 Bedford Dr
Melbourne, FL 32940
(321) 473-9753
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  DUI & DWI Attorneys,
Able Legal Nurse Consultants Inc
5075 Industry Dr
Melbourne, FL 32940
(321) 259-9600
Attorneys Support & Service Bureaus, General Practice Attorneys, Attorneys
Whitlock, Allison
5075 Industry Dr
Melbourne, FL 32940
(321) 259-9600
Attorneys Support & Service Bureaus
Margalli, Jiulio PA
501 Whitehead St
Key West, FL 33040
(305) 295-9382
Family Law Attorneys, Attorneys, Criminal Law Attorneys, Legal Service Plans
Scher Todd G
5600 Collins Ave # 15B
Miami Beach, FL 33140
(305) 861-9252
General Practice Attorneys, Attorneys, Legal Service Plans
Becker & Poliakoff PA
6767 N Wickham Rd
Melbourne, FL 32940
(321) 255-9100
Litigation & Tort Attorneys, Attorneys
Rush, Krista L PA
1301 Bedford Dr
Melbourne, FL 32940
(321) 752-9009
Attorneys, Social Security & Disability Law Attorneys
Rush, Krista L PA
10 Suntree Pl
Melbourne, FL 32940
(321) 752-9009
Social Security & Disability Law Attorneys, Attorneys
Scales III Edwin
201 Front St
Key West, FL 33040
(305) 292-8950
Arbitration & Mediation Attorneys, Attorneys, Mediation Services
Viera Melbourne Dean Mead
8240 Devereux Dr Ste 100
Melbourne, FL 32940
(321) 259-8900
Estate Planning Attorneys,  Attorneys,  Family Law Attorneys,  Tax Attorneys,  Divorce Attorneys,  B
Highsmith, Robert E
3158 Northside Dr
Key West, FL 33040
(305) 296-8851
Wills, Trusts & Estate Planning Attorneys, Attorneys, General Practice Attorneys, Estate Planning At
Onek & Mawn PA
1329 Bedford Dr
Melbourne, FL 32940
(321) 264-8800
Legal Service Plans,  Criminal Law Attorneys,  Attorneys,  Bail Bonds,  Domestic Violence Attorneys,
Becker & Poliakoff PA
422 Fleming St
Key West, FL 33040
(305) 295-8790
Litigation & Tort Attorneys, Attorneys
Crutchfield & Wilson PA
5575 N Highway 1
Melbourne, FL 32940
(321) 752-8787
Juvenile Law Attorneys, Attorneys
Moyer Bradley R
6245 Lake Osprey Dr
Sarasota, FL 34240
(941) 552-8677
Real Estate Attorneys, Attorneys
Sarasota Personal Injury Attorney Services
2716 Bee Ridge Rd.#240
Sarasota, FL 34240
(941) 404-8594
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Personal Injury Law Attorneys,  Traffic
Hurlock Ann F
422 Fleming St
Key West, FL 33040
(305) 293-8580
General Practice Attorneys, Attorneys
Davila Gregory D
1111 12th St
Key West, FL 33040
(305) 293-8554
Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US