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 Osco, IL

Communicating Your Estate Planning Wishes to Your Heirs in Osco, IL


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 IL 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 IL Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Osco, IL
The Doherty Law Firm
801 E Main St
Saint Charles, IL 60174
(630) 377-9750
Attorneys, General Practice Attorneys, Legal Service Plans, Real Estate Attorneys
Cosentino Law Firm
801 E Main St
Saint Charles, IL 60174
(630) 377-9730
Attorneys
Rosa Kathleen J
2580 Foxfield Rd Ste 101
Saint Charles, IL 60174
(630) 443-9606
Divorce Attorneys, Family Law Attorneys, Attorneys
Wisner Law Firm
934 S 4th St
Saint Charles, IL 60174
(630) 513-9434
Attorneys, Transportation Law Attorneys, General Practice Attorneys, Legal Service Plans
Kozlowski David M
2580 Foxfield Rd
Saint Charles, IL 60174
(630) 859-9369
Judy Kathleen M
311 N 2nd St
Saint Charles, IL 60174
(630) 587-9024
Attorneys, Legal Service Plans
Schwarz & Pucci Law Office
100 Illinois St
Saint Charles, IL 60174
(630) 945-8807
Attorneys
Hoscheit McGuirk McCracken & Cuscaden PC
1001 E Main St
Saint Charles, IL 60174
(630) 513-8700
Attorneys
George Richeson, Attorney, C.P.A.
1450 W Main St Suite C
Saint Charles, IL 60174
(630) 513-8600
Tax Attorneys,  Attorneys,  Estate Planning Attorneys,  Administrative & Governmental Law Attorneys
Kevin W Thomas Law Office
2580 Foxfield Rd Ste 101
Saint Charles, IL 60174
(630) 485-8012
Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans, Civil Litigation &
The Divorce and Family Wakenight and Associates P.C.
800 E Northwest Hwy
Palatine, IL 60074
(847) 222-8000
Family Law Attorneys, Attorneys, Legal Service Plans
SmithAmundsen LLC
3815 E Main St # A-1
Saint Charles, IL 60174
(630) 587-7910
Attorneys,  Business Law Attorneys,  Business Bankruptcy Law Attorneys,  Real Estate Attorneys,  Leg
Total Attorneys - DUI
PO Box 274013
Tennessee, IL 62374
(217) 666-7822
Attorneys, Legal Service Plans
Schwarz & Pucci LLC
100 Illinois St
Saint Charles, IL 60174
(847) 428-7725
Attorneys, Family Law Attorneys
Bohlman Law Offices PC
12 S Riverside Ave # D
Saint Charles, IL 60174
(630) 443-7722
Attorneys,  General Practice Attorneys,  Bankruptcy Law Attorneys,  Business Bankruptcy Law Attorney
Tabor Law Offices PC
1500 Lincoln Hwy Ste 200
Saint Charles, IL 60174
(630) 208-7722
Child Custody Attorneys,  Attorneys,  Family Law Attorneys,  Arbitration & Mediation Attorneys
Tabor Law Offices
1500 Lincoln Hwy
St. Charles, IL 60174
(630) 208-7722
Arbitration & Mediation Attorneys, Attorneys, Arbitration Services
Clancy Michael W
7 S 2nd Ave
Saint Charles, IL 60174
(630) 584-7666
Attorneys,  Consumer Law Attorneys,  Accident & Property Damage Attorneys,  County & Parish Governme
Baldwin Russell E
311 N 2nd St # 301
Saint Charles, IL 60174
(630) 584-7273
Attorneys,  Elder Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Legal Service Plans
Duane St Pierre Law Firm
855 E Palatine Rd Ste 220
Palatine, IL 60074
(847) 359-7199
Attorneys, Family Law Attorneys, General Practice Attorneys, Divorce Attorneys, Business Law Attorne
Meschino Michael A
800 E Northwest Hwy Ste 503
Palatine, IL 60074
(847) 991-7090
General Practice Attorneys, Attorneys, Legal Service Plans
Hess Rachel
525 Tyler Rd Ste Q2
Saint Charles, IL 60174
(630) 377-6828
Attorneys Referral & Information Service, Attorneys
Mular Wayne L
1121 E Main St # 300
Saint Charles, IL 60174
(630) 377-6400
Attorneys, Legal Service Plans
Venturini Marcie
1150 N Cardinal Dr
Palatine, IL 60074
(847) 358-6169
Attorneys, General Practice Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US