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 55069

Communicating Your Estate Planning Wishes to Your Heirs in Zip Code 55069


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 MN 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 MN Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Zip Code 55069
Ndingwan Law Office
7364 Kirkwood Ct N
Maple Grove, MN 55369
(763) 560-9366
General Practice Attorneys, Attorneys, Legal Service Plans
Marek Law Office & Tax Svc
205 1st St S
Montgomery, MN 56069
(507) 364-8616
Attorneys,  Accountants-Certified Public,  General Practice Attorneys,  Tax Return Preparation,  Leg
Warnemunde Law Office
400 1st St S
Montgomery, MN 56069
(507) 364-8611
Attorneys
Lea Richard C
106 1st St N
Montgomery, MN 56069
(507) 364-8606
Attorneys
Tyler Annette P
33 4th St NW
Osseo, MN 55369
(763) 400-7995
General Practice Attorneys, Attorneys
Smith Dennis J
7061 Union Terrace Ln N
Maple Grove, MN 55369
(763) 424-7525
General Practice Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
Michael A. Kondzella
7365 Kirkwood Ct N Suite 340F
Maple Grove, MN 55369
(612) 961-7355
Attorneys, Patent, Trademark & Copyright Law Attorneys, Personal Property Law Attorneys
Terzich & Ort, LLP
11284 86th Ave N
Maple Grove, MN 55369
(763) 391-7354
Attorneys, Legal Service Plans
Voss Ronald
13030 87th Ave N
Maple Grove, MN 55369
(763) 420-7076
Attorneys
Engel Law Office
7767 Elm Creek Blvd N
Maple Grove, MN 55369
(763) 416-6088
General Practice Attorneys, Attorneys, Legal Service Plans
Warshawsky Sheri F
20 Central Ave
Osseo, MN 55369
(763) 424-5664
Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorneys
Reichert James W
13700 83rd Way N # 207
Maple Grove, MN 55369
(763) 420-5412
General Practice Attorneys, Attorneys, Legal Service Plans
Marek Law Office & Tax Service
112 4th St SE
Montgomery, MN 56069
(507) 364-5368
General Practice Attorneys, Attorneys
Roulet Law Firm Pa
10485 99th Pl N
Maple Grove, MN 55369
(763) 420-5087
General Practice Attorneys, Attorneys, Legal Service Plans
Pitch Sever
11261 96th Ave N
Maple Grove, MN 55369
(763) 424-5009
Attorneys
S Jankowski Law Office
11670 Fountains Dr #200
Maple Grove, MN 55369
(763) 587-3785
Criminal Law Attorneys, Drug Charges Attorneys, DUI & DWI Attorneys, Attorneys
Magsam Loren
33 4th St NW
Osseo, MN 55369
(763) 424-3733
General Practice Attorneys, Attorneys
Harwig Kathryn
33 4th St NW
Osseo, MN 55369
(763) 425-3672
Attorneys
Mundahl Law, PLLC.
11670 Fountains Drive, Ste 200
Maple Grove, MN 55369
(763) 445-2620
Family Law Attorneys, Divorce Attorneys, Juvenile Law Attorneys, Child Support Collections, Child Cu
Holker Law Offices P
11282 86th Ave N
Maple Grove, MN 55369
(763) 416-1672
Attorneys, General Practice Attorneys, Legal Service Plans, Estate Planning Attorneys
Koble, P.A.
11670 Fountains Drive
Maple Grove, MN 55369
(612) 384-1543
Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, DUI & DWI Attorneys, Child Custody
Michael A Mochinski
7372 Kirkwood Ct N Ste B
Maple Grove, MN 55369
(763) 496-1082
Patent, Trademark & Copyright Law Attorneys, Attorneys, Legal Service Plans
Rutzick Sales
12924 63rd Ave N
Maple Grove, MN 55369
(763) 540-1054
General Practice Attorneys
Richard L Hendrickson PA
33 4th St NW
Osseo, MN 55369
(763) 315-0787
General Practice Attorneys, Legal Service Plans, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US