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 Sheridan, MO

Communicating Your Estate Planning Wishes to Your Heirs in Sheridan, MO


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 MO 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 MO Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Sheridan, MO
Osgood John
740 NW Blue Pkwy # 305
Lees Summit, MO 64086
(816) 525-8200
Attorneys, Legal Service Plans
Joy J Michael
740 NW Blue Pkwy Ste 305
Lees Summit, MO 64086
(816) 246-7600
Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Business Law Attorneys,  Bankruptcy
Blegen Law Firm
212 NE Tudor Rd
Lees Summit, MO 64086
(816) 524-7023
Attorneys, General Practice Attorneys, Legal Service Plans
Betsy Lynch
1308 NE Windsor Dr
Lees Summit, MO 64086
(816) 434-6616
Bankruptcy Law Attorneys, Attorneys
Dana Outlaw Law Office
218 NE Tudor Rd
Lees Summit, MO 64086
(816) 229-6100
Attorneys, General Practice Attorneys
Debora L. Hale, LLC
609 NE Rice Rd Ste 110
Lees Summit, MO 64086
(816) 246-5555
Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Divorce Assistance,  Legal Service P
Taylor & Taylor, LLC
282 NE Tudor Rd.
Lees Summit, MO 64086
(816) 524-5264
Criminal Law Attorneys, Family Law Attorneys, DUI & DWI Attorneys, Child Custody Attorneys, Traffic
Cutrera Nick A Law Office
212 NE Tudor Rd
Lees Summit, MO 64086
(816) 525-5226
Attorneys, General Practice Attorneys, Divorce Assistance
Lourenco & Linville
322 NE Tudor Rd
Lees Summit, MO 64086
(816) 524-5030
General Practice Attorneys, Attorneys, Legal Service Plans
Williams & Campo
200 NE Missouri Rd Ste 200
Lees Summit, MO 64086
(816) 251-4646
Attorneys, Legal Service Plans
Charted Service Inc
2851 Joe Bald Rd
Kimberling City, MO 65686
(417) 739-4622
Attorneys
Cordell & Cordell
200 NE Missouri Rd, #200
Lees Summit, MO 64086
(816) 251-4580
Attorneys, Family Law Attorneys, Divorce Attorneys, Divorce Assistance, Child Custody Attorneys
Myers Law Firm
200 NE Missouri Rd Ste 200
Lees Summit, MO 64086
(816) 251-4540
Attorneys, General Practice Attorneys
Boggs Avellino Lach & Boggs
200 NE Missouri Rd
Lees Summit, MO 64086
(816) 251-4504
Attorneys
Earnshaw-Hobbs Law Firm PC
1328 NE Windsor Dr
Lees Summit, MO 64086
(816) 246-4429
Divorce Attorneys,  Elder Law Attorneys,  Estate Planning Attorneys,  Traffic Law Attorneys,  Attorn
The Unger Law Firm
200 NE Missouri Road, Suite 200
Lees Summit, MO 64086
(816) 399-4313
Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Prod
James Legal Services, P.C.
218 NE Tudor Road,
Lees Summit, MO 64086
(816) 875-3764
Personal Injury Law Attorneys, Mediation Services, Arbitration Services
Fortin Michael L
282 NE Tudor Rd
Lees Summit, MO 64086
(816) 474-3353
Attorneys
Studer Martin J
1 Lakeshore Dr # 6
Kimberling City, MO 65686
(417) 739-3045
Attorneys, Legal Service Plans
Cordell & Cordell - Lee's Summit
200 NE Missouri Road, #200
Lees Summit, MO 64086
(816) 842-2400
Child Custody Attorneys, Divorce Assistance, Divorce Attorneys
Haynes Benefits PC
1650 NE Grand St
Lees Summit, MO 64086
(816) 875-1919
Attorneys, Legal Service Plans
Debt Relief Center
500 NE Colbern Rd
Lees Summit, MO 64086
(816) 524-0074
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US