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 Gunnison, MS

Communicating Your Estate Planning Wishes to Your Heirs in Gunnison, MS


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 MS 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 MS Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Gunnison, MS
Tom Rich
153 E Center St
Canton, MS 39046
(601) 988-9111
Accident & Property Damage Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys
Stater III Stanley F
3352 N Liberty St
Canton, MS 39046
(601) 948-8888
Attorneys
Miller, Jimmy L
330 Pecan St
Marks, MS 38646
(662) 326-7654
General Practice Attorneys, Attorneys, Legal Service Plans
Savant Tommy R
100 E Center St
Canton, MS 39046
(601) 859-7375
Attorneys, General Practice Attorneys
Wamsley Alex
471 County Road 300
Glen, MS 38846
(662) 287-6510
Attorneys
Nichols George
650 W Peace St
Canton, MS 39046
(601) 859-6500
Attorneys
Smith, Ferr
650 E Peace St
Canton, MS 39046
(601) 859-6500
Personal Injury Law Attorneys, Automobile Accident Attorneys, Attorneys
Spivey, Daniel S
141 E Center St
Canton, MS 39046
(601) 859-5251
Attorneys
Spivey Jr Lloyd G
141 E Center St
Canton, MS 39046
(601) 859-5251
Attorneys, General Practice Attorneys, Legal Service Plans
Wohner Collins
229 E Center St
Canton, MS 39046
(601) 859-4373
Attorneys, Legal Service Plans
Ritchey Jacob M
133 S Union St
Canton, MS 39046
(601) 859-4141
General Practice Attorneys, Attorneys, Legal Service Plans
Montgomery McGraw PLLC
151 W Peace St
Canton, MS 39046
(601) 859-3616
Attorneys
Montgomery C R
3350 N Liberty St # A
Canton, MS 39046
(601) 859-3616
Attorneys
Long, Robert W
129 E Peace St
Canton, MS 39046
(601) 859-2573
Attorneys
Herring Long & Crews PC
129 E Peace St
Canton, MS 39046
(601) 859-2573
Attorneys, Wills, Trusts & Estate Planning Attorneys, Family Law Attorneys
Crews, III James M. III
129 E Peace St
Canton, MS 39046
(601) 859-2573
Attorneys
Evans Wesley T
712 E Peace St
Canton, MS 39046
(601) 855-2255
Attorneys,  Bankruptcy Law Attorneys,  Business Bankruptcy Law Attorneys,  General Practice Attorney
Blackmon & Blackmon
907 W Peace St
Canton, MS 39046
(601) 859-1567
General Practice Attorneys, Attorneys
Schwartz & Associates
172 E Center St
Canton, MS 39046
(601) 859-1300
Attorneys, Legal Service Plans
Goza Law Firm
114 W Center St
Canton, MS 39046
(601) 855-0800
General Practice Attorneys, Attorneys
Ward Michael
120 E Center St
Canton, MS 39046
(601) 859-0004
Attorneys, General Practice Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US