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 11949

Communicating Your Estate Planning Wishes to Your Heirs in Zip Code 11949


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 NY 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 NY Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Zip Code 11949
Personal Injury and Accident Attorneys RGG&L
1355 Motor Pkwy
Islandia, NY 11749
(800) 734-9445
Attorneys Referral & Information Service, Malpractice Law Attorneys, Professional Liability & Negl
Mc Carl James R
18 Bridge St
Montgomery, NY 12549
(845) 457-9413
Attorneys, General Practice Attorneys, Criminal Law Attorneys, Personal Injury Law Attorneys
James R Mc Carl Law Firm
18 Bridge St
Montgomery, NY 12549
(845) 457-9413
Attorneys,  General Practice Attorneys,  Criminal Law Attorneys,  Personal Injury Law Attorneys
Schleimer Karen B
9 Timber Rdg
Mount Kisco, NY 10549
(212) 541-9330
Attorneys, Legal Service Plans
Shapiro Gettinger & Waldinger
118 N Bedford Rd
Mount Kisco, NY 10549
(914) 666-9277
Administrative & Governmental Law Attorneys,  Corporation & Partnership Law Attorneys,  Attorneys,  
Total Attorneys - Divorce
273837 Kent Ave
Brooklyn, NY 11249
(646) 741-8503
Attorneys,  Family Law Attorneys,  Legal Service Plans,  Divorce Attorneys
Pietrobono Rex M
2 Sarles St
Mount Kisco, NY 10549
(914) 666-8137
Attorneys, Legal Service Plans, Criminal Law Attorneys, Insurance Attorneys, Litigation & Tort Attor
Houslanger & Associates
45 Kensico Dr # 1
Mount Kisco, NY 10549
(914) 666-8100
Attorneys, Legal Service Plans
Marotta & Kristiansen
1324 Motor Pkwy # 100
Islandia, NY 11749
(631) 234-7272
Attorneys
Center For Collaborative Fmly
241 Lexington Ave # 2
Mount Kisco, NY 10549
(914) 242-7200
Mediation Services,  Attorneys,  Family Law Attorneys,  Arbitration Services
Rappaport, Glass, Levine & Zullo, LLP.
1355 Motor Pkwy
Islandia, NY 11749
(631) 209-7132
Personal Injury Law Attorneys,  Accident & Property Damage Attorneys,  Attorneys,  Malpractice Law A
Court Reporters
1355 Motor Parkway
Hauppauge, NY 11749
(877) 337-6968
Attorneys Referral & Information Service,  Business Litigation Attorneys,  Civil Litigation & Trial
Court Reporters
1355 Motor Parkway
Hauppauge, NY 11749
(877) 337-6968
Attorneys Referral & Information Service, Business Litigation Attorneys, Civil Litigation & Trial La
Ticknor & Ticknor Attys
19 N Moger Ave
Mount Kisco, NY 10549
(914) 666-6451
General Practice Attorneys, Attorneys
YourDivorceMediator, Inc.
100 South Bedford Road
Mount Kisco, NY 10549
(914) 588-6258
Divorce Attorneys, Divorce Assistance
Turley Redmond Rosasco Lip Attorneys
3760 Express Dr S
Islandia, NY 11749
(516) 745-5666
General Practice Attorneys, Attorneys
Hollis Iii, P Daniel - Shamberg Marwell Davis-Hollis
55 Smith Ave
Mount Kisco, NY 10549
(914) 666-5600
Estate Planning Attorneys, Attorneys, Real Estate Attorneys, Legal Service Plans
Haley Weinblatt & Calcagni
1601 Veterans Hwy Ste 425
Islandia, NY 11749
(631) 582-5151
Attorneys, Legal Service Plans
Bosshart, Karen Esq LLC
69 S Bedford Rd
Mount Kisco, NY 10549
(914) 218-4452
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Mediation Services,  Arbitration & Mediation
Tsunis Gasparis Lustig Ring & Kenney LLP
2929 Express Dr N Ste 103
Islandia, NY 11749
(631) 582-4081
Attorneys, Estate Planning, Probate, & Living Trusts, Real Estate Attorneys, General Practice Attorn
Coughlin & Gerhart LLP
176 Main St
Unadilla, NY 13849
(607) 369-3811
Attorneys, Estate Planning Attorneys, Legal Service Plans
Barouh Eaton Allen Corp
96 N 10th St
Brooklyn, NY 11249
(718) 486-3331
Attorneys, Legal Service Plans
Wright-Holmes Law List Inc
45 Kensico Dr Ste 3
Mount Kisco, NY 10549
(914) 241-3297
Attorneys Referral & Information Service, Attorneys, Legal Service Plans
Fogarty Dolores G
183 Main St
Unadilla, NY 13849
(607) 369-3000
Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US