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 17104

Communicating Your Estate Planning Wishes to Your Heirs in Zip Code 17104


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 PA 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 PA Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Zip Code 17104
Kops Stanley P
102 Bala Ave
Bala Cynwyd, PA 19004
(610) 949-9999
Attorneys, Legal Service Plans
Coffey Kaye Myers & Olley
2 Bala Plz
Bala Cynwyd, PA 19004
(610) 668-9800
Attorneys,  Personal Injury Law Attorneys,  Insurance Attorneys,  Product Liability Law Attorneys
Karoly John Jr Atty
1555 N 18th St
Allentown, PA 18104
(610) 820-9790
Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Legal Service Plans
Creveling Wilbur C Jr Attorney
828 N Ott St
Allentown, PA 18104
(610) 435-9773
Attorneys, General Practice Attorneys
Aritz Frank J
23 W Walnut St
Kingston, PA 18704
(570) 288-9751
Attorneys, Legal Service Plans
Berdugo & Fialkoff,
1 Union Ave, Po Box 591
Bala Cynwyd, PA 19004
(215) 992-9662
Bankruptcy Services,  Bankruptcy Law Attorneys,  Immigration Law Attorneys,  Attorneys,  Immigration
Speyer Debra G
2 Bala Plz # 300
Bala Cynwyd, PA 19004
(610) 949-9555
Securities & Investment Law Attorneys, Attorneys
Markowitz & Richman
121 N Cedar Crest Blvd Ste M
Allentown, PA 18104
(610) 820-9531
Legal Service Plans, Attorneys, Labor & Employment Law Attorneys, Employee Benefits & Worker Compens
Terrana Jr, Angelo Terrana Law
400 3rd Ave # 117
Kingston, PA 18704
(570) 283-9500
Attorneys, Real Estate Attorneys, Title Companies, Estate Planning Attorneys, Legal Service Plans
Terrana Law
400 3rd Ave Ste 117
Kingston, PA 18704
(570) 283-9500
Attorneys,  Business Law Attorneys,  Real Estate Attorneys,  Title Companies,  Legal Service Plans,
Scherf Mary A
5 W Lodges Ln
Bala Cynwyd, PA 19004
(610) 949-9477
General Practice Attorneys, Attorneys
Stitt John W
1434 W Market St
York, PA 17404
(717) 846-9400
General Practice Attorneys, Attorneys, Legal Service Plans
Pavlack Keith R
1908 W Allen St
Allentown, PA 18104
(610) 433-9370
Attorneys,  Family Law Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property
Rish & Shaw
278 Courtdale Ave
Kingston, PA 18704
(570) 283-9345
Attorneys, General Practice Attorneys, Legal Service Plans
Feldman Law Offices
221 N Cedar Crest Blvd
Allentown, PA 18104
(610) 530-9285
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Rush Renkert Barbara
1405 N Cedar Crest Blvd
Allentown, PA 18104
(610) 770-9191
Attorneys, Estate Planning Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
Wiener M S Attorney
3605 Trexler Blvd
Allentown, PA 18104
(610) 481-9188
Attorneys, Legal Service Plans
Hiscox and Musto Law Offices
400 3rd Ave Ste 200
Kingston, PA 18704
(570) 714-9100
Civil Litigation & Trial Law Attorneys, Attorneys, General Practice Attorneys
Berger Steven B
111 Presidential Blvd # 208
Bala Cynwyd, PA 19004
(610) 668-9070
Attorneys, Legal Service Plans
Dr. Michael Callahan
550 3rd Ave
Kingston, PA 18704
(570) 288-9070
Attorneys
Schantz & Gray
2310 Walbert Ave Ste 102
Allentown, PA 18104
(610) 770-9011
Attorneys, Legal Service Plans
Knafo Law Offices
1409 Hausman Rd
Allentown, PA 18104
(610) 395-9001
General Practice Attorneys, Attorneys, Legal Service Plans
A Accidentattorney.Com
1409 Hausman Rd
Allentown, PA 18104
(610) 395-9001
Accident & Property Damage Attorneys,  Attorneys,  Malpractice Law Attorneys,  Legal Service Plans,
Moot William E
616 Lamberd Ave
Johnstown, PA 15904
(814) 266-8911
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US