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Five Steps for
Keeping the Family Together
Many people have worked and planned in order
to accumulate money and assets to bequeath to
their children. What they may not have anticipated
is a dispute among their heirs that could break
the family apart.
It takes more than a will to prevent hard feelings.
It takes communication. Rather than keeping their
plans a secret, parents should inform adult kids
about the terms of their will and the distribution
of personal property. For example, ask Joe if
he thinks it's OK that he will get all the books
and Mary will get all the silver and china. If
he says no, you have time to change the plan and
avoid conflict later on.
Among people age 50 and over, only 17 percent
have a will, durable power of attorney, and a
living trust, according to AARP. But even when
they have taken care of business, the potential
for bad feelings is high unless there has been
communication and agreement. Some tips on how
to bequeath.
- Give the same amount to each, even though
one may be financially better off.
- Make a living trust that will dictate how
your property will be disposed of. It's especially
important if you are in your second marriage.
(You want your adult kids to get your house,
not whoever your spouse may later will it to.)
- Calculate values for the future. Assets that
are equal now may be worth more or less in the
future.
- Leave a list of your plans with an attorney
or friend so your kids won't have to hunt for
it when bereaved.
- Check your will and plans every few years
to reflect current situations.
Couples with young children have significantly
different and very important steps to take.
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