Tips for Talking With Your Family About Your Estate

Many people dread having the estate planning talk with their family. However, this talk involves important topics like what you plan to leave them in your will, who will succeed you in the family business and who will inherit the family home.

The holiday season can actually be one of the best times to have these discussions. If the family is scattered throughout the country, this may be one of the rare occasions when you’re all together. The estate planning talk certainly shouldn’t be the focus of your holiday gathering, but it’s worth taking a bit of time out to take care of it so that everyone is on the same page.

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Things to Consider When Leaving Your Home to Your Children

For most of us, our home is the most valuable asset we have. It’s also often a highly sentimental one. That’s why you need to give it careful consideration when you do your estate planning. You want to make a smart financial decision about what will happen to it when you’re gone.

Many people leave their home to one or more of their children. That can necessitate some difficult conversations if you have multiple children who were counting on inheriting the family home. Whether you have one property to hand down or an additional vacation home, the bequeathing of all properties need to be done responsibly. Otherwise, there can be legal, tax and financial burdens for your children that you didn’t anticipate.

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