{"id":15535,"date":"2014-08-13T14:54:27","date_gmt":"2014-08-13T18:54:27","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/08\/dont-make-estate-plan-a-family-secret.html"},"modified":"2014-08-13T14:54:27","modified_gmt":"2014-08-13T18:54:27","slug":"dont-make-estate-plan-a-family-secret","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/08\/dont-make-estate-plan-a-family-secret\/","title":{"rendered":"Business Report: Don’t Make Estate Plan ‘A Family Secret’"},"content":{"rendered":"
\n
\n\"debbie\n<\/div>\n
Debra A. Verni is a partner with the Herzog Law Firm PC\n<\/div>\n<\/div>\n

By Debra A. Verni, Esq.<\/p>\n

Only about 40 percent of adults in America
\nhave a will, which may not be entirely surprising. No one wants to be reminded of their own
\nmortality or spend too much time thinking about
\nwhat might happen once they’re gone.<\/p>\n

Many people are uncomfortable discussing
\nhow they will distribute their estate with their
\nchildren. Perhaps you don’t want your children
\nto realize how much they may receive after your
\ndeath. Or you may think your choice of heirs
\ncould change in the future.<\/p>\n

However, if you don’t discuss your estate plan,
\ndisagreements and conflicts could erupt once the
\ndetails of inheritances are revealed.
\nFor instance,
\nsiblings may resent each other if distributions are
\nnot equal. Children may resent a spouse from a
\nsecond marriage if they feel that spouse is using
\nup their inheritance. At that time, you won’t be
\nable to explain your thoughts and wishes regarding
\nthe distribution of your estate.<\/p>\n

Discussing your estate plans will give you an
\nopportunity to inform your children about the
\ndistribution of your estate and why you decided
\nto do it in that manner. You can go into specific
\ndetail, informing children how each asset will be
\ndistributed, or you can give a general overview of
\nyour estate plan. If you have selected one child
\nas executor or trustee, explain why you chose
\nthat individual. As an alternative, you can leave
\na personal letter with your estate planning documents
\nexplaining these items.<\/p>\n

Even if you reveal your plans to children, you
\nmay also want to include a personal letter. In
\nthat letter, include information about death and
\nother benefits, special wishes, who should receive
\npersonal effects, your cemetery and funeral preferences,
\nand the location of your safe deposit box
\nand important documents.<\/p>\n

At a minimum, specify where the following
\ndocuments are located: income tax returns, life
\ninsurance policies, other insurance policies,
\ninvestment details, a list of household contents,
\noutstanding loan documentation, automobile
\ntitles, important warranties and receipts, checking
\naccount information, credit card details, and
\ninformation about your home. This letter will
\nhelp your heirs identify all assets and benefits
\nand avoid speculation about your wishes.<\/p>\n

Preparing the letter will also force you to
\norganize your records and make sure all important
\ndocuments can be easily located. Since the
\ninformation is likely to change, review the letter
\nat least annually.<\/p>\n

You have worked hard to create a legacy for
\nyour loved ones. You deserve to decide what
\nbecomes of it.<\/p>\n

Verni is a partner with the Herzog Law Firm
\nPC, which has an office in Saratoga Springs.<\/em><\/p>\n

Photo Courtesy Herzog Law Firm PC<\/p>\n","protected":false},"excerpt":{"rendered":"

Debra A. Verni is a partner with the Herzog Law Firm PC By Debra A. Verni, Esq. Only about 40 percent of adults in America have a will, which may not be entirely surprising. No one wants to be…<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[67,107],"yoast_head":"\r\nBusiness Report: Don't Make Estate Plan 'A Family Secret' - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/08\/dont-make-estate-plan-a-family-secret\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: Don't Make Estate Plan 'A Family Secret' - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"Debra A. Verni is a partner with the Herzog Law Firm PC By Debra A. Verni, Esq. 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