{"id":15496,"date":"2014-08-07T14:12:39","date_gmt":"2014-08-07T18:12:39","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/08\/dont-make-estate-plan-a-family-secret.html"},"modified":"2014-08-07T14:12:39","modified_gmt":"2014-08-07T18:12:39","slug":"dont-make-estate-plan-a-family-secret","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/08\/dont-make-estate-plan-a-family-secret\/","title":{"rendered":"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.
\nNo one wants to be reminded of their own
\nmortality or spend too much time thinking
\nabout what 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
\nplan, disagreements and conflicts could erupt
\nonce the details of inheritances are revealed.<\/p>\n

For instance, siblings may resent each other
\nif distributions are not equal. Children may
\nresent a spouse from a second marriage if they
\nfeel that spouse is using up their inheritance.
\nAt that time, you won’t be able to explain your
\nthoughts and wishes regarding the distribution
\nof 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
\nbe distributed, or you can give a general overview
\nof your estate plan. If you have selected
\none child as executor or trustee, explain why
\nyou chose that individual. As an alternative,
\nyou can leave a personal letter with your estate
\nplanning documents explaining these items.<\/p>\n

Even if you reveal your plans to children,
\nyou may also want to include a personal letter.
\nIn that letter, include information about death
\nand other benefits, special wishes, who should
\nreceive personal effects, your cemetery and
\nfuneral preferences, and the location of your
\nsafe deposit box and 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,
\nchecking account information, credit card
\ndetails, and information about your home.
\nThis letter will help your heirs identify all assets
\nand benefits and avoid speculation about
\nyour 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
\nthe information is likely to change, review the
\nletter at 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.<\/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":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[58,92],"class_list":["post-15496","post","type-post","status-publish","format-standard","hentry","category-business-reports","tag-business-reports","tag-legal"],"yoast_head":"\r\nDon't Make Estate Plan 'A Family Secret' - Saratoga 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.saratoga.com\/saratogabusinessjournal\/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=\"Don't Make Estate Plan 'A Family Secret' - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"Debra A. 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