For those that have done immensely well financially and have been retired for decades it is important to think about end of life planning. Of course this is not the most attractive topic but the last thing anyone wants is their family fighting and ending relationships due to conflict over property. Even the closest of families can be torn apart by this type of situation as everyone wants a fair share or could be trying to take advantage of others. Finding the right estate planning attorney is imperative as this will help you tally up your assets then divide among those you want receiving the various pieces of property or money. The following are tips to allow you to do this in an efficient manner as well as how to deal with telling people they will receive certain things.
Be Honest With Family
The best thing that you can do is to be honest with your family about what they will receive when you pass away. There might be a chance that someone is upset by this and distances themselves. This should be a chance you are willing to take as they might only maintain a relationship in hopes of receiving something after you die. Those that have substance abuse problems need to be confronted as well as they should not receive anything if it is only going to feed their addiction.
Enjoy A Few Splurges
After you have counted up all of your property as well as added up all of your cash, stocks, and other investments you should splurge a little. Most people save far too much instead of enjoying their remaining years. Vacation homes are great in warm climates and they can be bought for a reasonable price in Central and South America.
Try To Break Things Up Evenly If You See Fit Between Your Children
There are those children that might have needed more financial assistance in the past or who you were very generous with at certain points. Then there are the kids that do not want any help whatsoever as they are fiercely independent. Try to divide things evenly taking into account financial help given in the past. You do not want a source of tension between your children after you pass away due to the way you divided the property.
Downsize Your Current Home For A Luxury Condo
A luxury condo can be a great way to relax and not worry about maintaining your property. Downsizing can also make it easier financially as most people do not need the same size home as they did when they had a larger family. Take the time to look at various options as you would be surprised what you can get affordably on less popular beaches.
As you can see there are plenty of things to get in order as we get a bit older. Take the time to assess all of your options as you move forward in life!