A will doesn’t need to be the only document in an estate plan. Consider writing a letter of instruction.
You may view your will as the centerpiece of your estate plan. But other documents can complement it. For example, if you haven’t already done so, consider writing a letter of instruction.
What is a letter of instruction?
This informal document provides your loved ones with information about matters to be addressed after your death. Because a letter isn’t legally bending, it is easily revised at the writer’s discretion.
Letters can include both personal and financial matters. Here are some common elements:
Financial documents. A letter can state the location of your will and of other documents, such as trusts, powers of attorney, living wills, birth certificates, marriage licenses, and Social Security benefits.
Another option is an inventory of assets including location, account numbers, and contact information. Consider including investment accounts, bank accounts, retirement plans, health insurance plans, and life and disability income insurance.
These letters should also name any liabilities such as mortgages and other debts.
Digital information. In the past decade, many accounts have been transitioned to digital formats, including bank accounts, securities and retirement plans. Be sure to recognize this in your letter.
Funeral arrangements. Include details regarding your funeral and burial arrangements. Details can include whom you’d like to preside over the service, whether you’d like to be buried or cremated, and even music selections.
Some letters list the people who should be notified of your death and also contain instructions for charities where donations can be made in your memory.
Personal effects. Personal items can cause family arguments. Some choose to indicate who will receive items of sentimental value.
Peace of Mind
The death of a loved one is a difficult time, and a letter of instruction can offer peace of mind to your family members. Although it can be difficult to get started, many report that these letters seem to almost write themselves once underway.
Please reach out to your trusted Smolin Professional with any questions or concerns.