Family Estate Planning Letter

However it can provide an easy to understand.

Family estate planning letter.

One aspect of estate planning that is often overlooked but can be quite useful is the letter of intent. The client may call a family meeting where the advisors and heirs can discuss both the documents and the desires the client has for his or her family using a family mission statement as the catalyst. The siblings agree on the appointment of the person who will act as fiduciary whether this is another person in the family. While many clients are reluctant to discuss the tragedy of their death or disability with family members they have less concern about leaving written information behind.

Unlike a will this letter has no legal authority. Edit it to suit your needs. Estate planning steps for parents. Simply put a letter of instruction is a cheat sheet for anyone involved in settling your affairs.

The family love letter has been designed to provide information in a time of confusion and to help minimize the types of inadvertent mistakes that often occur in times of turmoil. However it is my express desire that each family member power holder executor trustee and guardian will use this family love letter and the other documents signed by me in. The benefits of letters of intent. List any special assets such as stock options that require action by your executor within a specific time frame.

Also known as a letter of intent a letter of instruction is a document that provides specific information regarding your preferences on anything from medical care to your funeral to the distribution of your assets and property. This document is not intended to replace my will or other estate planning documents signed by me. This non binding letter is written to a spouse children and other heirs outlining where the important documents are kept and who to contact for help in administering your estate. When you pass away or if you become incapacitated it s natural for your family to feel confused and insecure about the future you can help them through that tough time by writing a letter in advance.

Check with your estate planning attorney for more information. In many cases clients have provided a copy of the family love letter and their other estate planning documents to their heirs. This document is typically contained within an estate plan and includes instructions on how the estate and decedent s executors should manage the estate s assets and care for family and loved ones. The following example is meant to be given to your spouse.