Family Estate Planning Letter

The benefits of letters of intent.

Family estate planning letter.

However it can provide an easy to understand. Edit it to suit your needs. Unlike a will this letter has no legal authority. List any special assets such as stock options that require action by your executor within a specific time frame.

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. 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. Estate planning steps for parents.

A letter of instruction isn t legally binding in any way unlike a last will. 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 not intended to replace my will or other estate planning documents signed by me. Check with your estate planning attorney for more information.

One aspect of estate planning that is often overlooked but can be quite useful is the letter of intent. The following example is meant to be given to your spouse. 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. I have signed this family love letter this day of 20.

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. Simply put a letter of instruction is a cheat sheet for anyone involved in settling your affairs. As part of your estate planning it s a good idea to have a non binding letter to your spouse children and other heirs outlining where the important documents are kept and who to contact for help in administering your estate. 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.