It is important to have a plan for your estate and assets once you are gone. Having a will properly filled out with the expertise of a probate lawyer is paramount to ensuring as smooth of a transition as possible for the loved ones left behind. However, in estate planning there is a key ?missing link? that will help to aid those which carry out your final wishes; a letter of final instruction. This letter contains relevant information that wouldn?t necessarily go in a legal document like a will. The letter could possibly contain pin numbers to access accounts, combinations to safes around the house, the location of important documents. It?s a small matter of some discomfort now planning for after you have passed that will help those you leave behind move on quickly and easily.
By Catey Hill
There?s no doubt that many Baby Boomers are planning for the future ? 56% have a will, for example,?according to a 2011 survey by Rocket Lawyer?? but even the savviest among them may overlook one crucial element in their estate plan: a letter of final instruction. ?It?s the ?missing link? in estate planning,? says Leon LaBrecque, managing partner and founder of LJPR LLC. ?It?s something most people don?t have.?
This letter of instruction is a non-legally-binding document that provides your family with guidance upon your death on little things that wouldn?t necessarily go into a legal document. So, for example, this document might help them with contact information for your friends that you?d like notified upon your death; passwords and PIN numbers for your banks accounts or computer; the location of important documents like your birth and marriage certificates, insurance policies and deeds; or funeral details. Basically, you should include anything that your heirs might want or need to know that wasn?t outlined in your estate plan;?this list?provides further detail on what to include. ?It answers the questions that the rest of your estate plan don?t,? LaBrecque says.
Of course, this letter of instruction is just a small part of your overall estate plan. You still need legal documents like a will, living will, health-care proxy, and a durable power of power of attorney for financial reasons and health care reasons. And the letter of instruction is not legally binding, so it may not hold up in court in the event of an estate dispute among heirs.
Still, experts say it?s worth considering writing one, even if it?s just to help your heirs avoid hassles. ?It can save your family a lot of stress and confusion,? says LaBrecque. ?It helps with the ?who, what, when, where? that might not otherwise get answered.?? Just be sure to store it somewhere that your heirs can easily access it upon your death. LaBrecque recommends making copies of the document and giving them to your attorney and anyone else who will be handling your estate upon your death.
Click here?for a template for a letter of final instruction.
For more information please reference the original article here?
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Source: http://robertwjonesblog.com/2011/07/your-estate-plans-missing-link/
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