The Value of Letters of Instruction

Wills play a critical part in most estate plans, but they should be supported by other critical estate planning documents. These include letters of instruction, which play an important role in making sure that your loved ones know how to handle your estate following your death or incapacity. The following will review the role that letters of instruction can play in estate planning.   The Basic Elements   The content of letters of instruction varies greatly based on a person’s goals. One of the primary purposes of these documents is to provide details about a person’s wishes that have not yet been fully addressed in other estate planning documents.   In addition to addressing how you would like aspects of your funeral or burial handled, these letters can also address critical financial information that has been omitted. Many people rely on letters of instruction to list what insurance policies, retirement accounts, and other types of financial accounts they own.   Letters of instructions do more, however than just list financial accounts. These documents can contain account numbers as well as details about where important documents are stored. Many letters of instruction also contain the passwords required to access electronic financial     Read More