Estate planning is going to involve the execution of legally binding documents. In some of these documents you are communicating your wishes regarding the transfer of your assets. Communication is the operative word here. When you plan your estate, you want to communicate information to relevant parties. With this in mind, we will look at the letter of final instruction in this post.
If you use a last will to state your final wishes, you are going to name an executor to administer the estate. Handling the business of your estate can be a multifaceted endeavor.
When you handle your own business, you have access to certain necessary information. You must pass along this type of information to your executor when you are planning your estate. This can be done through the creation of a letter of final instruction.
There are various different things to take into consideration when you are creating a letter of final instruction. Do you want the executor to contact certain people to tell them that you have passed away?
These communications can be personal, but they can also be professional. If you have arranged for your executor to work with a particular estate planning attorney, accountant, funeral director, etc., you can share this information in your letter of final instruction.
Your executor will need access to certain paperwork, such as your estate planning documents, insurance policies, and financial account information. When you create your letter of final instruction, you can provide your executor with access to these documents.
Online accounts are also something to consider. Many people conduct a great deal of business online, and you may have paperless accounts. If this is the case, you should include relevant access information in your letter of final instruction.
In addition to your financial accounts, you may also have websites, blogs, and social media accounts. You should let your wishes be known with regard to the way that you want these accounts handled after your death.
If you have real property, storage spaces, vehicles, or anything else that requires a key, you should explain the details in your letter of final instruction.
We have provided some basic information here, but there is a common sense element involved when you are creating a letter of final instruction. Ask yourself a simple question: What will the executor need to know? You can record the answers in your letter of final instruction.
Schedule a Free Estate Planning Consultation
There are a lot of details to attend to when you are planning your estate. If you would like to discuss everything with a licensed and experienced estate planning attorney, our firm can help.
We offer free consultations to people in and around San Jose, California. To request an appointment, send us a message through our contact page.
- Act in Advance to Prevent a Conservatorship - April 27, 2021
- Beneficiary Designations and the SECURE Act: Prior Designations - April 20, 2021
- Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries - April 16, 2021