A letter of intent, often overlooked in estate planning, plays a crucial role in conveying your personal wishes and intentions that legal documents may not fully capture. While not legally binding, it serves as an important communication tool between you and your executors, trustees, and beneficiaries, helping to explain the nuances of your estate plan and ensuring your personal values and desires are understood.
Expression of Wishes: A letter of intent can express personal wishes that aren’t legally binding but are meant to guide executors and beneficiaries. This can include specific intentions for how assets should be used, desires regarding funeral arrangements, or other personal thoughts.
Explanation of the Estate Plan: It can provide explanations about why certain decisions were made in the will or trust. For instance, if assets were distributed in a particular way that might be unexpected or controversial, a letter of intent can help reduce family conflict by explaining the reasoning behind these decisions.
Guidance for Personal Effects: While legal documents handle the distribution of assets, a letter of intent can offer guidance on the distribution of personal items that may not have significant monetary value but hold sentimental value.
Instructions for Care of Dependents: It can include details about the care preferences for dependents, including children or pets. This might outline educational wishes, care philosophies, or even specific instructions for guardians.
Financial Information: Although not a substitute for a detailed financial plan, a letter of intent might provide a summary of financial assets, account information, and contacts for financial advisors, which can be helpful for executors.
Digital Assets: In the digital age, it’s also useful for instructions on how to handle digital assets and online accounts, including social media.
If you have not yet included a letter of intent in your estate planning documents, now is the perfect time to consider drafting one. A letter of intent can be invaluable, ensuring your wishes are clear and your estate is executed exactly as you envision. Should you have any questions about how to integrate a letter of intent into your estate plan, the Eastham Law Offices are here to assist. Call us at 561-395-6800 or fill out our contact form and we will be in touch to schedule an appointment.