While there is no substitute for an up-to-date estate plan, there are some instructions or guidance you may wish to leave your heirs that don’t naturally fit into a will, trust or other estate planning documents. This is where a Letter of Instruction can come in handy.
A Letter of Instruction provides your heirs with crucial information and guidance on finalizing your estate. While legally non-binding, a Letter of Instruction can spare your heirs a good deal of stress in dealing with your estate. Some of the items you can include in a Letter of Instruction include:
· Who to contact upon your death and a beneficiary list
· Where all your estate plan documents are located
· A list of all your assets, including bank and investment accounts, insurance policies, pension and retirement plans, real estate holdings, etc.
· Online account information, including passwords and PINs
· The location of your safety deposit box and key
· The contact information for your estate planning attorney, broker, insurance agent and other members of your financial team
· A list of your debts, including credit card accounts
· Funeral instructions
· Personal messages to family and/or friends
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.