What to Include in a Letter of Intent: Communicating Your Wishes to Loved Ones
Estate planning allows individuals to have control over their assets and affairs even after they are no longer able to handle them. It also ensures that your loved ones are taken care of according to your wishes. However, simply having a will or a trust may not be enough to convey your desires and intentions. This is where a letter of intent comes into play.
This letter is more than just a logistical tool; it’s a heartfelt message from the deceased, providing direction, reassurance, and guidance for those left behind. So, what should you include in this document?
This article will delve into the key elements of crafting a thoughtful and comprehensive letter of intent and how including it in your estate plan will ensure that your final wishes are not only understood but also respected.
Summary:
- What is a Letter of Intent?
- Why is it Important?
- What Should Be Included
- Letters of Intent & Estate Planning
1. What is a Letter of Intent?
A letter of intent, sometimes called a letter of instruction, is a document that outlines your personal directions and wishes to be followed after your death. This non-legal binding document complements your will by providing detailed instructions that don’t necessarily fit into the legal language and structure of a will.
It can include anything from your burial or cremation preferences to the care of your pets, distribution of sentimental items, or even your desires regarding your online presence after death. The beauty of a letter of intent is its flexibility, allowing you to communicate in your own words, expressing final thoughts, wishes, or anecdotes to your loved ones, thus adding a personal touch to your estate planning.
2. Why is it Important?
A letter of intent is important as it serves as a comprehensive guide for your loved ones and executor after you pass. While your will legally dictates how to distribute your assets, a letter of intent can provide context, reasons for your decisions, and detailed instructions about elements not covered in a will.
It can help eliminate uncertainties or disputes among family members by providing clear guidance on your personal preferences and wishes. More than just a document, it can also be seen as a final act of love, allowing you to communicate directly with your loved ones, express your sentiments, share life lessons, or leave behind meaningful messages.
3. What Should Be Included
- Personal Information: Your letter of intent should start with your full name, contact information, and the date it was written.
- Introduction: Begin by expressing your love and gratitude towards your loved ones. This can set the tone for the rest of the letter.
- Personal Values and Beliefs: This is an opportunity to share your personal values and beliefs with your loved ones, including any religious or cultural traditions that are important to you.
- Funeral Arrangements: If you have specific wishes regarding your funeral or memorial service, this is the place to express them. You can also include any specific requests for burial or cremation.
- Care of Minor Children: If you have minor children, you can use this section to elaborate on your decision for choosing legal guardians, as well as your wishes for their care and upbringing after your passing.
- Distribution of Personal Items: This is where you can specify who you would like to receive certain personal items, such as jewelry or sentimental items.
- Financial Information: You can use this section to provide information about your financial accounts and assets. However, it is important to note that this information should be kept separate from your will or trust.
- Final Thoughts and Messages: End your letter of intent with a final message to your loved ones, expressing how much they mean to you and your hopes for their future.
4. Letters of Intent & Estate Planning
A letter of intent is an integral part of estate planning as it provides a more personalized and detailed explanation of your wishes beyond the legal language used in traditional estate planning documents like wills and trusts. Although it’s not legally binding, it offers guidance to the executor of your estate and your beneficiaries about your desires.
While the letter itself doesn’t require legal expertise to create, an estate planning attorney can guide you on what comprehensive information to include and how to align it with your will and other estate planning documents. They can help ensure that your instructions are clear and leave no room for misinterpretation.
Additionally, an attorney can advise you on any legal implications related to your wishes, helping you avoid potential conflicts or issues down the line. With their knowledge and experience, they can provide valuable insights into the nuances of estate planning, making the process less daunting and more effective.
If you need assistance in creating a letter of intent or other estate planning documents, contact a trusted Wauwatosa estate planning attorney at Margerie Law. We understand the importance of protecting your loved ones and will work with you to create a plan that reflects your wishes. To get started, call Margerie Law today.
By Paul Margerie, Owner of Margerie Law
Paul Margerie of Margerie Law is a knowledgeable and experienced estate planning attorney based in Wauwatosa, WI. With years of experience helping families and individuals with their estate plans, he offers a gentle touch that puts his clients at ease. He understands the sensitive nature of this work and ensures that all details are taken care of with precision and accuracy. He strives to help each client achieve peace of mind that their future is protected by providing personalized advice and creating tailor-made solutions that fit their individual needs.
