There are many different estate planning tools to choose from and you might be wondering where to begin. With legal guidance to select and set up those that are most appropriate to the needs of you and your family, you can arrive at an estate plan that covers just about everything.
Yet, for your estate plan to be complete, you may want to consider adding one further item that does not even have any legal standing. This is a letter of instruction.
Making things clear
A letter of instruction should be an easy-to-understand guide to your estate and your wishes upon death. Think of it as the user manual and quick start guide for your estate plan. Some of the things you might include in it are:
- A list of your assets to save the executor from having to work this out
- The location of assets especially if they may be hard to locate
- A list of your debts and the relevant contacts
- Where to find things such as safe deposit keys
- Contact details for useful legal and financial contacts and friends and family
- Wishes or advice as to how people use their inheritances
- Funeral wishes, especially if they run contrary to what your family might plan for you
Consider learning more if you are ready to make your estate plan. As daunting as it may seem, with appropriate guidance you should find that getting an effective estate plan made is simpler than you thought. Doing so can give you and your loved ones peace of mind.