Many New York residents have taken the time to create an estate plan. Estate plans are important for allocating your assets upon your death and to direct your financial and medical needs in the event that you become incapacitated. A letter of instruction is another estate planning tool that you may want to create.
What is a letter of instruction?
A letter of instruction (LOI) is not a legal document but can a good supplement to an estate plan by offering helpful information. A LOI is often used to provide information to those who are left behind after you pass away.
What can be addressed in a letter of instruction?
If you have a son or daughter with special needs, A LOI can be left to the trustee of a special needs trust. The LOI can inform the trustee about the beneficiary, including their personality and likes and dislikes. It can communicate what you want the trustee to provide for the beneficiary, including health, education, maintenance and support along with further specific guidance that is important.
LOIs can also include what to do with digital assets or how to care for your pets that may be left behind. A LOI can list where important documents are kept, who your financial advisor is and other important information that may not be evident in the will or trust.
Contact an estate planning attorney for more information
A legal professional who is skilled in estate planning can help their client with all of their estate planning needs. An attorney can review what estate documents their client already has and can make sure they meet all of their needs. They can also help their client create a new estate plan that encompasses all of their assets and family members if necessary.