It is important to know that a Letter of Last Instruction does not pass through a legal process. Provide information on your income tax refunds and supporting documentation for the past five years. To schedule a free consultation please book a time on our calendar. Some seniors decide to write a letter of last instruction with a spouse or partner; others might write a letter of last instruction and then sit down with a child or loved one to go over the specific information and ensure that everything is taken care of. What is a letter of instruction, and why might you need one. Free Estate Plan Review. Business and Financial Contacts. Any appraisals should also be made available. Legal Document Location. Consider following a template. For credit cards: List your cards by the issuer, card number, and location.
We also offer state-specific, easy-to-use forms to help you get started on your last will and testament. Lance Collins is a financial advisor and area manager based in Pinnacle's office at 3980 Premier Drive in High Point, NC. Letters of Last Instruction. In the following sections, we'll detail the various components that should go into your letter of last instruction. Where are documents for these policies located? You don't need a lawyer to write a letter of instruction or make changes to it if your circumstances or wishes change. It can be designed and updated by you. This fillable PDF is an easy-to-use tool that will address the questions listed above, with space at the end for additional instructions.
But as you move forward, remember that preparing a letter of last instruction provides an immense amount of peace of mind for your loved ones. Hopefully, this isn't an issue your loved ones will run into, but it's not uncommon for valuables or items with a lot of sentimental meaning to be disputed over among family members. In your letter of last instruction, include the location of your income tax returns and any additional documentation. The letter of last instruction is not defined. All bank account information, including the names of banks and account numbers. Just don't make it too difficult.
My goal in providing this document is to help my clients help their loved ones in their time of sorrow. Think of this informal document as a supplement to (rather than a replacement for) the official paperwork an elder law attorney prepares, such as a last will and testament and/or a trust. Describe any trust funds or wills. Last but not least, don't forget to store your letter in a safe place. In most situations, anywhere from six to twelve are required. Life Insurance – Include a list of personal and employment group life insurance plan details. It frees loved ones to mourn and provides a small piece of comfort during a challenging time. Is there a specific article of clothing desired for viewing and burial? In the event of an accidental death, there may be coverage under the policies for additional benefits. The solution is a letter of instruction, which can provide your heirs with guidance if you die or become incapacitated. Your End-of-Life Wishes: What is a Letter of Last Instruction. Many of us no longer receive monthly paper statements and may not have any physical paper trail to show such accounts even exist. Here's everything you should include in your letter of instruction, and an overview of what it can and can't do for you. Instructions for Pets: Much like with children, you will need to provide instructions for the care and treatment of pets to ensure they are taken care of until someone else is officially given legal custody.
These can be intimidating at first glance, over 50 pages between the two, but committing just 20-30 minutes per week and chipping away at these documents until they are finished can go a long way in providing your family the information they will need to meet your wishes after death. This may include the following: - how to handle your funeral arrangements. For instance, you may simply state in your will that you have devised all of your jewelry for your youngest daughter. Cake is an end-of-life planning website that asks you simple questions to prompt answers that will ultimately be helpful for your loved ones someday. But it can be incorporated into the necessary legal documents as a guide and the key to making sure everything is accounted for and accessible to the family members left behind. The letter of last instruction is good. Bank Accounts – For all your checking accounts, savings accounts, and CDs, make a list of all the banks in which accounts are held.
It also provides essential financial information, thus relieving the family of needless worry and speculation. In addition, unlike a will, which requires a formal process, you can update your letters of instruction over time or as your circumstances change. If you use cloud file storage online, which service do you use, and how do you get in? You can find a number of these online from which to work. While more popular documents, such as your Will, are critical in showing an overview of how your estate plan should be managed and distributed after you are gone, your letter of last instruction offers more detail on the specifics of your life. The easier it is for your loved ones to access your assets, the more efficiently they can handle your estate. Insurance—Include life (including beneficiaries), medical, property & casualty, disability, long-term care. Be sure to note the outstanding amounts on each mortgage. Why isn't this type of information generally included in your trust or will? Do you pay the bills? A listing of any U. S. Savings Bonds (include names, denominations, and serial numbers). Specify the account numbers, names on the account, account type, and current balances of each account. List all of your insurance policies with relevant details. Complete instructions for the burial/cremation (veterans may consider being buried in national cemeteries).
Believe it or not, conveying this type of information to loved ones may reduce the chances of hurt feelings, misunderstandings, and will contests. There are also many templates that can be found online including the one put together by our team.