As part of your estate plan, you should also include a letter of instruction to provide guidance to your heirs when you die or become incapacitated. A letter of instruction provides the information that does not necessarily fit into a Will, Trust, or other components of an estate plan.
This letter is a legally non-binding document that provides your heirs information essential to helping them complete your final wishes. Without a letter of instruction, heirs can easily miss vital items or become overwhelmed trying to sort through all the documents you left behind. Below are some suggestions that can be included in a letter:
- A list of people to contact when you die
- A list of beneficiaries of your estate plan
- The location of important documents, such as your Will, insurance policies, financial statements, deeds, and birth certificate
- A list of assets, such as bank accounts, investments accounts, insurance policies, real estate holdings, and military benefits
- Passwords and PIN numbers for online accounts
- The location of any safe deposit boxes
- Contact information for lawyers, financial planners, brokers, tax preparers, and insurance agents
- Account numbers and contact information for credit card accounts and other debts
- A list of organizations in which you are a member that should be notified
- Your wishes for a funeral or memorial service
- Your wishes for sharing of sentimental personal items
- You may wish to include a personal letter to each of your family members
- Once you have compiled the letter of instruction, be sure to inform your family members and store it with your other important documents
- Check the letter yearly to keep it current