When it comes to estate plans, we often concentrate on the measurable factors such as reducing estate taxes, wealth distribution, and guaranteeing financial security. However, estate planning goes beyond wealth distribution.
The estate plan is designed to preserve a legacy, provide your guidance, and establish an understanding of all wishes. Enter the Letter of Intent, a document that gives new meaning to your estate plan.
What is a Letter of Intent?
You can think of the Letter of Intent as a preserved conversation with loved ones. It is a heartfelt message and written from you. It is non-binding and only accompanies a trust or will. Your letter of intent permits you to express any thoughts, provide personal guidance, and formally explain the decisions you made.
Why Might You Want a Letter of Instruction?
Picture yourself offering love, comfort, and guidance to family members once you’ve passed. This is what the Letter of Intent can provide.
Here’s why the letter of intent should be part of your estate plan:
Explains The Decisions You Made
While your will explains who gets what, your letter of intent explains why you made the decision. It allows you to give meaning and avoid hurt feelings or misunderstandings.
Provides Guidance
If you’ve established a trust for young children, the Letter of Intention will come in handy. This is because the documents outlining a trust are in legal terms that may not be easily understood. Having the letter of intent provides more personal sentiment and practical information that explains your hopes and wishes, such as funeral arrangements.
Open Up To Loved Ones
The letter of intent gives you an opportunity to open up to loved ones and share memories, family history, and lessons learned. It provides a reminder that your legacy is more than just about possessions but the experiences and values you’ve obtained.
Communicates Closure And Comfort
You can communicate closure and offer loved ones with the comfort they need. You know it will be a difficult time so this is your opportunity to share your love and gratitude. Communicating can be focused individually or as a whole.
Create a Lasting Impression
At Michael F. Kanzer and Associates, we’ve found that clients having a letter of intent bring more meaning to their estate plan. They incorporate a unique way to reflect on life, express what matters most, and remain connected to future loved ones. Get in touch with us today to help guide you so that your letter of intent is well-received.