Be Intentional
Your estate planning documents will address the disposition of your assets and will further name certain individuals to serve in particular roles. You can even provide specific parameters regarding the administration of your estate or any trust for beneficiaries. For example, you may have a trust that can be used for the “health, education and general welfare” of any of your children. You may wish to further direct that the payment of college education expenses will be limited to 4 years.
As you can imagine, there are innumerable possibilities when it comes to including specifics in your estate planning documents. Another option for sharing your wishes is to prepare a separate letter of intent for your guardian and/or Trustee. A letter of intent allows you to express your wishes in a unique and personal way. In addition, it is non-legal, so you do not need the assistance of an attorney when preparing a letter of intent. Furthermore, a letter of intent may be changed at any time without the necessity of changing your legal documents.
As the letter of intent is not a formal legal document, it is not technically enforceable should your guardian or trustee fail to follow its directions. However, it is a personal expression of your last wishes and unless your guardian or trustee has a heart of stone (and you would probably not have selected them if they did), then they will probably honor your wishes. If there is a particular issue that warrants a legal “guarantee,” then you could simply include that provision in your Will or Trust.
Finally, if you take the time to write a letter of intent, please take some steps to ensure it will be found in the event of your death or disability. You can keep any such letter with your important personal papers in your home or you may want to leave a copy with your attorney (as he or she will likely have original copies of your Wills, etc. anyway).
The letter of intent can be a powerful emotional tool to use as a part of your estate planning and I encourage all of my clients to use some form of this type of letter in their planning.
As you can imagine, there are innumerable possibilities when it comes to including specifics in your estate planning documents. Another option for sharing your wishes is to prepare a separate letter of intent for your guardian and/or Trustee. A letter of intent allows you to express your wishes in a unique and personal way. In addition, it is non-legal, so you do not need the assistance of an attorney when preparing a letter of intent. Furthermore, a letter of intent may be changed at any time without the necessity of changing your legal documents.
As the letter of intent is not a formal legal document, it is not technically enforceable should your guardian or trustee fail to follow its directions. However, it is a personal expression of your last wishes and unless your guardian or trustee has a heart of stone (and you would probably not have selected them if they did), then they will probably honor your wishes. If there is a particular issue that warrants a legal “guarantee,” then you could simply include that provision in your Will or Trust.
Finally, if you take the time to write a letter of intent, please take some steps to ensure it will be found in the event of your death or disability. You can keep any such letter with your important personal papers in your home or you may want to leave a copy with your attorney (as he or she will likely have original copies of your Wills, etc. anyway).
The letter of intent can be a powerful emotional tool to use as a part of your estate planning and I encourage all of my clients to use some form of this type of letter in their planning.
posted by Jack Carney @ 7:20 AM
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