As My Father's Agent Under a Power of Attorney, Can I Add My Son's Name to His Life Insurance Policy?
I have dual power of attorney for my father. At this time there is no beneficiary on one of his life insurance policies and I...Read more
While it is important to have an updated estate plan, there is a lot of information that your heirs should know that doesn't necessarily fit into a will, trust or other components of an estate plan. The solution is a letter of instruction, which can provide your heirs with guidance if you die or become incapacitated.
A letter of instruction is a legally non-binding document that gives your heirs information crucial to helping them tie up your affairs. Without such a letter, it can be easy for heirs to miss important items or become overwhelmed trying to sort through all the documents you left behind. This letter also allows you to specify who your beneficiaries are so that they can be notified in the event of your passing.
What Should I Include in a Letter of Instruction?
The following are some items that can be included in a letter:
Once the letter is written, be sure to store it in an easily accessible place and to tell your family about it. You should check it once a year to make sure it stays up-to-date.
Learn more about estate planning.