You may be confident in the instructions you set out in your will, trust, and other estate planning documents. Even so, you may still feel that the emotional guidance offered to the major players in your estate’s and legacy’s execution (i.e., your executor, trustee, and loved beneficiaries) is lacking. After all, there may be no room to express such personal words of support in these formal, legally-binding documents. Well, this is when a letter of intent may work beautifully within your estate plan. Please follow along to find out how to execute a letter of intent and how a proficient estate planning attorney in Putnam County, at the Law Office of Andres D. Gil, PLLC, can help ensure you do this properly.

How do I execute a letter of intent for my estate plan?

First of all, you must feel assured that you utilized your letter of intent to its maximum capabilities. For example, in a clear, concise, and comprehensive fashion, you should express the following, and then some:

  • Explanations for asset distribution practices for your executor and trustee.
  • Personal wishes for funeral and burial arrangements for your loved ones.
  • Declarations of preferred guardians for your minor children.
  • Care instructions for the personal heirlooms for your designated beneficiaries.
  • Passwords and other access information for digital assets for your executor and trustee.

Then, you should read through this letter and your other estate planning documents, and confirm that none of the statements from one contradict the other. After all, this letter is not legally enforceable, cannot stand alone, and cannot take precedence over your will, trust, etc. Rather, it is meant to clarify your best wishes and instructions already directed in these documents.

Once this is guaranteed, you should physically store this letter securely with your other estate planning documents. You should also inform all interested parties of its existence and where to access it when the time comes. Ultimately, your attorney may share copies or remind these individuals of this letter once the probate process for your estate commences.

Is it possible to update my letter of intent later on?

Even though your letter of intent is not legally binding like the rest of your estate planning documents, it should follow the same legal advisements. Specifically, we believe it is in your best interest if you update your letter of intent regularly or otherwise after a major life event (i.e., the same amount of times you do for your will, trust, etc).

This is because, say, you got a divorce and then got remarried to a new partner. Well, you may add a codicil to your existing will or create a new will entirely to change your beneficiary designation to your new partner. However, your existing letter of intent may still declare your former spouse as having the primary beneficiary spot.

At the end of the day, the New York State Surrogate’s Court will observe what the legally-binding document states (i.e., the will). But still, this causes unnecessary confusion and disputes amongst the interested parties. The last thing you may want is for your estate to be litigated over something you could have easily cleared up through an updated letter.

There is no need to go through the important process of writing down your estate plans alone. Please seek the support and assistance of a talented estate planning attorney in Putnam County. Contact the Law Office of Andres D. Gil, PLLC, today.