Following the post-COVID stimulus hangover in 2022, the bull market has continued to run. One of the key factors was the Federal Reserve’s decision to
Sharing is Caring
Published Date : August 2, 2017
Every family is different. Some are very open, sharing details about nearly everything in a loud boisterous manner; others are more reserved and less comfortable revealing personal information. No matter what your family dynamic, there comes a time when it is important to share some details with your adult children or the family members who will handle your affairs when you are gone. Ideally, this would not only be an in-person conversation, but documented in a written letter of instruction. Some topics that could be covered in the letter include:
- Names and contact information for your estate planning attorney, financial advisor, banker, insurance broker and pension provider
- Location of your safety deposit box
- A balance sheet or listing of current bank and brokerage accounts
- A list of any life insurance policies
- Names and contact information for any friends you’d like to be notified
- Your desire for a funeral or memorial service and any arrangements you may have already made for burial or cremation
- Any highlights from your life that you would like included in your obituary
This letter should not be viewed as a substitute for a will or revocable living trust, but a complementary document that is kept in a safe place. If you decide to keep it in an actual safe, don’t forget to share the combination or location of the key with your loved ones!
If you have a Donor Advised Fund with a significant balance and have already nominated a successor advisor to take over when you are gone, you might think about drafting a letter of instruction intended to help guide in its distribution. The letter could highlight charitable themes or specific organizations that you want to support.
For parents of young children, drafting of a letter of instruction that can be provided to the guardian or trustee of any trusts created for minor children can be extremely helpful. The letter can provide guidance on topics such as:
- Type of primary education you prefer: public, private or parochial
- What level of support should be provided for extracurricular activities such as band and athletics
- How much financial support should be provided for a college education and beyond
- The role of religion in your child’s life
The age(s) of distribution of trust assets may be clearly spelled out in the trust document, whereas your feelings on many other equally important topics are unlikely to be; and as time passes, these letters will need to be revised and rewritten periodically to keep them fresh, relevant, accurate and truly helpful to your heirs and assignees.
No one knows what day on this earth will be their last. For that reason, it is important to draft these letters of instruction today. It will certainly be appreciated by your loved ones — hopefully far in the future when they’re reading it — to once again have your guidance on some very important matters.
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