Estate Planning
You probably have a will. Maybe you have a power of attorney. But there is one document that most people never think to create, and it could be the most important thing you leave behind for your family: a letter of instruction.
What a Letter of Instruction Actually Is
While your will handles the legal transfer of assets, a letter of instruction handles everything else. It is the document your family can actually read and understand without a lawyer.
Where to find everything. The location of your will, trust documents, insurance policies, bank account information, investment accounts, safe deposit box, and any other important documents. Include account numbers, login information (stored securely), and contact information for your financial advisor, attorney, and accountant.
Digital accounts and assets. Your email, social media accounts, subscription services, and any digital assets like cryptocurrency or online businesses. Include instructions for what you want done with each one.
Ongoing obligations. Any recurring bills, subscriptions, or financial commitments your family should be aware of, including mortgage payments, insurance premiums, and any debts.
When someone passes away, their family is often left scrambling to piece together the financial picture. Which accounts exist? Where are the passwords? What did they want for their funeral? Who is the attorney?
How to Get Started
Start with a simple list: your accounts, your documents, your wishes. Then expand from there. Keep it somewhere your family can find it, and let at least one trusted person know it exists.