You’ve probably spent a lot of time creating documents for your estate plan, including a will, trusts and a power of attorney. While these documents are essential for your plan, your family could also use a “road map” to navigate the aftermath.
Typically, the road map will be in the form of a “letter of instructions” or similar missive that isn’t legally binding. But it can still be a valuable source of information in trying times. This is especially true if your family is devastated by a loss due to COVID-19 or some other unexpected calamity. (more…)
Generally, every estate plan requires a will, but this main attraction may be complemented by other documents, like a letter of instructions. The letter, unlike a valid will, isn’t legally binding but can be valuable to surviving family members.
If you haven’t done so already, draft a letter of instructions and, most importantly, make sure that others know where and how to locate it. (more…)
Despite what one might think, estate planning isn’t limited to only the rich and famous. Previously, avoiding or minimizing federal estate tax liability was a primary motivation for creating an estate plan. But with a generous gift and estate tax exemption of $11.18 million for 2018, this is less of a worry for most families. This article details other important benefits of having an estate plan. (more…)
