What is a Letter of Intent for an Estate Plan?
Estate plans generally include several documents such as a trust, a power of attorney, and a will. While these documents outline your legal and financial directives, they don’t establish why you set up your estate plan. This can be achieved with a letter of intent which offers an opportunity to share additional instructions, outline your values, and discuss preferences that may not fit within the constraints of a formal legal document. While a letter of intent is not legally binding, it can become a valuable part of your estate plan. In this article, the Virginia Beach elder law attorneys at the Law Office of Angela N. Manz will discuss how a letter of intent can ensure that your legacy extends far beyond the distribution of your assets to your heirs and instead reflects your priorities and values.
What is a letter of intent?
A letter of intent is an informal written document that supports your estate plan by providing specific guidance to your family, executors, or trustees. Other estate planning documents, like a will, focus on legal directives. Letters of intent on the other hand offer you the flexibility to communicate personal instructions and wishes.
There are no formal constraints to the content of a letter of intent. However, letters of intent often include:
- explanations for decisions made in the will or the trust
- personalized messages to your loved ones
- preferences for your funeral and burial
- guidance on caring for your pets
- instructions for handling heirlooms and sentimental items
Letters of intent can address these details and reduce confusion among your heirs about what you want to prevent misunderstandings while reassuring your family during a difficult time.
Do letters of intent really matter?
Legal documents like a will or a trust ensure that your assets are distributed according to your wishes. However, they don’t describe your personal values or what matters most to you, and they leave unanswered questions about the reasoning behind your decision-making. An heir can feel hurt if they receive a smaller inheritance than expected. The letter of intent allows you to leave behind your reasoning and reduce the likelihood of disputes.
A letter of intent can establish guidelines for the nonlegal aspects of your estate. A letter of intent can include personal information like your desire to see family traditions remain in place. You can pass down cherished recipes in your letter of intent, directly address your heirs, provide stories behind treasured heirlooms, and specify how items of sentimental value will be distributed.
Talk to a Virginia Beach Estate Planning Attorney Today
The Law Office of Angela N. Manz represent the interests of Virginia Beach residents who have decided to review their estate plans. Call our Virginia Beach estate planning lawyers today to schedule an appointment, and we can begin actualizing your estate plan immediately.
