Key Components of a Letter of Intent
A letter of intent is an informal estate planning document that allows you to make your wishes known to your heirs. Unlike wills and trusts, it is not a formal legal document but a message to your loved ones concerning your estate plan and the decisions you made while creating it. In our last article, we discussed the purpose of a letter of intent. In this article, the Virginia Beach estate planning attorneys at the Law Office of Angela N. Manz will discuss the key components of a letter of intent.
Key components of a letter of intent
Letters of intent are not legal documents so there is no formal format for drafting one. Nonetheless, letters of intent have specific elements that ought to be included. These include:
- Personal messages – share the thoughts, values and lessons you wish to impart upon your loved ones.
- Explain your asset distribution – you can clarify the reasoning behind your decisions to reduce confusion and resentment.
- Funeral and burial instructions – discuss your preferences for burial services or cremation and the expenses associated with those.
- Heirloom discussion – tell stories about sentimental heirlooms and provide instructions for their care and transfer.
- Pet care plans – provide specific instructions on the care of a beloved pet, such as naming the caretaker or setting aside funds for their care.
A letter of intent can also contain practical details like the contact information for your attorney, financial advisor or executor. This ensures that all parties are informed and addressed in your estate plan.
Drafting an effective letter of intent
- Short and sweet – Being clear and concise in your letter of intent is important. While the letter of intent does not follow strict legal formalities, clarity is key. Use simple language to discuss your wishes. Avoid ambiguous terms that may lead to confusion.
- Align with legal documents – letters of intent should complement your will and your trust. Conflicts and contradictions can create confusion among your heirs and your executor.
- Update regularly – You’re going to want to update your letter of intent to reflect your current circumstances. Major life events such as the birth of a child, a marriage, or the acquisition of new valuable property may require updates to your letter of intent. Regularly revisiting the document helps ensure that it remains relevant and reflects your current wishes.
- Securely store it – You’ll want to ensure that your letter of intent is accessible to the executor, trustee, and family members who are going to need it. Store it with your estate plan and inform trusted individuals of its location.
Talk to Virginia Beach Elder Law Attorney Today
The Law Office of Angela N. Manz represent the interests of Virginia Beach residents who are updating or drafting their estate plans. Call our Virginia Beach estate planning lawyers today to schedule an appointment and we can begin discussing your wishes right away.
