Along with a will, a trust and beneficiary designation forms, your durable power of attorney and your letter of intent documents can help to ensure that your wishes are followed properly.
A letter of intent helps to clarify things for your beneficiary or your executor, making things easier for them in an otherwise challenging time. Even if you think that your estate plan is relatively straightforward, it doesn’t always mean your heirs or loved ones feel the same way. By planning ahead and including this letter of intent, you can decrease the chances that someone will file a will contest or other claim that slows down the administration of your estate.
The purpose of creating a letter of intent is to define what you want to happen to a certain asset after you become incapacitated or pass away. Letters of intent can also be used to address other important details for an executor or an administrator, such as special requests or funeral details.
Although this document is not viewed as valid under statutes the way that a will is, it can help to inform a judge and your executor about your intentions. In the event that your will is deemed invalid, it might be used as a possible way to evaluate your estate planning intentions.
If your current estate plan fails to incorporate a letter of intent or other specific instructions that your executor or beneficiary might need, you need to use the support of a dedicated Pasadena estate planning lawyer to help you identify gaps in your estate plan and to craft a plan to address them.