There is one gift you can easily assemble in less than 10 minutes, at no cost, that will someday be greatly appreciated by your loved ones. A letter of instruction can provide great comfort and relief to your family when you are not available to provide guidance in person.
A letter of instruction is just that, an informal note to your family with guidance and information. This is not a formal legal document; it is not a will. The letter of instruction could include such things as:
– The location of your will;
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– The location of your birth certificate and marriage license;
– Online digital account information, logins;
– Insurance information and contacts;
– Financial advisor contacts;
– Location of tax information;
– Safe deposit box;
– Combinations;
– Key locations;
– Firearm information such as gun case key, permit locations;
– Location of any cash or stock certificates.
The letter could include any information that is important to you and to your family. Some people include information on wishes for obituaries and funeral directions, as well as identifying household or personal items to be given to someone specific. Again, keep in mind this is not a binding document.
If you have some time for reflection, consider taking some time to write out some important information for your family, and let someone know where you will keep this letter.
Mary Anne Cody is a partner at Mackenzie Hughes LLP in Syracuse. This Viewpoint article is drawn from the law firm’s Plain Talk Blog. Cody concentrates her law practice on financial-planning issues for businesses and individuals. Her areas of emphasis include estate planning, fiduciary compliance, and business tax and succession planning.