There are various tasks that must be completed after you pass away to make your wishes become a reality. Estate administration is something that you should take into consideration when you are planning your estate. With this in mind, we will explain the value of a letter of final instruction in this post.
Necessary Documents
When you create a letter of final instruction, you leave behind information that your representative will need. If you are using a last will, this representative would be the executor or executrix.
After your passing, the executor will need access to important documents. These would include insurance policies, financial statements, pension paperwork, estate planning documents, and any other hard copy documents that would be relevant.
You can let your executor know where these documents can be found in the letter of final instruction,.
Notifications
You may want your executor to notify certain people after you pass away. This can include personal contacts and associates, but there can also be professionals who should be contacted to assist with the administration of the estate.
If you want your executor to work with a particular estate planning attorney, accountant, and/or funeral director, you can communicate this in your letter of final instruction.
Online Accounts
These days, a lot of people conduct most of their business online. If you have financial accounts that you handle on the Internet, you should provide the necessary access information in your letter of final instruction.
In addition to the financial end of things, many people have blogs, websites and social media accounts. If you own any virtual real estate as it were, you should inform your executor about this property, and provide instructions with regard to how you want it handled after you pass away.
Loose Ends
There are also some practical considerations that you should think about when you are creating your letter of final instruction. Make sure that the executor knows were to find keys to vehicles, storage spaces, real property, etc.
Common Sense
We have shared a basic framework, but in general, you simply use common sense when you are creating a letter of final instruction. Ask yourself what the executor will need to know, and act accordingly.
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To get these important of pieces of information taken care of, contact us to set up your free 90-minute consulation. If you would like more information sign up for a FREE estate planning seminar.
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