Lindell G. Douglas, CFP®
Managing Partner

(954) 306-8668

Estate Read Time: 3 min

Put It in a Letter

American actor Lee Marvin once said, “As soon as people see my face on a movie screen, they knew two things: first, I'm not going to get the girl, and second, I'll get a cheap funeral before the picture is over.”

Most people don’t spend too much time thinking about their own funeral, and yet many of us have a vision about our memorial service or the handling of our remains. A letter of instruction can help you accomplish that goal.

A letter of instruction is not a legal document; it’s a letter written by you that provides additional and more personal information regarding your estate. It can be addressed to whomever you choose, but typically, a letter of instruction is directed to the executor, family members, or beneficiaries.1

Make a Cheat Sheet

Think of a letter of instruction as a “cheat sheet” to your estate. Here are a few ideas and concepts that may be included:

  1. The location of important legal documents, such as your will, insurance policies, titles to automobiles, deeds to property, etc.
  2. A list of financial assets, including savings and checking accounts, stocks, bonds, and retirement accounts. Be sure to include account numbers, PINs, and passwords where applicable.
  3. A list of pensions or profit-sharing plans, including the location of their explanatory booklets.
  4. The location of your latest tax return and Social Security statements.
  5. The location of any safe deposit boxes and their keys.

Identify Funeral Wishes

A letter of instruction is also a good place to leave burial or cremation wishes. You should consider giving the location of your cemetery plot deed, if you have one. You may even wish to specify which hymns or speakers you would like included in your memorial service. Although a letter of instruction is not legally binding, your heirs will probably be glad to know how you would like to be remembered. It also may be helpful to leave a list of contact information for people who should be notified in the event of your death.

There is no “best way” to write a letter of instruction. It can be written in your style and reflect your personality, or it can be written to simply convey information. You should decide what type of letter best fits your estate strategy.

1. Investopedia.com, 2021

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Safeguard Your Digital Estate

Safeguard Your Digital Estate

If you died, what would happen to your email archives, social profiles and online accounts?

Dog Bites and Homeowners Insurance

Dog Bites and Homeowners Insurance

Reviewing coverage options is just one thing responsible pet parents can do to help look out for their dogs.

Bank on Your Good Health

Bank on Your Good Health

How to lower your risk of chronic illness

 

Have A Question About This Topic?







Thank you! Oops!

Creating your stream of guaranteed retirement income

Your life doesn't stop when your career does. The one thing you don't want to stop, is your paycheck.

Financial Hacks for Millennials: Values-Based Investing

Millennials can opt to follow a values-based investing strategy to invest their money in conscientious ways.

TIPS for Inflation

If you are concerned about inflation and expect short-term interest rates may increase, TIPS could be worth considering.

View all articles

How Much Home Can I Afford?

With a few simple inputs you can estimate how much of a mortgage you may be able to obtain.

Annuity Comparison

This calculator compares a hypothetical fixed annuity with an account where the interest is taxed each year.

Self-Employed Retirement Plans

Estimate the maximum contribution amount for a Self-Employed 401(k), SIMPLE IRA, or SEP.

View all calculators

Principles of Preserving Wealth

How federal estate taxes work, plus estate management documents and tactics.

5 Smart Investing Strategies

There are some smart strategies that may help you pursue your investment objectives

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

View all presentations

Safeguard Your Digital Estate

If you died, what would happen to your email archives, social profiles and online accounts?

What You Need to Know About Social Security

Every so often, you’ll hear about Social Security benefits running out. But is there truth to the fears, or is it all hype?

It May Be Time for a Financial Checkup

It’s never a bad time to speak with your financial professional about changes in your situation.

View all videos