Estate planning extends beyond legal documents—it is also about expressing your personal wishes clearly to loved ones and executors. A letter of intent (LOI) helps ensure that your estate is managed in accordance with your values while reducing misunderstandings during asset distribution.
What Is a Letter of Intent?
A letter of intent is a written document that provides instructions, insights, and personal messages regarding the distribution of your assets. It supplements legal estate planning tools by offering additional details about your preferences, intentions, and special requests.
Key Purposes of a Letter of Intent
- Clarifies Asset Distribution – Helps executors understand the reasoning behind asset transfers.
- Provides Instructions for Guardianship – If you have minor children or dependents, an LOI allows you to outline your expectations for their care.
- Minimizes Family Disputes – Reduces potential conflicts by explaining why certain assets are allocated in specific ways.
- Offers Guidance on Personal Wishes – Specifies funeral arrangements, charitable donations, and sentimental possessions.
- Supports Business or Financial Decisions – If you own a business, your LOI can offer insights into succession planning or financial management.
Why Include a Letter of Intent in Estate Planning?
- Preserves Legacy and Meaning – Ensures that personal values are reflected in asset distribution.
- Provides Emotional Support – Allows you to leave heartfelt messages for beneficiaries.
- Enhances Executor’s Understanding – Helps ensure smooth execution of estate plans.
- Works Alongside Legal Documents – Complements wills and trusts by providing additional clarity.
How to Write a Letter of Intent
- Begin with a clear introduction stating the purpose of the letter.
- List your estate planning intentions regarding assets, guardianship, and specific instructions.
- Include personal notes to loved ones expressing your wishes.
- Specify funeral arrangements and charitable contributions, if applicable.
- Keep the letter updated to reflect changes in assets or family circumstances.
Strengthen Your Estate Plan
While a letter of intent is not legally binding, it serves as an essential guide for executors and beneficiaries. Proper estate planning ensures that your legacy is managed according to your wishes. For expert legal advice, contact The Eastman Law Firm:
Contact Us Today
Name: The Eastman Law Firm
Address: 4901 W. 136th Street, Ste. 240Leawood, Kansas66224
Phone Number: (913) 908-9113
Website: www.theeastmanlawfirm.com
