Loune-Djenia Askew, Esq.
Oct 25, 2024
While your will is the central document for outlining asset distribution, guardianship of minor children, and designating a personal representative, a Letter of Instruction (LOI) can provide additional guidance for your loved ones and fiduciaries. Here’s what a Letter of Instruction can do and how to find the right lawyer in Florida to help you.
Estate planning involves many tools to ensure your assets are handled according to your wishes. While your will is the central document for outlining asset distribution, guardianship of minor children, and designating a personal representative, a Letter of Instruction (LOI) can provide additional guidance for your loved ones and fiduciaries. Here’s what a Letter of Instruction can do and how to find the right lawyer in Florida to help you.
What is a Letter of Instruction?
A Letter of Instruction (LOI) is a supplemental document in your estate plan that offers personal guidance not typically found in legal estate documents. Although not legally binding, it serves as a roadmap for your heirs and representatives. You can include multiple letters or consolidate all your instructions into one.
How Does a Letter of Instruction Help with Estate Planning?
A Letter of Instruction helps you communicate your wishes in a more personal way. It can clarify your intentions and provide practical instructions for handling specific situations.
Guidance for Trustees: If you’ve set up a trust for minors or other beneficiaries, your LOI can detail how you want the trust managed, including financial guidance or personal values you want passed along.
Healthcare Instructions: You can leave specific wishes regarding your medical care in a LOI for the person you’ve appointed as your healthcare agent. This can ensure they fully understand your preferences if you become incapacitated.
Financial Management: If someone else will manage your finances due to incapacity, a LOI can explain your goals, bills, and accounts, simplifying decision-making during a challenging time.
By including a Letter of Instruction in your estate plan, you can provide clear direction and reduce confusion for your loved ones. And by working with a qualified estate planning attorney in Florida, you can ensure your wishes are respected and legally sound.
For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.
Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.