Essential non-legal Legacy planning documents
The legal documents that are part of legacy planning often get all of the attention. That’s understandable - wills, trusts, medical powers of attorney, financial powers of attorney, beneficiary designations - they are all play a vitally important role in making sure your wishes are described with precision, understood by your loved ones, and honored by courts and financial institutions.
However, clients often underestimate the power of non-legal documents that are companions to your legal documents. When I work with clients who have existing estate plans, I often note that they weren’t provided with an easy reference system to ensure they can quickly recall the details of their plans in plain english. And many people overlook the value in providing summaries of the scope of different roles for their loved ones in the event they need to serve in such a capacity. I am continuing to add to my library of memos that clients can opt to include in their estate planning binders to provide further instruction and peace of mind to loved ones.
These memos/letters can be about anything, but these are the most common ones I use in my practice:
Plain English summary of your will or trust
One-pager with a list of the people you nominated for specific roles
Explaining why you chose someone for a specific role
Providing initial instructions for a family member serving as a trustee
Instructing guardians for minor children re: how you envision them working together in the event of your passing
Discussing ongoing management of the “Family cabin”
Providing additional instructions and reassurance should you be incapacitated
Funeral/Memorial Planning
Requesting (not requiring) that loved ones make gifts in their honor to a list of charities following a probate or trust administration
Client education about their documents is deeply important to successful estate planning. These “extras” go a long way in supporting you and your loved ones in understanding your wishes and goals at different phases of the process. Whether you’re setting out to do your planning for the first time or updating an older plan, be sure to talk with your attorney about how non-legal documents can help make parts of this process easier for your loved ones in the future.
