Financial Planning: How to Supplement a Will

Jun 4 • Estate Planning, Financial Planning • 1428 Views • No Comments on Financial Planning: How to Supplement a Will

By Matt Starkey

Do you want to provide guidance above and beyond the terms of your will? You can use “letters of instructions” to fill the gaps. Although such documents aren’t legally binding, they still can be helpful. Here is how you can use these letters:

•A letter could detail an inventory of your assets, including checking and savings accounts; safe deposit boxes; retirement plans; Social Security and VA benefits; stocks, bonds, and other investments; real estate holdings; and life insurance and other insurance policies.

•It also could specify where important papers are located—perhaps disclosing where your income tax returns and credit card information may be found. This can ease matters for your executor.

•The letter might address other personal matters, including funeral, burial, or cremation wishes; addresses and telephone numbers of people and organizations to be notified when you pass away

•Finally, you could use a letter of instruction to indicate personal preferences, such as your wishes regarding a child’s education. You also might explain the bequest each heir will receive and the reason for the choice.

For help starting a plan, schedule a meeting by clicking below, contact Matt Starkey mstarkey@makinglifecount.com, or call (913) 345-1881.

Please note, we are not legal professionals and we suggest consulting with your attorney prior to affecting any of the above suggestions.

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