Creating a Letter of Final Wishes for Your Estate

Your Last Will and Testament is the most important legal document in your estate plan, though it most likely won’t be the only one. Very often in the process of crafting wills, attorneys will prepare other important legal documents to accompany the will, such as a power of attorney, living will, and health care proxy.

There is also another important document that may be included as part of your estate planning, one that you, not your attorney, can actually prepare: a Letter of Final Wishes (LFW). Though your LFW has no legal basis, it’s an important document that allows you to share useful information with your loved ones about issues that fall outside of your will. This could include your wishes for your funeral service and burial arrangements, a list of people to notify of your passing — even a draft of your obituary.

Since it’s your LFW, you can be as specific as you like. In mine, for example, I’ve included a playlist of music for my memorial service (remember, I’ve built my career on planning). Your LFW could also include other details about your life and household information, including passwords and logins for online accounts.

To make it easier to prepare your LFW, I recommend you create a logical structure as follows:

• Final arrangements. Would you like a certain type of memorial service? To be cremated and have your ashes scattered in your favorite place? Start your LFW by outlining your specific wishes for your final arrangements.
• Explanation of will provisions. You also have the opportunity to share your reasoning for some of the arrangements you made in your will. For example, if you left more of your estate to one of your children, you could write, “I am bequeathing 90% of my estate to my son Jim because he is a neurosurgeon and has less earning potential than his brother Billy, an intern in investment banking.”
• Other important non-legal issues. In this section, you could talk about arrangements you’ve made for your pets and include possible suggestions for how you’d like your heirs to spend their inheritance. For example, you may suggest they pool funds and purchase a vacation home. You could also remind them to notify organizations to which you belong and people you know about your passing.
• Important documents. In this section, you could direct your heirs to where they can locate important documents, such as tax returns, household documents and warranties, and pension and investment statements. You should also include a list of your financial contacts, including attorneys, accountants, bankers, and insurance agents.

If you’ve gone through the process of managing the affairs of a deceased friend or relative, you know that details matter. When crafting your letter of final wishes, think about the types of information you would have found helpful and include them. Lastly, when you finish your LFW, be sure your family knows where they can locate it to ensure all the helpful information you prepared is available to them.

Working alongside a financial professional can help you navigate the future and reach your potential. To learn how our Wealth Advisors can help you, please call 1.877.670.5400, or visit us online.