Scott Law Firm recommends to its estate-planning
clients that they prepare a "Letter of Last Instructions" in addition to a will
or trust. Such a letter should not only tell survivors where to find the will or trust and
other important papers, but also provide other information that will help survivors handle
the myriad details that arise when a person dies.
We recommend making several copies of the Letter of
Last Instructions after it has been prepared and providing them to expected survivors, and
the estate-planning attorney if desired, in sealed envelopes with instructions to open the
envelopes only upon death.
Following is a checklist of items to consider
mentioning in a Letter of Last Instructions:
 | Tell where copies of your will and/or trust can be found
and where the originals are kept. Also give the names, addresses and telephone numbers of
all personal representatives, executors, trustees, lawyers or guardians involved, and
explain any potentially puzzling provisions that the documents may contain. |
| List essential papers and records and tell where they
can be found. Your marriage certificate is important; so are birth certificates and (if
you have them) citizenship papers, divorce or separation documents, and military service
papers. |
| Tell where your safe deposit box is, what it contains,
who has access to it, and where the keys are. |
| Describe where the family burial plot is and where the
deed is located. You can also outline the sort of funeral you want and any funeral
arrangements you have already made. |
| Provide information about your insurance policies. It is
necessary to do more than simply list life insurance policies. Provide such details as the
location of the policies, premium receipts and dividend statements. Have you borrowed
against any of your policies? If so, which ones, and how much has been repaid? If you have
any annuities, write down where the contracts can be found. Do you own a policy on anyone
else's life? Does anyone own one on yours? Don't forget company group insurance. Who is
your life insurance agent? What should your beneficiary do with the insurance check? You
should also mention any medical or disability insurance that might cover medical bills
charged to the estate. |
| List your bank accounts and describe where checkbooks
and passbooks can be found. In addition, you should mention which accounts are jointly
held and who has the power to sign checks or make withdrawals. Above all, tell your spouse
and executor where they can get quick cash — there will be some immediate expenses
after your death. |
| Give the names and addresses of your employers, both
past and present, and outline the various employee-benefit plans you've belonged to, such
as company group life insurance policies, profit-sharing schemes, retirement funds. Also,
list any fraternal organizations or unions you have belonged to. They may provide death
benefits or burial expenses. In addition, give your Social Security Number. |
| Put down all the relevant details about your house or
other real estate. If you own your home, is the deed in your name or your spouse's, or
both? What bank holds the mortgage? Where is the deed? Where is a copy of the mortgage
papers? Other papers you should locate are the title abstract, the title insurance policy,
homeowners insurance policies, and any surveys of the property that may have been made. If
you own real estate in addition to your house, give the same information about it, along
with the names of your real estate and insurance brokers. |
| List the stocks, bonds, mutual funds and other
investments you own and tell where the certificates and other records are kept. State when
you bought them and how much you paid — this information could have a big effect on
estate taxes. For the same reason, distinguish the investments purchased by you from those
bought by your spouse, or bought for your children and registered in their names. If you
have ever pledged an investment as security for a loan, mention that. List any U.S.
Savings Bonds you hold and name the beneficiaries. Give the names and addresses of your
investment brokers. |
| List all your personal property and how you would like
it distributed if you have not done so in your Will or Separate Written Statement
authorized in your will—but keep in mind that your instructions will not be binding
unless included in the Will or Separate Written Statement. With respect to items such as
your car, tell where the title and registration are, and give instructions about transfer
of ownership if it is not jointly owned. List home furnishings and valuables. Give details
of insurance coverage and the name and address of the insurance agent. If any of the
property is jointly owned, specify. |
| Make a list of the debts you owe and the debts that
other persons owe to you. Tell precisely how you want these matters settled, including
whether you want to forgive any debts owed to you. |
| Tell where to locate copies of your past tax returns,
where current tax information can be found, and generally give a brief account of how you
stand with the Internal Revenue Service and state tax authorities. |
| List any trusts under which you are named as a
beneficiary, or any trusts set up by others under which your heirs are beneficiaries. Give
the names and addresses of all persons involved, including attorneys. |
| List the names, addresses and telephone numbers of your
parents, if living, and of any other relatives or close friends who should be notified of
your death. Also give the names and addresses of your employer and any close associates at
work. |
| Give the names and addresses of any lawyers,
accountants, brokers and the like not already mentioned who might be helpful to your
survivors. |
