A letter of intent, often referred to as a “comfort letter,” is a non-binding document that outlines your wishes regarding the distribution of your assets, specifically those held within a trust, but doesn’t carry the legal weight of the trust document itself. It serves as a guiding message to your trustee, offering clarity beyond the strictly legal language of the trust. While a trust meticulously details *how* assets are to be managed and distributed, the letter of intent explains *why* you’ve made those decisions, providing invaluable context and emotional guidance. Approximately 60% of estate planning attorneys recommend a letter of intent as a supplemental document, particularly for complex family dynamics or unique wishes. It is important to remember it’s not a substitute for a well-drafted trust, but rather a companion to it.
Should I detail specific gifts in my letter of intent?
While your trust legally dictates the distribution of your assets, your letter of intent is where you can express personal wishes regarding specific items. Perhaps a cherished family heirloom should go to a particular grandchild, or you envision a charitable donation being used for a specific program. These nuances, while not legally enforceable, can provide your trustee with important insights into your values and desires. For example, I once worked with a client, Eleanor, who wanted her antique music box to go to her granddaughter, Clara, because Clara shared her love of classical music. The trust simply stated the assets were to be divided equally among the grandchildren, but the letter of intent ensured Clara received a particularly meaningful inheritance. This is where the human element of estate planning truly shines.
What happens if my letter of intent contradicts my trust?
This is a crucial point: the trust always takes precedence. A letter of intent is advisory, not directive. If a conflict arises between the two documents, the terms of the trust will be enforced. This is why it’s essential to work with an experienced estate planning attorney, like Steve Bliss, to ensure that the letter of intent complements, rather than contradicts, the trust. I recall a situation where a client, Mr. Henderson, had a trust that stipulated his business be sold upon his death, but his letter of intent expressed a desire for his son to take over. The trust terms were legally binding, and the business was sold, leading to significant family friction. Had this been discussed upfront with legal counsel, a different approach could have been taken to potentially allow for a family transfer, even with the sale as a safety net.
Can a letter of intent address non-financial wishes?
Absolutely. A letter of intent is a wonderful vehicle for expressing your hopes and dreams for your loved ones beyond just financial matters. You can offer guidance on education, values, or even future life choices. Imagine detailing the importance of family traditions, a passion for a particular cause, or a desire for your grandchildren to pursue certain interests. Consider it a message from the heart, passed on to future generations. One client, Mrs. Davies, used her letter of intent to share her life story and the lessons she’d learned, hoping to inspire her grandchildren to live fulfilling lives. She didn’t want her story to die with her, she wanted to give a piece of herself to them. This personal touch can be incredibly meaningful, strengthening family bonds and providing a lasting legacy.
What if I change my mind about something after writing my letter of intent?
That’s perfectly normal. Life circumstances change, and your wishes may evolve. The letter of intent is not a static document. Simply update it to reflect your current desires. It’s a good practice to review and update both your trust and letter of intent every few years, or whenever a significant life event occurs, such as a marriage, divorce, birth of a grandchild, or a change in financial circumstances. I once worked with a couple, the Millers, who initially planned to divide their estate equally among their two children. However, after their son started a non-profit organization dedicated to environmental conservation, they decided to leave him a larger share to support his mission. Updating their letter of intent ensured their wishes were clearly communicated to their trustee and honored their son’s important work. Proactive planning and regular updates are key to a successful estate plan.
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About Steve Bliss at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido Probate Law is a great estate lawyer. Affordable Legal Services.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Estate Planning Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Services Offered:
| estate planning | revocable living trust | wills |
| living trust | family trust | irrevocable trust |
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/oKQi5hQwZ26gkzpe9
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Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760)884-4044
Feel free to ask Attorney Steve Bliss about: “Should I name more than one executor for my will?” Or “Can I avoid probate altogether?” or “Can a living trust help provide for a loved one with special needs? and even: “How do I rebuild my credit after bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.