What do you do there is information you can't include in your last will and testament, but you wish to pass it to your loved ones? A perfect alternative is to write an explanatory letter to accompany your will. Here are some of the things you may include in this letter:
Why You Are Making Certain Gifts
A beneficiary may be perplexed when he or she doesn't receive a certain gift. This usually happens with very close family members such as children. For example, if one of your children is using one of your classic cars, then he or she might expect to inherit it upon your demise. To avoid confusion, explain to the other beneficiaries why you are leaving this car to its intended beneficiary.
Why the Inheritances Are Disproportionate
You may love your loved ones equally, but this doesn't mean that they are entitled to equal parts of your estate. Since they may not be of the same idea, it's good to explain while one person is receiving your portfolio of stocks and bonds while another is only getting your personal effects. If might be, for example, that the first beneficiary has been struggling for years with his or her finances, and you wish to change the situation via your investment portfolio.
Suggestions for Shared Gifts
It's possible to bequeath one property to multiple people, especially if the property cannot be divided. For example, if you have a vacation rental property, then you may leave it to all your children. If the children cannot use the property all at the same time, then you can suggest (in your explanatory letter) how they can use it at different times.
Any Last Words
It's likely that you will have lots of non-legal things to say to your loved ones once you are gone. The will is not the right document for these things, but the explanatory letter makes a perfect platform. For example, you can use it to leave words of appreciation for those who have taken care of you, reaffirm your love for your family and friends or even suggest how your pet should be treated.
The explanatory letter may not be an official or legal document, but it shouldn't contradict your will too much. If it does, then it may create grounds for confusion and possible contests. An example is an explanation of how two beneficiaries are to share a gift while, in your will, the gift is meant to a single person. This is clearly contradictory and will bring problems for your beneficiaries. For more information, contact a professional like Cadwallader Law Offices.
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