One element of estate planning that can be very useful is the Letter of Intent. A Letter of Intent contains instructions for those who will care for your child, particularly a child with special needs.
It is only through documents that you and your wishes truly get a voice. There are the legal documents that speak to the court, but that does not necessarily do all of the speaking you need it to. When you need to leave that much more instruction behind there is an important tool to be found in the Letter of Intent.
Letters of intent in this case are meant to supplement and complement never replace your Special Needs Trust or will. LifeHealthPro offered some important perspective on the Letter of Intent in a recent article with some special attention to planning for special needs children and it is worth your thoughts: “Letter of intent: a useful component of an estate plan.”
The Letter of Intent gives you voice to say myriad things about all manner of topics that will have an sweeping impact everything from healthcare arrangements to quality of life issues of your special needs child; from your hopes and dreams to the more mundane practical instructions that govern their every day living. One very important consideration is that the Letter of Intent is not legally binding; therefore, make sure that whatever can and should be designated in the legal document is documented as well.
For more on Letters of Intent as well as advice on how to use it, particularly with regard to children with special needs, check out the original article or call our office for an appointment. Sometimes this letter can mean all of the difference in the life of your special needs child. It likely will help you and your loved ones being the important task of who, what, when, where, and how will your special needs child be provided for when you are not there to manage these decisions.
You can learn more about this topic as well as other strategies on our website under the tab entitled: special needs planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.
Reference: LifeHealthPro (June 3, 3014) “Letter of intent: a useful component of an estate plan”