A letter of instruction to bank, also known as a letter of wishes, is a document that outlines your final wishes regarding the distribution of your assets after your death. It is not a legal document and does not have the same effect as a will. However, it can provide your family and beneficiaries with guidance on how you would like your assets to be distributed.
A letter of instruction to bank can be helpful in a number of situations. For example, if you have complex financial assets or if you want to make specific bequests to individuals or charities, a letter of instruction can help to ensure that your wishes are carried out.
What to Include in a Letter of Instruction to Bank
There is no set format for a letter of instruction to bank, but it should generally include the following information:
- Your name and contact information
- The name and contact information of your executor
- A list of your assets and their approximate values
- Your wishes for the distribution of your assets
- Any other instructions that you want your executor to follow
It is important to be as specific as possible in your letter of instruction. The more detailed you are, the less likely it is that there will be any confusion or disagreement about your wishes after your death.
How to Write a Letter of Instruction to Bank
There is no need to hire an attorney to write a letter of instruction to bank. You can simply write it yourself using a template or a sample letter. Once you have written your letter, you should sign it and date it. You should also keep a copy of the letter in a safe place.
You may want to review your letter of instruction to bank periodically and make changes as needed. For example, if you change your mind about how you want your assets to be distributed, you should update your letter accordingly.
Conclusion
A letter of instruction to bank can be a helpful way to ensure that your final wishes are carried out. By providing your family and beneficiaries with guidance on how you would like your assets to be distributed, you can help to avoid confusion and disagreement after your death.
If you have any complex financial assets or if you want to make specific bequests to individuals or charities, a letter of instruction to bank can be especially helpful. By taking the time to write a letter of instruction, you can help to ensure that your wishes are respected and that your loved ones are taken care of after you are gone.
