DELGALLO.com WEALTH MANAGEMENT ESSENTIALS – Planning General Letter of Instruction
& Checklist
By LEONARD J. DEL GALLO JR., M.S., MPASsm, CFP®
(www.DELGALLO.COM) Del
Gallo Financial Services, LLC
A general
letter of instruction and checklist are not legal documents, but they are a
good place to organize personal wishes and final comments, with an accompanying
file of information, to prepare family members in the event of a death and/or
disability. A letter of instruction for special needs planning may have much
different information and instructions included because it generally serves a
different purpose for life planning for a child with special needs. There
are a number of items that can be included within the general letter of
instruction; first things to do, locate estate documents, attorney information,
financial planner information, cemetery and funeral details, facts for the
funeral director, information for the death certificate, filing information for
benefits, checklist for the executor, expected death benefits, special wishes,
personal effects, personal papers, safety deposit box location, post office
box, income tax returns, loans outstanding, debts owed, social security card,
life insurance, veterans affairs - if applicable, other insurance, investments,
household contents, automobiles, important warranties and receipts, doctors,
checking accounts, credit cards, housing information, asset and liability
ownership designations, obituary, and funeral arrangements. It may
be important to add the person’s signature and date on the letter of
instruction and include a notary stamp, if possible. A checklist in the event
of death should include many items but here are a few to consider; important
telephone numbers, funeral director’s location, copy of death certificate and
pertinent documents, joint assets may be frozen as well as safe-deposit box,
meet with advisors, itemize assets & liabilities, ask tax office for forms
or call accountant, contact benefits departments, notify social security,
contact insurance companies, keep track of money spent, keep spending in
check, and at the appropriate time change ownership registrations. A general
letter of instruction and checklist are recommended documents for families to
consider including in their planning.
Any
questions please contact Del Gallo Financial Services, LLC by visiting our
website at https://delgallo.com/. Del Gallo Financial Services, LLC can arrange an
educational seminar or workshop for your organization’s members and/or
employees. This research commentary is intended to educate families so
they may gain an introduction to a difficult planning topic and is not intended
for any other purpose. Articles created by Len Del Gallo Jr., may not be
copied or used without written permission from Len Del Gallo Jr.. Del
Gallo Financial Services, LLC and its’ representatives do not provide tax or
legal advice. Please consult your tax advisor or attorney for guidance on
such matters and before implementing any strategies and/or updates to your
planning. Del Gallo Financial Services, LLC is a Registered Investment Advisor
and Licensed Insurance Agency.
Works
Cited
College for
Financial Planning®. PFP 650: An Integrated Case Study. College for Financial
Planning®.
“M.S. Personal Financial Planning Major.” 2011: 1-73. Web. 3 Aug. 2012.
College for
Financial Planning®. A Guide to Retirement Planning Managing
Post-Retirement Risks. College
for Financial Planning®. “Actuaries Risk is
Opportunity.”Society of
Actuaries. 2008. n. pag. Web. 25 Aug. 2012.
Leonard J. Del Gallo Jr., Broker Associate in Connecticut & Florida
CT Managing Broker: Berkshire Hathaway HomeServices N.E. Properties
www.bhhsneproperties.com
Office: 172 West Main Street
Avon, Ct. 06001
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