Fall has arrived and with it, pumpkin spiced everything and, of course, Halloween.
Halloween’s origins trace back to the Celts and the “Samhain” festival. It was believed on this day the souls of the dead returned to Earth. People dressed up and lit bonfires to keep evil spirits away. So, what does Samhain have to do with estate planning? The creation of an estate plan provides an opportunity to connect with loved ones after our death. It’s a way to continue to provide for and share family information with future generations.
While attempting to “control from the grave” is typically frowned upon in estate planning, when leaving assets in trust for family and friends, a grantor can draft a “Letter of Intentions.” This Letter allows the grantor to share the story behind the wealth created— the struggles faced, and successes celebrated. It highlights the values most important to the grantor and his or her hopes for the family in the future.
James Hughes, author of The Cycle of the Gift, talks about “giving with spirit” so that inheritance can serve as an enhancement in the life of the receiver, who is often inspired to give well in turn. Giving with spirit requires deep self-reflection, and the same is true of crafting a well-written letter of intentions. Each letter is uniquely personal and there is no right or wrong way to do it. The letter may include stories or a quote the grantor lived by. It can detail important family traditions and memories. It can share advice and habits which led to the grantor’s success. It provides the trustee with insight as to how to stay true to the grantor’s intent in the creation of the trust as the world changes.
A letter of intentions is a complement to estate documents, but is not legally binding. The letter needs to be consistent with the terms of the accompanying trust. Given these considerations, you should have your legal counsel review your letter once completed.
While modern Halloween includes children dressing up and trick-or-treating around the neighborhood and less focus on warding off spirits, the desire to connect with familial generations to come remains.
