What is a letter of intent and how does it work?

A letter of intent (also known as a “declaration of intention”) is a document used in estate planning law to provide information about an individual’s wishes and plans for depriving assets upon death. It is commonly used in Idaho to inform family, friends, or other important parties of what an individual wants to be done with their estate and possessions after their passing. A letter of intent is used to discuss any practical or legal matters that are important to the individual’s estate planning. It usually includes details about how the individual wants to divide their assets, who should manage their affairs after death, and any special instructions for the handling of their estate. It may also include items such as notable family memorabilia, special instructions on how a pet should be taken care of, or arrangements for the transfer of ownership of specific assets. Although a letter of intent is not legally binding in Idaho, courts will often consider it when settling disputes among heirs regarding the interpretation of a will or trust. It can also be used to supplement instructions in a will or trust so that they are more specific and address the individual’s original intent. Ultimately, a letter of intent provides important information for a court or executor and can be used to help give a better understanding of an individual’s wishes for their estate.

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What is a letter of intent and how does it work?

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