---
title: Legal & Financial Planning — Estate Planning Documents & Letter of Intent
scope: TODO_SCOPE
covers:
- trust
- able
- guardianship
- estate
not_covered: []
sources:
- 20260719_Tyler_Davidson_Financial_Picture
last_updated: '2026-07-19'
token_estimate: 498
parent: https://fwmparents.org/resources/legal-financial-planning/index.md
---

# Legal & Financial Planning — Estate Planning Documents & Letter of Intent

- **Traditional documents everyone needs:** living will (end-of-life wishes), healthcare power of attorney, durable/financial power of attorney (often two different people), and a last will & testament — which directs the probate court but does **NOT** avoid probate — *[Tyler Davidson, Jul 2026](https://fwmparents.org/sessions/20260719_Tyler_Davidson_Financial_Picture/notes.md)*

- Probate is public and typically costs 3–5% of the estate; avoid it for free with POD (payable-on-death) designations on bank accounts, TOD (transfer-on-death) on investment accounts and property, and named beneficiaries on IRAs/401(k)s; a revocable trust adds continuity — *[Tyler Davidson, Jul 2026](https://fwmparents.org/sessions/20260719_Tyler_Davidson_Financial_Picture/notes.md)*

- **Additional documents for special needs families:** representative payee (appointed with Social Security to manage SSI/SSDI payments) and a HIPAA release form for health information — *[Tyler Davidson, Jul 2026](https://fwmparents.org/sessions/20260719_Tyler_Davidson_Financial_Picture/notes.md)*

- **Letter of Intent:** a non-legal but critical guide for future caregivers — daily routines, likes/dislikes, foods, coping mechanisms. Update it annually and keep it digital. Tyler recommends [The Arc's fillable Life Plan Letter of Intent](https://futureplanning.thearc.org/) ([attached PDF](https://fwmparents.org/sessions/20260719_Tyler_Davidson_Financial_Picture/Life Plan Letter of Intent - The Arc.pdf)) — *[Tyler Davidson, Jul 2026](https://fwmparents.org/sessions/20260719_Tyler_Davidson_Financial_Picture/notes.md)*

- Keep key documents (Letter of Intent, trusts, insurance policies) in a shared digital vault a family member can always access — e.g., [eMoney](https://emoneyadvisor.com/) — rather than a filing cabinet of decades-old expired policies — *[Tyler Davidson, Jul 2026](https://fwmparents.org/sessions/20260719_Tyler_Davidson_Financial_Picture/notes.md)*

---

[Resource index](https://fwmparents.org/llms.txt) · [Topic index](https://fwmparents.org/resources/legal-financial-planning/index.md) · [Full resources page](https://fwmparents.org/resources/) · [Comprehensive guide](https://fwmparents.org/comprehensive-guide.md)