Lars won't feel their estate planning is completed until he's updated his supplementary letter to Kyra, discussing a number of things not addressed in the formal documents. This is a notion that came out of a drinks-after-golf conversation he and lawyer friend Duncan had about ten years ago. Lars and Duncan both urge it upon their clients as a useful and partly pleasant exercise. [Editor's note: for a sample of such a letter see the "Dear Barbara" newsletter on the GTH website.]
Lars starts his letter with whom to call if something bad happens to him. It's mainly his CPA partner who is their alternate trustee and executor, and Duncan himself. It would be a little more logical for Lars to lay out their finances first and then say whom to call for guidance, but Lars wonders whether Kyra would feel intimidated by having to digest the complex situation before seeing she had help. This is no knock on Kyra; Lars knows she is smarter than he is, but he is a CPA and the one who has run their finances, and there is interplay with his rich uncle Nils's estate as well.
Next are the standard financial statements: a balance sheet of main assets and liabilities (with values assigned to each), and a list of income sources and amounts. For Kyra the main sources of income, if Lars died, would be withdrawals from his retirement plan, and distributions from trusts that Nils has established. She would be in good shape money-wise, particularly since she lives sensibly and is more interested in people, gardening and books than she is in buying things or taking pricey vacations.
The letter next gives some space to finances of their kids, particularly Nils's provision for them already, and a reminder of how they would inherit later in Lars and Kyra's own estate plan. They have already discussed how they want their kids to find their own careers and affordable lifestyles, but Lars inserts a reminder of this for good measure.