New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

ITT Families: Why a Letter of Instruction Can Simplify Estate Planning

Healthcare Provider Update: Healthcare Provider for ITT ITT is associated with multiple healthcare insurance providers, depending on the region and specific employees' enrollment in plans. However, a notable mention is UnitedHealthcare, which provides comprehensive healthcare options to many ITT employees. Potential Healthcare Cost Increases in 2026 As the Affordable Care Act (ACA) marketplace braces for substantial healthcare premium hikes in 2026, ITT employees may find themselves facing increased financial burdens. With insurers predicting average increases of approximately 20%, some states could see hikes exceeding 60%, primarily driven by high medical costs and the potential expiration of enhanced federal subsidies. Analysts estimate that without these subsidies, most enrollees-around 92%-could see their out-of-pocket costs surge by over 75%, emphasizing the critical need for ITT employees to assess their healthcare options and prepare for these impending financial changes., 'sources': [], 'images': [] Click here to learn more

'ITT employees can bring more clarity to their estate plans by using a well-organized letter of instruction, which is a practical way to help families navigate important decisions with greater confidence.' — Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement.

'ITT employees can create a smoother transition for their families by using a clear letter of instruction, which can be an effective way to support loved ones during estate administration.' — Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

Why a letter of instruction can support your estate plan.
What to include in a letter of instruction.
How ITT employees can use a letter of instruction to help streamline estate administration.

Important Lessons

Estate planning documents like a will and a revocable trust are important, but they might not give your family all the information they need to handle your affairs when you pass away, especially for ITT employees with complex benefits.

In addition to an estate plan, a letter of instruction can offer your loved ones more information about your assets and personal preferences.

A letter of instruction can contain additional details, such as burial plans and the placement of essential documents, but it should not conflict with your estate planning documents.

Your loved ones might not know who to call, where to find your assets, or how to recognize reputable creditors if something were to happen to you today. By providing clear, supplemental guidance, a letter of instruction can help reduce the stress and work involved in the estate administration process.

A Letter of Instruction: What Is It?

A letter of instruction is an informal document outlining your assets and last wishes, sent to an executor, personal representative, or family members. It adds helpful information not included in legally binding estate planning documents like a will or revocable trust. For ITT employees managing multiple retirement and savings plans, a letter of instruction can help simplify administration for family members, even though it is not legally required.

Since this letter is informal, it can be updated without consulting an attorney as circumstances change over time. It can contain supplementary information that supports your estate plan, but it should not contradict anything in your legal estate planning documentation.

How to Compose an Instructional Letter

Funeral Plans

You might provide information about your preferred funeral or burial type, funeral home, clergy member, music, speakers, or tribute. You can also include details about pre-paid or pre-arranged funeral or burial plans and where related paperwork is located. Some people also provide biographical details—something ITT retirees can include for clarity.

Crucial Records

You can note the location of your Social Security card, recent bank account statements, deeds, titles, mortgage documents, important records, and estate planning documents. Some individuals also indicate where to find recent tax returns, which may help identify assets or income sources. If these documents are stored in a lockbox or vault, providing access instructions may be helpful.

Contact Details for Financial Representatives

The names and contact information for bankers, tax preparers, lawyers, insurance agents, real estate agents, and financial advisors can be included in the letter. These professionals can assist with background information, asset identification, account transfers, and final tax filings.

Details of the Assets

You can list your assets’ locations, titling, identifying details, and current values. This may include real estate, stock certificates, savings bonds, annuities, time shares, bank accounts, brokerage accounts, retirement accounts, company interests, safe deposit boxes, life insurance, and personal belongings with monetary or sentimental value.

Computer Files and Online Accounts

You may wish to list your digital files and accounts and designate a successor in your estate planning documents to manage them, since state and federal laws may limit access without written approval. For ITT retirees who store retirement and benefits information online, this documentation may help reduce challenges.

Details of Debt

You can include information regarding your debts, such as account numbers, balances, statements, and lender contact details.

Beneficiary Details

The beneficiaries listed in your estate plan, along with their contact details, may be included in the letter. This makes it easier for an executor to locate and communicate with those who will receive assets—an important step for families with ITT retirement accounts.

Pets

You can specify who you want to care for your pets and any specific instructions if your estate documents do not mention them. You may also include your veterinarian’s contact information.

Distribution List for Personal Property

Some states allow individuals to draft a separate document listing specific items of tangible personal property and their intended recipients, as long as the will references the list. Even in states where this is not legally binding, a letter of instruction can still guide your executor and help minimize disagreements.

Private Notes and Clarification of Goals

Some people include private notes or explanations for their decisions regarding inheritance or financial principles. Although not legally binding, these notes can help prevent misunderstandings.

What Does a Letter of Instruction Not Need to Include?

A letter of instruction should not repeat information already found in your estate planning documents. It is intended to provide additional details only.

It also should not be used to make changes to legally enforceable estate documents. Informal updates are not binding and may create conflicts.

Where to Store Your Instruction Letter

You can keep a copy of the letter with your estate planning papers, provide one to your lawyer, or place it somewhere your family is likely to look first. You can also share a copy with your executor and discuss it with them if you feel comfortable. Updating the letter each year is useful as assets and personal information change—particularly for ITT employees with evolving retirement benefits.

Do You Need Guidance?

The Retirement Group can help you prepare for retirement if you are updating or creating your estate plan and want assistance organizing your family’s financial information. Call us at (800) 900-5867 .

Featured Video

Articles you may find interesting:

Sources:

1. Parker, Craig. “How to Write a Letter of Instruction: A Step-by-Step Guide.” Trust & Will, n.d.,
https://trustandwill.com/learn/how-to-write-a-letter-of-instruction . Accessed 1 Dec. 2025.

2. AARP Education & Outreach. “State Your Intentions With a Letter of Instruction.” AARP, 9 Nov. 2022,
https://www.aarp.org/money/retirement/letter-of-instruction/ . Accessed 1 Dec. 2025.

3. Kuffel, Hunter. “Writing a Letter of Instruction for Your Estate Plan.” SmartAsset, 12 Oct. 2025,
https://smartasset.com/estate-planning/letter-of-instruction . Accessed 1 Dec. 2025.

4. McDonald Jacobs. “Letter of Instruction in Estate Planning.” McDonald Jacobs: Portland, Oregon Accountants & Business Consultants, n.d.,
https://www.mcdonaldjacobs.cpa/letter-of-instruction-in-estate-planning/ . Accessed 1 Dec. 2025.

What is the ITT 401(k) Savings Plan?

The ITT 401(k) Savings Plan is a retirement savings plan that allows eligible employees of ITT to save and invest a portion of their paycheck before taxes are withheld.

How can I enroll in the ITT 401(k) Savings Plan?

You can enroll in the ITT 401(k) Savings Plan by accessing the employee benefits portal or contacting the HR department for assistance with the enrollment process.

What are the eligibility requirements for the ITT 401(k) Savings Plan?

To be eligible for the ITT 401(k) Savings Plan, you must be a regular full-time or part-time employee of ITT and meet any additional criteria set by the plan.

Does ITT match contributions to the 401(k) Savings Plan?

Yes, ITT offers a matching contribution to the 401(k) Savings Plan, which helps employees increase their retirement savings.

What is the maximum contribution limit for the ITT 401(k) Savings Plan?

The maximum contribution limit for the ITT 401(k) Savings Plan is determined by the IRS and may change annually. Please refer to the plan documents for the current limit.

Can I change my contribution percentage to the ITT 401(k) Savings Plan?

Yes, you can change your contribution percentage to the ITT 401(k) Savings Plan at any time by submitting a request through the employee benefits portal.

What investment options are available in the ITT 401(k) Savings Plan?

The ITT 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles. You can choose based on your risk tolerance and retirement goals.

When can I access my funds from the ITT 401(k) Savings Plan?

You can access your funds from the ITT 401(k) Savings Plan upon reaching retirement age, or if you experience a qualifying event such as termination of employment or financial hardship.

What happens to my ITT 401(k) Savings Plan if I leave the company?

If you leave ITT, you can choose to roll over your 401(k) balance to another retirement account, cash out your balance (subject to taxes and penalties), or leave it in the ITT plan if allowed.

Are loans available through the ITT 401(k) Savings Plan?

Yes, the ITT 401(k) Savings Plan may allow participants to take loans against their account balance, subject to certain conditions and limits.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Plan Name: ITT Pension Plan Years of Service and Age Qualification: Employees generally need to have a minimum number of years of service and reach a certain age to qualify for the pension plan. Specifics vary, but typically, ITT requires employees to reach age 65 and have at least 5 years of service. Pension Formula: The formula often used by ITT for pension calculations includes factors such as years of service and average salary over a specified period. Plan Name: ITT 401(k) Savings Plan Qualifications: Generally, employees who are at least 21 years old and have completed 1 year of service are eligible to participate in the 401(k) plan. Contributions can be made pre-tax, and ITT may provide matching contributions up to a certain percentage of the employee’s salary.

Restructuring and Layoffs: In 2023, ITT announced a significant restructuring plan aimed at streamlining its operations and improving efficiency. The company revealed that it would be laying off approximately 7% of its global workforce as part of this initiative. This decision is part of a broader strategy to enhance ITT's competitive position in a challenging market. The restructuring is expected to help ITT better align its resources with strategic priorities and reduce operational costs. Importance: Given the current economic and investment climate, ITT's restructuring and layoffs are crucial to monitor. Companies undergoing such changes may face significant shifts in their financial health, which can impact stock performance and investor confidence. Additionally, the broader economic environment and evolving tax policies could influence how these adjustments affect ITT's overall performance and strategic direction.

Stock Options and RSUs Available: Apple Inc. (AAPL) offers stock options and RSUs as part of its employee compensation package. Stock options are granted based on performance and role within the company, while RSUs are typically awarded to key employees and executives as part of long-term incentives. Specifics for 2022, 2023, and 2024: In 2022, Apple Inc. (AAPL) continued to offer stock options with a vesting period of four years and RSUs with a vesting period of three to four years. For 2023, the company maintained similar stock option and RSU structures, with some adjustments for new hires. In 2024, Apple Inc. (AAPL) introduced performance-based RSUs in addition to the standard offerings.

Health Benefits Overview: ITT provides comprehensive health benefits including medical, dental, and vision insurance. Their plans often include preventive care, hospitalization, prescription drug coverage, and wellness programs. Acronyms and Terms: Commonly used terms include PPO (Preferred Provider Organization), HSA (Health Savings Account), and EAP (Employee Assistance Program).