A Letter of Wishes is an essential document that can accompany a Will. Whilst not legally binding, it provides important guidance for Executors, Trustees, and family members, offering insight into the deceased's preferences for the administration and distribution of their estate. The Letter of Wishes can cover a broad range of topics, from the division of personal possessions to managing trusts established under a Will. Emma Needham, Partner in our Wills and Estate Planning team, explains in detail the many benefits of having a Letter of Wishes.
Why is the Letter of Wishes Important, and How Can it Help Executors?
Clarify Testator's Intentions
A Letter of Wishes can:
- Provide guidance on difficult or sensitive matters that require discretion.
- Request Executors or Trustees to exercise their powers in a certain way.
- Prevent disputes among beneficiaries by clearly explaining the reasoning behind gifts in the Will.
- Offer a detailed breakdown for the distribution of personal possessions.
- Guide Trustees on administering a Trust Fund.
- Suggest ways to achieve potential tax planning, if appropriate.
- Provide instructions to guardians appointed to care for minor children.
Flexibility
Unlike a Will, a Letter of Wishes does not become a public document once the Probate Registry issues a Grant of Representation. It remains confidential and can be easily updated to reflect any changes in circumstances.
Moral Obligation
Although not legally enforceable, a Letter of Wishes creates a strong moral obligation for Executors and Trustees to follow the deceased's wishes as closely as possible.
Include Personal Sentiments
A Letter of Wishes can include sentiments and personal messages that the testator might not want to include in a formal Will.
A Letter of Wishes does not need to be signed and witnessed like a Will, making it less formal and easier to understand for those who will read it. It is important that the Letter of Wishes complements the Will and does not conflict with it in any way. Regularly reviewing and updating the Letter of Wishes ensures it reflects any changes in circumstances or relationships.
How We Can Help
There are many reasons why creating a Letter of Wishes might be beneficial. If you want to discuss this with us, please contact Emma Needham at 01258459361 or emma.needham@blanchardsbailey.co.uk You can also visit our Wills, Probate, and Estate Planning webpage.
So, how can we help?
Whatever your requirements, our team is standing by.
Call us today on
01258 459361