Our earlier blog on Wills spoke of the need for getting professional advice and not relying on a DIY Will. There is a document, however, which we would actively encourage you to DIY and that is a Letter of Wishes. A Letter of Wishes is often stored alongside Wills, and can act as a guide to your executors and trustees as to how the instructions in your Will should be implemented.
They are unlikely to include legal jargon, and will convey the feelings of the person writing. It can also assist in managing beneficiaries expectations, and potential prevent future disagreements too.
Letters of Wishes are especially useful if your Will might create a trust with sums being protected for young or vulnerable beneficiaries. The trustees are likely to have a great deal of discretion as to how to manage assets held in a trust, but they will undoubtedly be grateful for some guidance on how to carry out their role to their full potential.
A Letter of Wishes can be detailed, and include such things as whether or not a car should be purchased for a 17th birthday, or what type of holiday can be funded from the trust. It can also be more general in its terms and allow the trustees full discretion.
Letters of Wishes can also be used to explain why a Will was drafted in a particular way. It can explain why a certain charity was favoured, or even explain why a family member was excluded.
One benefit of having such detail in a Letter of Wishes, rather than in the body of a Will is that it can be updated as often as you like without having to involve your solicitor. It also has the benefit of remaining a private document, whereas the Will becomes public when Confirmation is granted.
While Letters of Wishes are never binding, but they can be very helpful for trustees at an often stressful time.
For more information or advice, contact our experienced team.
