Should I prepare a letter of wishes to go with my will?

When we contemplate the distribution of our assets after our passing, the last thing we want is confusion and misunderstanding among our loved ones. While a Will serves as a foundation for the division of your estate, you can add an extra layer of clarity and context for your executor and family. A Letter of Wishes is an invaluable companion to your Will that can illuminate your intentions and reasoning to assist your executor.

Beyond the Will

In addition to your Will, a letter of wishes can provide context and perspective to your will, empowering your chosen executor(s) with a deeper understanding of the rationale behind your decisions.

Unlike the legal framework of a will, a letter of wishes is written in plain English. In essence, this letter is your tool to make your will comprehensible and resonant with your personal narrative.

It should be understood though that anything that goes in the letter of wishes is not legally binding. If you want something to be legally binding it should be in your will.

A Roadmap for Executors: The Why and How

The letter of wishes is a practical tool that can guide your executor in carrying out their responsibilities effectively. The letter of wishes can be as detailed as you like and cover any topic that you like. For instance it could encompass family dynamics, digital assets and access information, and even stipulations regarding organ donation. It can also provide contact details for your trusted advisors and those who should be informed of your passing, as well as those who should not.

The letter of wishes can be used to guide executors in exercising discretion. It can, for instance, be used to explain when a particular trustee should step away from controlling a testamentary trust, or how personal belongings are to be split.

Explaining Distributions and Omissions

If you are excluding beneficiaries from your will, your letter of wishes gives you an opportunity to explain the reasoning around your decision. Articulating the rationale for your choice may assist in avoiding potential disputes that might arise.

Guardianship, Funeral Arrangements, and More

While your will outlines the appointment of a guardians for minor children, your letter of wishes can provide detail around how you would like your children to be raised, for instance in a certain religion or with a certain type of education.

You can also include detail about your funeral preferences and burial wishes.

Ready to make your estate plan more comprehensive and clear? Contact our friendly team today for more information: 9314 7320.