Many people ask me what are Letters of Wishes? In short they are letters held with Wills which are used to explain or expand on what has been said in a Will.
Letters of Wishes can be used to give additional directions to your Executors, for example funeral wishes and details about your funeral service.
When a trust has been set up in a Will, additional instructions and guidance can be given to your Trustees. The family often find it invaluable to have a Letter of Wishes, when dealing with Property and Discretionary Trusts.
Appointing Guardians for minor children is one of the most difficult decisions. A Letter of Wishes can explain to the family the reasons behind the decision as to why the Guardians were appointed. The Letter can also give added direction to the Guardians themselves.
One of the issues that most concerns my clients is what to do with personal possessions. So as to not cause confusion by specifying the items in the Will itself, I recommend that there is reference in the Will to the Letter of Wishes. This means that the “letter” can be updated, so clients can change their mind or feel free to give away possessions during their lifetime.
Updating your Will, and putting in place a Letter of Wishes at the same time can ensure that your family know your true feelings and wishes upon your death.