When we die, we want to ensure our belongings are distributed according to our wishes. While leaving a will is obviously a good way to achieve this, if you want to leave instructions on exactly how you want your estate to be dealt with, a letter of wishes is worth considering.
Dee Benians, a private client lawyer at Hughes Solicitors in Heathfield, explains what a letter of wishes is and how it can help provide clarity and peace of mind for you, your loved ones and those you have chosen to manage your estate when you pass away.
What is a letter of wishes?
A letter of wishes is a document that you can draw up to accompany your will in which you can leave explicit instructions and guidance on how you would like matters to be dealt with by your executors, trustees, and your family when you die.
Unlike a will it is not legally binding, but crucially it can remain confidential with only those dealing with the estate having access to it; this is in contrast to a will which becomes a matter of public record when a grant of representation is acquired.
Consequently, the letter of wishes can be used to guide your executors and loved ones on more personal or sensitive matters which you would prefer to keep private from the wider world, while also outlining how you would like your executors and trustees to exercise their discretionary powers.
A letter of wishes is designed to support your will, so cannot contradict anything written in your will; it is also important to remember that since it is not legally binding, you should choose executors who you can trust to carry out your wishes.
A key benefit of a letter of wishes is that it does not have to be witnessed like a will does, and you can review and change it at any time before your death without having to amend your will. It is important that your most recent letter of wishes is placed with your will and does not become separated from it so that your executors are aware of your most recent wishes.
Issues that are frequently dealt with in a letter of wishes include directions on:
- who should be notified of your death;
- how you would like your funeral service to be conducted;
- when and how you would like trust beneficiaries to receive payments;
- how you would like your personal assets to be allocated;
- why your will is structured in the way that it is;
- how you would like your children to be raised and when they should receive their inheritance; and
- inheritance tax planning.
A letter of wishes is also a good way of clarifying why you may have have left someone out of the will who might have expected to inherit: this may help ward off any potential challenges to the will later on.
How we can help
Although it is not a strict requirement for you to use a lawyer in drafting your letter of wishes, this is an important document and it is wise to seek advice from an experienced wills and trusts lawyer who can help guide you through the process.
It is also a good idea to write your letter of wishes at the same time as your will to ensure there are no conflicts between the two documents. Our team of specialists can ensure that both your will and your letter of wishes are unambiguous and exactly reflect your intentions, thus giving clear guidance to those charged with managing your affairs when you pass away.
For more information, please contact our private client team on 01435 890 101 or email Dee Benians at deebenians@hugheslaw.co.uk.
This article is for general information purposes only and does not constitute legal or professional advice. Please note that the law may have changed since the date this article was published.