Letter of Wishes – Why is this necessary to supplement your Will? Laura Richardson’s latest article describes why a letter of wishes cane be so important to supplement your Will to ensure that your wishes are fulfilled . . .
If your Will involves the setting up of a Trust on behalf of children, it can often be useful to write a “letter of wishes” to accompany your Will in order to provide your Trustees with relevant information which would help them fulfill their duties as Trustee. Similarly, you could also write a “letter of wishes” to the person or persons named in your Will as Guardian to any children under the age of 18. When it comes to writing your letter of wishes, it is important to note that these wishes are not legally binding. However, they can be an extremely useful source of information or guidance for your Trustees/Guardians. Your letter of wishes could consist of a series of letters addressed to different people, should you feel that it is more appropriate and you can include a confidentiality clause within the letter which would suggest that it is your desire that the letter should only be read by the intended recipient.
In terms of the contents of your letter of wishes for your Trustees, it is common for those who have set up a discretionary trust within their Will to use the letter of wishes to specify examples of expenses that you would consider appropriate for the Trustee to allow. Common examples include payments for education, ongoing classes such as music lessons, sports club memberships, or similar. You could also specify that the Trust could fund holidays, or other larger expenses such as money towards a first car, or deposit for a home. Bearing in mind the nature of the Trust and the fact that the needs of your beneficiaries may change over time, it is a good idea to review your letter of wishes periodically to ensure that it accurately reflects your latest wishes based on the current needs of those who would benefit from the Trust.
When considering what to include in your letter of wishes to your appointed Guardian for your children, it is useful to consider including information regarding the children’s current routines and any medical or other needs that they may have that their Guardian should be aware of. If you have strong beliefs about the way in which your children should be raised in terms of religious beliefs, schooling, or even dietary preferences such as vegetarianism, these can all be detailed within the letter, and often it is beneficial to include some reasons behind your beliefs in order to best help your chosen Guardian to fulfill your requirements to the best of their abilities. It is also important to regularly review this type of “letter of wishes” in order to ensure that the information contained within the letter is still relevant.
If you would like any further information regarding your “letter of wishes” to accompany your Will, contact Andrew Douglas Wills and Legal Services today to arrange your free initial consultation to see how our services may be beneficial to you, whether in Bocking, or across Essex.
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