Your Will could be one of the most important documents you ever sign.
It will outline not only the distribution of your money and assets, but it might include who will look after your children or pets. It is the legal document that explains to your friends and family how you want your estate distributed, who you want to have care for your children and what trusts you might have put in place to manage inheritance and potential tax liabilities.
In addition to a Will, you are likely to need to create a Letter of Wishes.
A Letter of Wishes is a non-legal document that accompanies your Will. It proves further instructions around your wishes for your estate and loved ones after your passing. It can be as specific as you like and include as much or as little as you want. Let’s take a look at some of the more common elements that make up a Letter of Wishes.
Chattels
Chattels is a term used to describe tangible items of property that fall under a certain financial value. When a person passes away, they will often have specific items they would like to go to certain people. Items that do not have a high value and might be considered a ‘keepsake’ are not usually included in a Will. This can be family heirlooms, costume jewellery, inexpensive artwork, knick knacks, furniture, etc. Due to their financial value being low they do not need to sit within the estate for tax purposes and are not considered during the probate process. Your Letter of Wishes serves as the place to note who gets what items.
Wishes for Your Children
If you have minor children or children with additional needs, you will have included a Guardianship Clause in your Will. This clause outlines who will care for your children should the worst happen, and your Letter of Wishes will contain anything you would like for that guardian to do or know about your child.
It could be clubs or classes they enjoy and that you want them to continue with, faith/religious preferences, schooling, any care or medical treatments they undergo and should continue with. Perhaps there are extended family members and friends you want them to stay in contact with. Or it could be that there are people you do not want your children to have contact with. This can all go into the Letter of Wishes.
You might even note certain preferences your children have for toys, outings, activities or dietary requirements. The Letter of Wishes is a good place to put these things as it means your guardian has a single document to look to for all the information they might need when raising your child.
Funeral Arrangements
Though you may have had conversations with loved ones about any wishes you have for your funeral or remains, having it written down keep things clear. Perhaps there is a specific funeral home, burial plot or a location you would like your ashes scattered. Perhaps you’d prefer a celebration of life rather than a sombre memorial. You could have specific music you wish to be played, a place you’d like for everyone to gather, a toast to your memory with a specific drink. Whatever it is, it should be in your letter of wishes.
It might be uncomfortable thinking about these things, or you might not be too fussed about them. Yet having put some sort of plan to paper, even if that plan is for your loved ones to do and grieve as they need, takes the stress and guess work out of what you would have wanted.
Details for a Trust
As part of your Will you may have created a trust. Within this trust you will have noted the beneficiary/beneficiaries, the trustees and the term. Any further details should be included in your Letter of Wishes. These details are typically around how you want your trustees to administer the money within the trust. It could be that you wish for the money to be used for a specific purpose like higher education or a house deposit. Your chosen trustee can look to your Letter of Wishes to know what you would have wanted.
Easy to Edit
As a Letter of Wishes is not a legal document, it does not require a witness to your signature and does not need to be filed by a governing body. Though this means it’s not technically legally binding, should push come to shove it would be held up in court.
The benefit of putting as much information in this document vs your Will is that it is easy to update. You might want to change who gets a certain chattel. You might have an additional grandchild who you would like to give a piece of jewellery to. Making a change to your letter of wishes is quicker, easier and more cost effective than needing to amend a Will because you can do it yourself.
Clarity and Compassion
A letter of wishes is a valuable and flexible tool that complements formal legal documents such as a will or trust. It allows individuals to express personal guidance and preferences without the rigidity of legal stipulations, offering a more personalised approach to estate planning. Although it is not legally binding, it can provide significant insight and comfort to loved ones, helping to ensure that your true intentions are honoured. By drafting a clear and thoughtful letter of wishes, you can leave behind more than just assets. You can leave a legacy of care and consideration.
For help with your Letter of Wishes or to have your Will written or reviewed, fill out the form below.
