When putting a Will in place, many people focus on who will inherit their assets but overlook the practice and personal guidance they may wish to leave behind. A letter of wishes can be a useful companion document to your Will, allowing you to record your preferences, explain your decisions and provide guidance to your executors or trustees. While it is not legally binding, it can offer valuable insight into your intentions and help ensure your wishes are understood after your death. B P Collins’ private client team was recently interviewed by the Daily Telegraph on how useful they can be and you can read their full advice below.
Why is it worth writing a letter of wishes?
If you have certain valuable or sentimental personal items, for example, jewellery, art or furniture, that you wish to leave to certain people, then it is sensible to set out your requests in a separate letter of wishes. The main advantages of writing a letter of wishes are that it is a private document which only your executors are likely to see after your death (except in rare circumstances) and you can change your letter of wishes at any time without needing to update your Will.
You can also write a letter of wishes if you have a discretionary trust Will and want to set out your wishes regarding how the trust should be managed, and how your beneficiaries should benefit from the trust.
What can you include?
You can include wishes regarding personal items that you own – these could be valuable and/or sentimental items that you would like to pass to specific individuals, your funeral preferences or can include an explanation for why you have made the decisions you have in your Will. Remember, your letter of wishes is a private document and, unlike your Will, it does not automatically become a public document after the Grant of Probate has been obtained.
If you have a discretionary trust Will, it is worth setting out your wishes regarding how you would like the trust to be managed, and how the beneficiaries should benefit from the trust. For example, if you have children as beneficiaries of the trust, you might like to include a provision for them to benefit equally from the trust except in exceptional circumstances – for example if one child requires costly, urgent medical treatment. You might also want to include a paragraph stating that if one of your children is going through a divorce, then you would not want them to receive any distributions from the trust during that time in order to protect the assets as much as possible.
What shouldn’t you include?
You should not be too prescriptive and directive – it is very much a letter of wishes so the language should be requesting your executors/trustees to do as you wish rather than an instruction.
There shouldn’t be anything that contradicts your Will or trust deed as these documents are legally binding and will overrule anything in the letter of wishes.
How to write a letter of wishes
You need to ensure that your Will refers to your letter of wishes and vice versa, and that both documents don’t contradict each other, so it is worth getting legal advice to ensure this.
Unlike a Will, your letter of wishes does not need formal witnesses.
Include your name and the date on which it has been written, and that it should accompany the latest iteration of your Will. It should be addressed to your executors.
Using subheadings can make the document easier for your executors to read and navigate. For example, you may wish to organise it into sections such as: personal belongings; funeral preferences; trust and guardian guidance; and other relevant topics.
Write your signature at the bottom which, although the letter isn’t legally binding, helps to confirm that these are your latest intentions. It is helpful to inform your executors that you have written a letter of wishes too which helps to reduce any confusion later.
Where should you keep it?
You should store it with your original, signed Will so that everything is all in one place and it should be reviewed regularly – every 3 to 5 years or when your family and financial circumstances change.
A letter of wishes is a flexible and private way to provide additional guidance that sits alongside your Will. Whether you want to record your wishes for personal belongings, explain decisions you have made, or guide trustees on how a discretionary trust should be administered, a well-prepared letter can be an invaluable document. As circumstances change over time, it is important to review your letter regularly to ensure it continues to reflect your wishes and remains consistent with your Will.
For further information and advice, please contact Sharon Heselton or B P Collins’ wills, trusts and probate team at enquiries@bpcollins.co.uk or call 01753 889995.
