I know, I don’t know if “updateable” is a real word either, but you know what I mean.
Your Will is generally legally binding (funeral wishes in your Will are merely wishes, and can be changed without changing your Will, but the rest is legally binding, with language such as “shall” and “I appoint” and so forth, creating clear directions).
Letters of Wishes are not generally referred to in your Will, but they are kept physically with your Will, ensuring that they’re not missed.
Letters of Wishes can cover anything you want. The prompt for your lawyer to suggest one, would be to explain if you’re doing something unexpected, which you anticipate may be challenged in Court or simply dealing with things that require that extra bit of explanation.
Letters of Wishes about your ex
The idea of not providing for your former spouse, who might consider themselves financially dependant on you, is a classic reason to prepare a Letter of Wishes. You don’t want anyone suggesting that you forgot (yes, forgot) to provide for them, particularly if the divorce is not yet absolutely finalised, and they may technically still fall into the category of persons who can make a legitimate claim against your estate.
Letter of Wishes to the guardians
Another reason to prepare a Letter of Wishes is that you have specific things you definitely want your children to be involved in, which may not yet be apparent to the guardians you’re including in your Will.
For example, your little ones may be too young for anyone to know this yet, but you may be determined that each child will play a musical instrument, or ride horses once a month, or be encouraged to write poetry. If it’s important to you, and it would not be obvious if you’re not here to explain, then your Letter of Wishes is a great place to articulate your thoughts.
Many people only get round to dealing with their Wills when their children’s habits and preferences are already clear, so the selection of guardians, reflects an understanding that those adults would already know what your parenting style is, and all that guidance is not necessary in a letter. But if you feel guidance is important, then a Letter of Wishes is important.
When people are appointing two sets of guardians together, and one set live overseas, it can be very helpful to have a Letter of Wishes set out under what circumstances the parents would consider a move to Australia of benefit to the children.
Letter of Wishes about personal items such as jewellery
Your Letter of Wishes may cover various personal items such as jewellery. This is particularly helpful if your pieces vary over the years. Let’s be clear. If you want your gift to be legally binding, then it must go in your Will. However, if you’re happy that your executors will follow your wishes as identified from a Letter of Wishes, then this can be a great way to keep things under review every few years.
Letter of Wishes about anything else that would be helpful
A client of mine recently prepared a Letter of Wishes dealing with the sale of some very specific equipment, which he would want a friend with similar specialist expertise, to be involved in selling, to ensure a fair price is achieved. Great idea, and something that he can review over the next few decades, without paying to have his Will amended.
If you’ve got any questions you want to ask as a result of this post, please give Jane a call on 01727 840 240.