A Letter of Wishes is an optional estate planning document containing non-binding wishes for the benefit of your executor and/or trustee.
Whilst it is non-binding, your Letter of Wishes can be a helpful guide for matters such as:
- in relation to a testamentary trust contained in your Will: reasoning why you have made certain directions (for example, children beneficiaries shall have control of a testamentary trust when they reach 25 years of age);
- your “emotional Will”- family recipes, favourite films or books for your loved ones;
- directions to guardians of minor children (for example: schooling preferences, family doctor details, healthcare decisions and preferences);
- details as to a safe deposit box;
- intention of digital assets and accounts (for example in relation to your social media accounts, whether they be closed, memoralised, copied and relocated offline);
- gifts of specific personal belongings;
- details of your advisers (lawyer, accountant, financial adviser etc);
- directions as to funeral arrangements.
Our team at The Small Business Lawyer can assist you with drafting and execution of your Letter of Wishes and other estate planning needs.