A letter of wishes can help trustees understand your intent
If you are a settlor or founder of a trust, a letter of wishes is a document that you can use to guide trustees when it comes to exercising the powers that the trust deed gives them. The letter is not legally binding, but merely gives guidance about your intentions. The wording must therefore make it clear that it is not an instruction but an indication of your wishes, by using the following wording: ‘Without wishing to restrain your discretionary powers as trustees, I am writing to ask you to please consider the following…’.
Important details to include in a letter of wishes
A letter of wishes can be a very useful document for the trustees, especially in circumstances where they may not know the family dynamics. Here are some guidelines on what is usually included:
It is wise to update your letter of wishes as circumstances change
You should update a letter of wishes regularly as your circumstances change. If the document is not updated, the following may happen:
We have specialist expertise to help you draft a letter of wishes
The examples above aren’t conclusive and our fiduciary specialists have the expertise to help you draft a clear, unambiguous and concise letter of wishes. Please contact your relationship manager if you wish to discuss anything further, or if you would like to arrange a meeting with a fiduciary specialist.
|Please contact your relationship manager if you would like specialist fiduciary advice about what this update may mean for your wealth.|
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