LETTER OF WISHES

A Letter of Wishes (otherwise known as a ‘Statement’ or ‘Memorandum’ of Wishes) is a guiding document that provides those left behind with a summary of your wishes after your death. It is your opportunity to provide those managing your estate with emotional support and practical guidance. Its purpose is to be a helpful tool for those left behind by expressing your reasons for distributing your estate as you have, and providing your family with important information you wouldn’t include in a Will, but would like to make sure you communicate to your decision-makers. It also provides you with an opportunity to put into words any reflections or words of encouragement to your family that they can treasure.

WHAT IS THE DIFFERENCE BETWEEN A WILL VS LETTER OF WISHES?

Unlike your Will, your Letter of Wishes is not legally binding. Instead, it is intended to be read alongside your Will. Consequently, your executors can choose to ignore your Letter of Wishes; its terms do not have a binding effect on their decision-making. Furthermore, if there is a conflict between your expression of wishes and your Will, your Letter of Wishes will not override your Will, even if it was created later.

WHY SHOULD I MAKE A LETTER OF WISHES IF IT IS NOT LEGALLY BINDING?

Unlike your Will, a Letter of Wishes can be changed at any time without a witness or the involvement of a solicitor. The wording can be more personal and readable than your Will, and can also allow you to gift specific belongings without the legal complications that can arise from including these directions in your Will. Additionally, if your Will incorporates testamentary trusts, your Letter of Wishes is a useful document for communicating why you have gifted via trust, as well as the key features of the trust. 

HOW DO I WRITE A LETTER OF WISHES?

Once we understand your goals and family situation, we will work with you to complete your Letter of Wishes. You may wish to include details such as:

  • Directions to guardians of minor children as to how you would like your children to be raised 

  • Your preferences for organ donation

  • How you would like your digital assets and social media accounts to be managed 

  • How your decision-makers can find the passwords to your online accounts including social media, cloud storage etc. 

  • Instructions regarding the ownership and care of your pet(s)

  • Direction about your funeral arrangements

  • People to notify upon your death

  • Details of your trusted advisors

Including these directions in your Letter of Wishes can clearly communicate your expectations to your decision-makers as well as the guardians of any minor children you may have, who may be financially competent, but less aware of your family culture and day-to-day activities.

We always love working with our clients on their Letter of Wishes, as it captures the personality and values of a Will-maker in a way that legal documents don’t often allow. 

If you do not have a Letter of Wishes, or would like to ask further questions, The Estate Planning Centre welcomes you to book a free initial consultation, or contact us via email (office@theestateplanningcentre.com.au).