Letter of Wishes

Letter of Wishes

Letter of Wishes

What is a Letter of Wishes?

A letter of wishes (sometimes referred to as a memorandum of wishes) is a document which is prepared in conjunction with your Will. A letter of wishes is commonly used to provide additional information to your executors/guardians which is not contained in your Will. This allows you to draft a Will, with the substantial reasoning behind each gift being explained in the letter of wishes. It is important to note that a letter of wishes is not legally binding on your executors, but instead acts as a guide.

As the letter of wishes is an informal document, you are able to deal with any matters which you choose. However, it is always important to ensure that your wishes does not contradict your Will. If this were to occur in certain circumstances it may result in the letter of wishes being deemed your informal will, resulting in you official Will being found invalid.

What matters should you address in your letter of wishes?

There are a number of matters which you can deal with in your letter of wishes, instead of your Will.  This includes your funeral arrangements and also your wishes in regards to either burial or disposal of ashes. You may also provide contact information for your executors to get in contact with your advisors, including your accountant, solicitor, financial advisor and the like. You may also state how you wish for the beneficiaries to spend any part of their inheritance.  For example, this may include inserting directions that you wish a beneficiary to use the money towards the purchase of their first home.

Finally, you may include instructions for the guardian of your children in regards to the care arrangements for any minor children. A legal guardian is the adult that you designate in your Will to take care for your minor children in the event that both parents pass away prior to the child/ren reaching 18 years of age. Your instructions may include things like where they are to live, how they are to be educated and whether you would like them raised in a particular religion. The letter of wishes is to provide guidance to your guardians as to how you would like them to raise your children in your absence.

Should you have any questions, please do not hesitate to contact Olsen Lawyers here or phone us on (07) 3846 5288 or admin@olsenlawyers.com.au.

Share this post