In an era of increasingly complex wills, the letter of wishes has become a common tool to guide executors. While not legally binding, these letters provide crucial context on a testator's intentions. As assets and family situations become harder to predict at the time of drafting, discretionary will trusts offer flexibility.
However, this places significant power in the hands of executors, making a letter of wishes essential for providing guidance on asset distribution, family business succession, and the hierarchy between surviving spouses and children. Lawyers warn against imprecise language, such as vague requests to maintain a "current standard of living," which can create substantial burdens for executors. Ultimately, these documents reflect the testator's personality and principles, helping to ensure their legacy is managed according to their values.
Source: Financial Times Companies · Summarized by HeadlinesBriefing