A Letter of Wishes Can Say What Legal Boilerplate Cannot
The hardest part of losing a family member is the unanswered questions. If the deceased family member is older than you, then you probably spent most of your life expecting him or her to predecease you, and as your family member grew older and sicker, you made peace with how life would be when your family member was no longer around. The things you never got to talk about when your family member was alive continue to bother you. Did your family member know how hard you tried to make him or her proud? Who are the estranged relatives with whom your recently deceased family member cut ties long before you were born? What would your deceased family member think about your spouse, whom you first met shortly after the family member died. Estate planning is not about micromanaging your descendants from beyond the grave; if you try to do that, you will end up making everyone miserable in the short term and the long term. It is helpful, however, to write letters explaining the things you did not say in your estate planning documents, because you cannot be sure if you will have a chance to talk about them in detail while you are alive. For help drafting estate planning documents and deciding what to say in letters of wishes to your heirs and the people you designate to be in charge of your property after you are gone, contact a Bronx probate attorney.
How a Letter of Wishes Can Give You and Your Heirs Peace of Mind
A letter of wishes is not a legally binding document. It is simply a letter that you write to a beneficiary of your will or of a non-probate asset such as a trust, explaining why you left the inheritance to him or her and explaining your wishes for what the beneficiary will do with it. Of course, it is not possible to enforce a letter of wishes, but at least the beneficiary will understand why you left him or her so much or so little money.
You can also address a letter of wishes to the beneficiary of your trust. The letter gives you more room to explain the instructions in the trust instrument, and to do so in less formal language. If the trustee and the beneficiary disagree about a provision of the trust, the letter of wishes can cast the deciding vote. You can even use it as evidence in court if the dispute between the trustee and the beneficiary escalates that far. For example, if the trust instrument says that the trust money is to be used for education, does that include establishing a medical office after graduating from medical school? Does it include private school tuition for the beneficiary’s children? Does it include music lessons or culinary school?
Schedule a Confidential Consultation With a Bronx Estate Planning Attorney
A probate lawyer can help you explain your estate planning decisions through a letter of wishes. Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.
Source:
kiplinger.com/retirement/letter-of-wishes-no-legal-power-but-still-powerful