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Letter of Wishes

Gifting a portion of one’s wealth and/or surplus taxable income into an Inheritor Trust from WAY Trustees is a straightforward way of laying down a guide for how and in what circumstances those financial assets can be used for your needs and the benefit of your family members, before and after your demise.

A Letter of Wishes from you, the settlor, sits alongside the trust deed. Unlike the deed itself, the Letter of Wishes is not a legal document but does act as a valuable reference guide for the trustees. It will help your Trustees make pragmatic decisions in the future, including after your death, taking into account your own thoughts and preferences.

Although the Letter is non-binding on the trustees, they are likely to follow your wishes so far as it is appropriate to do so. However, the ultimate decision must always rest with them. Trustees must manage the trust fund in the best interests of the beneficiaries and always act in accordance with the terms of the trust deed and trust law.

While there is no standard format for a Letter of Wishes, we have compiled and produced a compendium for our clients that demonstrate how a letter may be drafted that reflect any circumstance. The use of the Letter of Wishes Compendium is available exclusively to clients of WAY Trustees.

Letter of Wishes

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