Estate planning is not only about homes, investments, and bank accounts. Personal belongings, such as jewelry, artwork, antiques, and family keepsakes, often carry emotional value that can lead to disagreement after death.
One useful planning tool is a letter of wishes. This is a separate document that accompanies a will and provides guidance to executors and family members about how personal items should be handled.
Although it is not legally binding, a letter of wishes can help explain who should receive certain belongings and why. It also allows people to update their preferences more easily than changing a formal will every time a personal item is acquired or gifted.
Clear instructions can make estate administration easier and reduce tension among beneficiaries. Specific descriptions, photographs, and explanations of sentimental significance can all help avoid confusion and conflict.
To be effective, a letter of wishes should be reviewed regularly, kept with estate documents, and drafted so that it does not conflict with the will itself.
In many estates, disputes arise not over the most valuable assets, but over the items that mean the most emotionally. A carefully prepared letter of wishes can help families navigate those issues with greater clarity and less conflict.
Other names for a letter of intent
Depending on the lawyer, jurisdiction, or context, a “letter of intent” may also be referred to as:
- Memorandum of Wishes
- Letter of Wishes
- Statement of Wishes
- Expression of Wishes
- Side Letter
- Personal Memorandum
- Memorandum Regarding Personal Effects
- Instruction Letter to Executors
- Estate Guidance Letter
- Non-Binding Estate Memorandum
Brian Madigan LL.B., Broker