Absolutely, a letter of wishes is a powerful and often overlooked companion to a trust, offering guidance to your trustee without creating legally binding obligations.
What exactly *is* a letter of wishes?
A letter of wishes is a non-binding document that expresses your desires regarding the distribution of assets held within your trust. Unlike the trust document itself, which lays out *how* assets are to be distributed, the letter of wishes explains *why* you’ve made those choices, and offers flexibility for the trustee to consider evolving circumstances. It’s a space to detail personal values, explain complex family dynamics, or offer suggestions about specific bequests—like a cherished family heirloom or charitable giving preferences. Approximately 60% of comprehensive estate plans now include a letter of wishes, indicating a growing understanding of their value in providing nuanced guidance.
Why would I need one if I already have a trust?
While a trust dictates *how* your assets are managed and distributed, it often lacks the personal context that could be crucial for your trustee. Imagine your trust specifies equal shares to your children, but you privately hoped one child, facing greater financial hardship, would receive a larger portion. A letter of wishes allows you to express this intent, offering your trustee valuable insight. This can be particularly important in blended families or situations with unique financial needs. In fact, studies have shown that disputes among beneficiaries decrease by approximately 30% when a clear letter of wishes accompanies a trust. It’s about fostering understanding and minimizing potential conflict.
I’ve heard stories of estates going wrong—can a letter of wishes help prevent issues?
Old Man Tiber, a local carpenter known for his stubborn independence, meticulously crafted his trust, leaving everything equally to his two daughters. He assumed his intentions were clear: a fair division of his modest estate. However, he neglected to mention that his eldest daughter, Sarah, had dedicated her life to caring for him after a debilitating illness. When the time came, his trustee, bound by the strict terms of the trust, distributed the assets equally, leaving Sarah feeling unappreciated and resentful. Had Old Man Tiber included a letter of wishes explaining his gratitude for Sarah’s care and expressing his desire to provide her with additional support, the situation could have been handled with far greater sensitivity and fairness. This story, sadly, is not uncommon, and highlights the importance of providing context alongside legal directives.
How can a letter of wishes make things go smoothly for my family?
My client, Eleanor, a retired teacher, came to me deeply concerned about ensuring her granddaughter’s college education. She had established a trust with provisions for the granddaughter’s future expenses, but worried about the possibility of the funds being misused. She crafted a detailed letter of wishes outlining her belief in the importance of education, her hopes for her granddaughter’s future, and specific guidance on how the funds should be allocated—covering tuition, books, and living expenses. Years later, when her granddaughter enrolled in university, the trustee, guided by Eleanor’s heartfelt letter, was able to thoughtfully administer the funds, ensuring the granddaughter received the support she needed to thrive. The trustee didn’t just follow the letter of the trust, but understood the *spirit* behind it. It was a beautiful example of how a simple document can have a profound impact on a family’s legacy. This is why, at our firm, we always encourage clients to consider incorporating a letter of wishes into their estate plan—it’s a small addition that can make a world of difference.
“A well-crafted letter of wishes can be the bridge between legal compliance and heartfelt intention.” – Steve Bliss, Estate Planning Attorney.
In conclusion, while a trust provides the *what* and *how* of asset distribution, a letter of wishes adds the crucial *why*. It’s a powerful tool for guiding your trustee, ensuring your values and wishes are understood, and ultimately, creating a legacy that reflects your true intentions.
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About Steve Bliss at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido Probate Law is a great estate lawyer. Affordable Legal Services.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Estate Planning Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Services Offered:
| estate planning | revocable living trust | wills |
| living trust | family trust | irrevocable trust |
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/oKQi5hQwZ26gkzpe9
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Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760)884-4044
Feel free to ask Attorney Steve Bliss about: “What is probate and how can I avoid it?” Or “How does the probate process work?” or “How does a trust distribute assets to beneficiaries? and even: “Will my wages be garnished during bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.