I parted company with my wife back in 2016 but still have a good relationship with both her and my children. However, I feel it can never be the same as when we were all living together.
In my will I have left all my money to my children although I wished to make some changes recently after my wonderful daughter Harriet passed away last year at such a young age with a brain tumour.
This is where a Letter of Wishes is perhaps not familiar to everyone but so often worthwhile putting into place. Imagine where you might wish to make minor changes such as I did recently. My children as executors can ensure that these personal wishes are followed.
I had a situation last year where a very wealthy client had one son I suppose being the rogue son of the family who was gambling heavily and playing poker for his business although not deeply experienced or successful in this area. When I explained to the client that her son may be receiving such a great deal of money on her death she was horrified. We completed a Letter of Wishes there and then simply telling the Executors to provide sufficient funds for the son of this client on death but to protect him from gambling away his assets.
It is essential to work with will writing specialists. We see so many wills that are incorrectly written.
Lastly with the Letter of Wishes you can simply write a new one whenever you wish to make a minor change without having to rewrite your will.
Trevor Downing FPMI FPFS
