Roundtable Replay – Guiding from the Grave: Using Letters of Wishes to Communicate Client Intent

 
A Letter of Wishes (LOWs) is a non-binding document that can be incredibly helpful for fiduciaries or others involved in the estate planning process when interpreting and administering trusts and other planning instruments. When used correctly, LOWs can provide an important opportunity to clarify intentions, even from beyond the grave. On the other hand, when administered poorly, this type of document can result in confusion and even litigation.

To help advisors gain insight on how to wisely guide clients in the effective development, communication and use of Letters of Wishes, The UHNW Institute recently hosted an expert-led, virtual roundtable discussion – Guiding from the Grave: Using Letters of Wishes to Communicate Client Intent.

Some of the specific topics explored during this roundtable included:

• An introduction to LOWs, including an overview of what they are and how they can be used.
• How to bring up and discuss the concept of LOWs with clients during the planning process.
• The typical process for getting LOWs prepared and who takes the lead in their creation.
• How to design LOWs to fit a family’s unique situation and needs.
• The appropriate parties to include when sharing LOWs.
• The ways fiduciaries use LOWs to interpret governing instruments and the likelihood of them causing litigation disputes.
• Examples and useful reference materials for those wishing to utilize LOWs with their clients.
  • Highlighted reference materials available to all include:
    • https://www.beneficiarythriving.com/
      • Introduction and background: Statements of Grantor Intent and Wishes for Beneficiaries and Trustees
      • Sample Statement of Grantor Intent and Wishes for Beneficiaries
      • Sample Statement of Grantor Intent and Wishes for Trustees
    • Highlighted reference materials available to members within the Resource Library include:
      • A Letter of Wishes Example
      • A Letter of Wishes Guidebook

The full video replay of this roundtable event is available for UHNW Institute members in the Resource Library here. We invite members to ask questions, discuss this topic further, and interact with panelists here in the Community Forum.

 

Thank you to our speakers:

Moderator –  Wally Head, Founder and Principal, Personal Fiduciary Advisors, LLC; Founding Board Member of The UHNW Institute

Panelist – Kim Kamin, Partner and Chief Wealth Strategist, Gresham Partners LLC; Advisory Board Member and Faculty Domain Chair of the Legal and Estate Planning Domain, The UHNW Institute

Panelist –  Pam Lucina,  Chief Fiduciary Officer and Trust & Advisory Practice Lead, Northern Trust Company; Advisory Board and Faculty Member, The UHNW Institute

Panelist –  Amelia Renkert-Thomas, Founder & President, Renkert Thomas Consulting; Domain Chair for the Leadership & Transition Planning Domain, The UHNW Institute      

 

As always, if you are interested in learning more about joining, please do not hesitate to contact us.