Letter of Wishes / Legacy Letter
What is a “letter of wishes” / Legacy Letter
A letter of wishes / Legacy Letter is a non-binding document written by the creator of a discretionary trust to share personal thoughts and perspectives with those who will be serving over the years as trustees. It is a way to share your values, blessings, life’s lessons, hopes and dreams for the future, love, and forgiveness with your family, friends, and community.
It is not a legal document, and does not distribute your material wealth. It is a heartfelt expression of what truly matters most in your life.
A Letter of Wishes / Legacy Letter reflects the “voice of the heart.” Think of it as a love letter to your family. A Letter of Wishes / Legacy Letter is as unique as the person writing it.
Here is a partial list of common themes seen in more modern A Letter of Wishes / Legacy Letter:
- Important personal values and beliefs
- Important spiritual values
- Hopes and blessings for future generations
- Life’s lessons
- Love
- Forgiving others and asking for forgiveness
An ethical will may be one of the most cherished and meaningful gifts you can leave to your family and community
Why write a Letter of Wishes
Legacy Letter?
Commonly the trust description of discretionary authority as to when and for what purpose your wealth is to be distributed to your heirs is limited to broad and flexible ‘ascertainable standards’ like ‘health, maintenance, welfare and support,’ a Letter of Wishes / Legacy Letter provides trustees a helpful understanding of the person whose intentions he or she is responsible for carrying out.
Other benefits of writing a Letter of Wishes / Legacy Letter
It helps us identify what we value most and what we stand for.
- By articulating what we value now, we can take steps to ensure the continuation of those values for future generations.
- It provides something of meaning that will live on after we are gone.
- It allows us to tell our story.
- Adds a transcendent dimension to our lives by providing a link to future generations.
- We learn a lot about ourselves in the process of writing our Letter of Wishes / Legacy Letter.
- It provides a sense of completion in our lives.
- It allows us to be remembered, to leave something of importance behind
What to Include In Your Letter
What to include in your letter is completely up to you. It can be short or long, whimsical or to the point. Here are some ideas about what you might include:
What to include in your letter is completely up to you. It can be short or long, whimsical or to the point. Here are some ideas about what you might include:
- An introduction. More than just a nicety, it’s a good idea to begin your letter stating that it is simply an expression of sentiment and that you do not intend it to be your will.
- An explanation about why certain gifts were made. You may want to explain why you left a gift to one person, instead of another
- An explanation about disparities in gifts. You may want to explain why you left more to one person than another.
- Suggestions for shared gifts. If you left a gift to a group of people, you may have creative suggestions about how to divide it.
- Positive sentiments. These will likely be the last words by which you will be remembered.
At stewardship Counsel we would be privileged to guide you through the process of writing your own personalized Letter of Wishes / Legacy Letter
Call Us: (719) 749-1343
For additional information, see www.StewardshipCounsel.org (currently finishing construction) or contact Steve Marken (Founding President) at (719) 749-1343 or SteveM@StewardshipCounsel.org.