While not legally binding, the documents provide clients with another way to address family members and explain decisions
To reduce family infighting over inheritances, more clients are writing letters of wishes as part of their estate plans to clarify their intentions. These letters explain how and why the client divided their assets the way they did, which may look inequitable to the heirs.
Like a will, the letters and videos are traditionally read or viewed by heirs after the family member’s death. Unlike a will, which becomes a public document once probated, letters of wishes and videos can be kept private and confidential, which is appealing to some families. Mr. Burnie recalls one client with three adult children who all have different outlooks on life. The client chose to name the eldest child as executor and plans to shoot a video addressing the never-ending disagreements between the three siblings. While the client is a nonagenarian, Mr. Burnie says she is sharp and financially astute.
“As our clients get older, they get quite nostalgic,” Mr. Burnie notes. “Sometimes, they tell me things about their children that they’ve never told them.” Christine Van Cauwenberghe, head of financial planning at IG Wealth Management in Winnipeg, sees letters of wishes as one part of an estate plan.She hasn’t seen many letters of wishes yet, as just persuading clients to draft wills and powers of attorney can be “overwhelming enough.” But Ms. Van Cauwenberghe doesn’t discount the benefit of letters, noting they can be a good forum for clients to address sensitive issues they hope will remain private.
Globe Advisor Appwebview Client Will Letter Video Letters Clients Advisor Child Winnipeg Ottawa David Burnie
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