Letters of WishesLetters of Wishes
Upon accepting a trust, a trustee may be given a non-binding letter of wishes by the settlor.1 Such statements are designed to offer trustees of discretionary trusts some guidance in the exercise of their discretion. (For a typical letter of wishes, see How a Letter of Wishes Might Read, p. 49). When written by a non-attorney settlor, these letters may contain inconsistencies and raise questions.
Alexander A. Bove, Jr., partner, Bove & Langa, P.C., Boston
Upon accepting a trust, a trustee may be given a non-binding letter of wishes by the settlor.1 Such statements are designed to offer trustees of discretionary trusts some guidance in the exercise of their discretion. (For a typical letter of wishes, see “How a Letter of Wishes Might Read,” p. 49).
When written by a non-attorney settlor, these letters may contain inconsistencies and raise questions. Yet they can be immensely helpful to trustees seeking to ascertain the settlor's state of mind and purposes in establishing the discretionary trust. Unfortunately, letters of wishes are rarely written and most discretionary trusts themselves provide trustees with little guidance. Usuall...
Unlock All Access Premium Subscription
Get Trusts & Estates articles, digital editions, and an optional print subscription. Choose your subscription now and dive into expert insights today!
Already Subscribed?
