The purpose of a LoW is to support the will. Therefore, it is important the LoW does not conflict with instructions in the will and it is often a good idea to write the LoW at the same time whilst you are focusing on relevant issues.
While the will can – and should – be succinct, the LoW offers scope to set out in more detail exactly what the settlor’s wishes are. This gives them confidence about the way their wishes have been expressed - the benefits of clarity cannot be overstated.
It is particularly useful to prepare a LoW where the executors and/or trustees have discretion to make decisions over the estate. In this instance the LoW acts as a reference point to guide the executors/trustees when exercising their powers. For example, if there are minor beneficiaries of a trust, the settlor may only want them to receive financial distributions when they reach a certain age.
When the settlor dies, a LoW does not need to enter a formal process to be acted upon, unlike a will which becomes absolute and needs to go through the legal probate process. Once probate is obtained a will also becomes publicly available, whereas a LoW remains confidential.
Owing to changing personal and family circumstances it makes sense to review a will and LoW regularly to ensure it fully reflects the settlor’s wishes.