A Letter of Wishes: Bringing Clarity to Your Legacy

September 2, 2026

A well-crafted trust can help preserve wealth, protect assets, and provide clarity for future generations. Yet even the most comprehensive legal documents cannot capture every value, hope, or intention behind your decisions. 

That’s where a Letter of Wishes can play an important role. 

While it is not a legally binding document, a Letter of Wishes provides context that can help future trustees understand not only what you’ve asked them to do, but why. It serves as a bridge between the legal language of your trust and the personal legacy you hope to leave behind. 

For families with significant wealth, business interests, real estate, or complex family dynamics, that guidance can be invaluable. 

What Is a Letter of Wishes? 

A Letter of Wishes is a written document that accompanies a trust. It allows the person creating the trust to share guidance with future trustees about how they hope the trust will be administered and the principles they would like considered when making discretionary decisions. 

Unlike the trust agreement itself, the Letter of Wishes is generally private and can often be updated without formally amending the trust. This makes it a practical way to provide additional direction as circumstances evolve. 

Because it is not legally binding, trustees are not required to follow every instruction. However, many trustees view it as an important source of insight into the grantor’s intentions when exercising their discretion. 

What Should a Letter of Wishes Include? 

Every family’s priorities are different, but a thoughtful Letter of Wishes often addresses topics such as: 

Your Values and Vision 

Rather than focusing solely on financial assets, consider describing the values you hope future generations will carry forward. 

You might explain: 

• What principles guided your financial decisions 

• The purpose behind creating family wealth 

• The legacy you hope your family continues to build 

• Charitable or community causes that are important to your family 

This context can help trustees make decisions that align with your long-term intentions. 

Guidance for Beneficiaries 

Many trusts give trustees discretion over distributions. A Letter of Wishes can provide perspective on how you would like that discretion exercised. 

Examples may include guidance around: 

• Supporting education or advanced degrees 

• Assisting with purchasing a first home 

• Helping beneficiaries start or acquire a business 

• Providing for healthcare needs 

• Encouraging financial independence 

• Addressing extraordinary life circumstances 

The goal is not necessarily to create rigid rules, but to explain the principles behind your thinking. 

Family Business Considerations 

For business owners, a Letter of Wishes can be especially valuable. 

You may wish to explain: 

• Your long-term vision for the business 

• Whether you hope the company remains family-owned 

• Expectations for family members working in the business 

• Priorities when evaluating a potential sale 

• How the business fits into your family’s broader legacy 

These personal insights often extend beyond what legal documents alone can communicate. 

Family Dynamics 

Every family is unique, and trustees may one day be making decisions long after you’re gone. 

Providing thoughtful context about family relationships, special circumstances, or individual needs can help trustees better understand the intent behind your planning without requiring them to guess. 

Philanthropic Goals 

If charitable giving is an important part of your family’s legacy, consider sharing: 

• Organizations or causes you support 

• Your philosophy around philanthropy 

• Whether you hope future generations remain involved in charitable giving 

• The impact you hope your family’s wealth will have beyond future beneficiaries 

Your Expectations for Trustees 

Serving as a trustee involves significant responsibility, particularly when managing family wealth over multiple generations. 

Your Letter of Wishes can acknowledge that responsibility while sharing expectations such as: 

• Prioritizing fairness among beneficiaries 

• Preserving family harmony whenever possible 

• Balancing current distributions with long-term preservation of assets 

• Encouraging prudent stewardship rather than entitlement 

These insights can provide meaningful guidance when trustees face difficult decisions. 

When Should You Update a Letter of Wishes? 

Because a Letter of Wishes is generally easier to revise than a trust agreement, many families review it whenever significant life events occur, including: 

• Births or marriages 

• Deaths within the family 

• Changes in family relationships 

• Sale or acquisition of a business 

• Significant changes in wealth 

• New philanthropic priorities 

• Changes in trustee appointments 

Reviewing the letter alongside your broader estate plan helps ensure it continues to reflect your intentions. 

A Letter About More Than Assets 

Estate planning is often viewed through a legal or financial lens, but for many families, it is equally about preserving values, relationships, and purpose. 

A Letter of Wishes gives future trustees and beneficiaries something legal documents alone cannot provide: your perspective. 

It explains not only what you hoped would happen, but why those decisions mattered. 

For families with multigenerational wealth, closely held businesses, or complex financial lives, that added context can help future trustees make decisions with greater confidence and help ensure your legacy reflects more than the assets you’ve accumulated. 

Planning Beyond the Documents 

A trust is designed to provide structure. A Letter of Wishes provides understanding. 

Together, they can help preserve not only your wealth, but the values, intentions, and legacy you hope future generations will carry forward. 

As part of a comprehensive estate and trust strategy, working with experienced legal, tax, and fiduciary professionals can help ensure both documents complement one another and support your family’s long-term goals. 

Trust, estate planning, insurance, and investment products are not a deposit, not FDIC insured, not insured by any federal government agency, not guaranteed, subject to investment risks, including possible loss of the principal amount invested and may go down in value. Any information and research contained herein do not represent a recommendation of investment advice to buy or sell stocks or any financial instrument nor is it intended as an endorsement of any security or investment, and it does not constitute an offer or solicitation to buy or sell any securities or investment services. This content is for informational purposes only and does not constitute legal or tax advice. Please consult your legal or tax advisor for specific guidance tailored to your situation. First Western Trust Bank cannot provide tax advice.