First published in Spear's magazine.
We all know the importance of leaving a Will, but often the story doesn’t end there. All too frequently it’s the practical and emotional matters that need addressing to avoid leaving your family at war over your estate.
Andrew R.E.T. Murray, Pitmans Law partner specialising in advising high net worth clients on Wills preparation, spoke to Spear’s Magazine about the all important personal letters that you also need to leave your loved ones.
Most would agree that saying goodbye is, above all, the most important note you want to leave behind. This should be written in closed and sealed letters, read only by the recipients, so there’ll never be the “I wish I had said…”. It’s advised to write these when you are fit and well, in case of accidents or long periods of illness.
The open letters, which are stored with your Will and seen by your executors, are further important documents that can be used to leave instructions for how you want your beneficiaries to spend their money, or for how Guardians should bring up your children, for example.
In his full blog, Andrew discusses a few of the cases he has experienced in his 30 years of advising individuals on their Wills.
Remember: the Wills will cover the money and material, but will that be enough when you’re gone?
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We’re all told to write a will, and the higher the value of our assets the greater the pressures to get one’s estate arranged in advance of that almost unimaginable time when we won’t be here anymore. But in my experience, just drawing up a valid, tax-effective and up-to-date will isn’t necessarily enough. All too often it’s the practical and emotional matters you leave behind that really matter.