A will is a legal document in which you confirm what you want to happen with your money, property, chattels, and any other possessions. There is no substitute for a legal will, unless you want your closest relative(s) to claim the lot. So why are we writing about chattels wills and letters of intention then?
What Exactly Is a Letter of Intention?
If you visited a solicitor, and asked them to draft you a will listing every possession, they would probably frown. Do you really want me to write down every pot and pan in your kitchen, they might ask. Don’t you know that I charge by the hour? Why not simply forget about who gets the air fryer.
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Chattels, wills and letters of intention all have a role to play in a deceased estate:
- A chattel is almost any possession you own. Although this excludes money, securities for money, or property used solely or mainly for business purposes.
- A will is a legal document in which you confirm what you want to happen with your most valuable, collectible, and /or important assets.
- A letter of wishes is a lower-order, supplementary document that provides direction on what should happen to the rest of your possessions.
Are Chattels Wills and Letters of Intention Public?
This is a very important question for anyone who prefers to keep their affairs private. A will only remains confidential until the Probate Court approves it and it becomes a legally binding, official document in the public domain. Thereafter, any chattels it mentions become public knowledge too.
A letter of intentions, on the other hand is none of these things. It is a private matter between the deceased and their executor. They are not obliged to honour it, because the will takes precedence over it. Thus a letter of intentions merely provides supplementary guidance that nobody else may ever see.
How to Write a Letter of Intentions for Chattels
A letter of intentions is therefore an informal guide to an executor that fleshes out the contents of a will. It follows:
- It should not conflict with any aspect of the overriding last will and testament.
- It can address any other issue, including even funeral arrangements.
- But it could also provide long-terms guidance for any trusts / future plans.
The overall intention of the law in this matter, is therefore to ensure that distribution of chattels, wills and letters of intention are resolved consistently and amicably as the deceased intended.
To Whom Does This Chattel Belong (Image ©Avery Associates)
There are several advantages to having a letter of intentions, over and above stipulating what happens to precious chattels:
- You don’t need a solicitor to draw up a valid document.
- You can change the contents as often as you like.
However, nobody may look for the letter as diligently as they might search for your will. Therefore, you need to make sure a trusted person knows where to find it. The custodian of the original, signed copy of your latest will could be that person.
Are Letters of Intention Only For Chattels?
No not at all. Remember, (this could be your takeaway from this article) you cannot change your wishes from ‘beyond the grave’. Your remaining time on the earth is your last opportunity to express your wishes for your chattels in your will, and letter of intentions.
Your letter of intentions can be as broad-ranging as you like. The official Gazette chronicle lists these possibilities:
- Whom to inform of your death and your wishes for your funeral arrangements.
- How you wish your chattels to be distributed, except for those already in your will.
- Advice on how you would like your executor to manage your money before distributing it.
- Your wishes for any trust, including how long they should endure and the beneficiaries.
- Guidance for any guardians of your minor children, such as faith, education and so on.
- An explanation of any decision that may be controversial, for example excluding someone from your will.
What Happens to the Contents Inside (Image ©Avery Associates)
Why You Could Consider a Letter of Intentions
You may know exactly what you want done with your chattels, but to others that is locked away in your mind. Everybody should have a letter of intentions, so their executors and / or trustees know what to do with these possessions. You may also have personal reasons to protect the interests of any minor heirs who survive you.
You don’t need a solicitor to guide you, and charge you a fee to write the letter, provided you are of sound mind. However, you may like to consider consulting a professional valuer, if you want to divide your chattels equitably among several heirs. Avery Associates could help you in this regard. Call 0800 567 7769 (or 0208 640 00 44 during office hours) if you would like to take this opportunity further.
More Information
Tracking Down a Deceased Person’s Chattels
How Chattels and Gains Tax Work
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