Which one wins: The trust deed, the will or the letter of wishes?
People, generally speaking, do not pay sufficient attention to what they want to happen to their assets when they die. This can be ascribed to estate planning not being accorded priority, or to people shying away from dealing with the consequences of death, or even ignorance. As the saying goes, “Nothing is certain, except death and taxes”.
Many people believe that estate planning is having a will, but having a will is only one part of the plan.
Where people also have trusts and letters of wishes, those documents will have often been drafted by different service providers, who may not have considered, or even been aware of, other relevant documents, and who may not even specialise in providing such services. This may cause a conflict between the various documents, leaving the deceased not having achieved his or her objectives on death, and even having been abused.
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