If you do not wish to have incentives included in your will, then there are other ways of incentivising your beneficiaries. Guidance can also be included in a Letter of Wishes , with the will. Whilst such letters are not binding they will give a good idea of what your thoughts are.
DiscussionYou can just sit down with your beneficiaries and discuss your wishes, however since this involves you and them in the contemplation of your demise, these are not welcome or easy discussions. Conversations are also likely to be forgotten and you cannot be sure what effect the talk has had. Generally it would be better to consult a wise professional and see what may best be done and set relevant matters in writing for later review and inclusion in a letter of wishes
You can also make a dvd or audio of the guidance you wish your beneficiaries to have.
headings
A well crafted Letter of Wishes can be valuable in many ways.
WIlls tend to be restricted by what they can say because of the legalities involved. Letters of Wishes can allow you to say a lot more and since they are not legally binding, you may let your thoughts and wishes flow, they may have a persuasive effect
A Letter of Wishes is not a legal binding document and, unlike a will, it does not automatically become publicly accessible after your death. Instead, this document takes the form of a letter addressed to your executors and trustees or beneficiaries. As its title indicates, it expresses your wishes and tells readers about specific things that you want to happen after your death.
Think of this document (or documents, as you can write several letters of wishes to different recipients) as a personal letter in which you can give instructions and guidance on virtually any subject related to your estate
A good incentive could be for a member of the family to propagate the family ethos and its bonding by arranging regular gatherings and also creating an online presence where interaction may take place. PLACE ABOVE PARA ELSEWHERE
headings
Help your executors by listing your main assets
Help executors identify specific items listed in your will (photos or descriptions that would otherwise be hard to describe in, or attach to, your will)
Give instructions for your burial or cremation though such instructions are not legally binding
Guidance on the management of trusts, appointment of professional advisors or similar topics
Your Letter of Wishes complements your will. And because it is not a legally binding document it is much easier (and less costly) to update as your circumstances change.
The typical contents of a letter of wishes might include the following:
Lists of assets (including bank accounts, insurance policies and shares)
Lists of valuable items and guidance on the distribution of chattels
Access details and passwords for computer systems
Images and descriptions of items mentioned in a will
Guidance on management of trusts
Appointment of advisers
Directions to the guardians of your children
Suggested tax mitigation plans.
Suggestions on how the inheritance may best be applied.DO EXAMPLE OF AN INFORMATION SHEET
Lifetime
REDRAFT BELOW
There are of course various ways in which a Testator might consider Incentives as a part of the estate planning process. The good thinking behind incentives does not mean that Incentives have to be included in the will.
The process of thinking about incentives and why you may want to include them is a valuable and worthwhile reflection on your family and its ethos
Such reflection may mean that you could provide guidance as to your wishes to the beneficiaries, whilst you are alive . For example if you believe that learning the family language is important you may want to bribe, sorry i
headings