Memorandum of Wishes for existing Clients

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A Memorandum of Wishes is a document that accompanies a trust and provides instructions to the executors or trustees on how the testator would like their estate to be handled. Although it is not legally binding, it serves as a statement of the testator's wishes.

The Memorandum of Wishes can provide guidance on various matters, such as funeral arrangements, distribution of personal items, and asset allocation. It can specify gifts to individuals or charities, as well as general guidance on how the assets should be distributed.

One advantage of a Memorandum of Wishes is that it can be updated at any time without the need for a formal legal process. It is also a more flexible option for expressing the testator's wishes since it is not subject to the same legal requirements as a trust, such as witnesses or notarisation.

Although the Memorandum of Wishes is not legally binding, it is a valuable tool for providing additional information and guidance to the executors or trustees. It can also be an effective way for the testator to communicate their values and priorities to their loved ones, even if those wishes may not be legally enforceable.