Document background
The Memorandum of Wishes is a complementary document to a trust deed or will in Australian estate planning. It serves as a crucial communication tool between the settlor and trustees, providing detailed guidance about the settlor's intentions for trust administration and asset distribution. While not legally binding, the document helps trustees make informed decisions that align with the settlor's wishes, particularly in situations not explicitly covered by the trust deed. A Memorandum of Wishes typically includes information about distribution preferences, investment principles, specific considerations for beneficiaries, and other relevant guidance for trust management. It's particularly valuable in discretionary trusts where trustees have significant decision-making power and need to understand the broader context of the settlor's intentions.
