A Memoranda of Wishes (MOW) also known as a Letter of Wishes is a document which supplements a Will to assist the Executor and/or the Trustee of a Testamentary Trust to comply with a Testator’s wishes for the distribution of the estate. The MOW does not form part of the Will itself, and is usually not available to the beneficiaries.
An MOW can be used to:
- describe the investment policy under which a Trustee invests and manages the trust funds administered as part of the estate;
- provide guidance on the educational goals for any dependent children; and
- provide any other information which the Testator wishes to communicate to the Executors of the estate but has no place in the Will.
It is essential that an MOW should contain a statement that it is not to be accessible by the beneficiaries or that it is confidential to the Trustee, if that is in fact the Testator’s desire. Without such a statement the MOW may be open to discovery by the beneficiaries.
Further Information
Dundas Lawyers advises various individuals on their Wills and Estate Planning Issues. Individual Lawyers in the firm focus on different areas of the law. To ascertain how Dundas Lawyers can assist you to draft a Will or assist you with your Estate Planning needs, contact us for a confidential and obligation-free discussion:
Malcolm Burrows B.Bus.,MBA.,LL.B.,LL.M.,MQLS.
Legal Practice Director
T: +61 7 3221 0013 (preferred)
M: +61 419 726 535
E: mburrows@dundaslawyers.com.au
Disclaimer
This article contains general commentary only. You should not rely on the commentary as legal advice. Specific legal advice should be obtained to ascertain how the law applies to your particular circumstances.
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