What Is a Memorandum of Wishes?
A memorandum of wishes is a written document from the settlor (or settlors) to the trustees, setting out how you would like the trustees to exercise their discretionary powers. It is not legally binding — trustees must still exercise their own independent judgment — but it provides important guidance, especially for future trustees who may not know you or your family personally.
Think of it as a letter of instruction that sits alongside your trust deed. The trust deed sets out what the trustees can do; the memorandum of wishes sets out what you'd like them to do.
Every trust-based estate plan we prepare includes a memorandum of wishes. If you already have a trust but no memorandum, or your circumstances have changed, we can draft or update one for you.
What Can a Memorandum of Wishes Include?
Your memorandum can cover any aspect of how the trust should be managed. Common topics include:
Distributions to Beneficiaries
Who should benefit, how much, when, and under what circumstances — including guidance for children at different ages and stages of life.
The Family Home
Whether the home should be retained or sold, who should be able to live in it, and how to handle it if circumstances change.
Business Interests
How business assets should be managed, whether the business should continue or be sold, and who should be involved in running it.
Charitable Giving
Guidance on which charities or causes you support, how much should be given, and any conditions on charitable distributions.
Vulnerable Beneficiaries
Special guidance for beneficiaries with disabilities, addiction issues, or other vulnerabilities — including how to provide for them without exposing assets to risk.
Trustee Guidance
Your preferences for how trustees should work together, when they should take professional advice, and how to handle disputes or difficult decisions.
Important Things to Know
A memorandum of wishes is not legally binding on the trustees. Trustees must still exercise their own independent judgment. However, in practice, trustees take the memorandum very seriously — it is the closest thing they have to hearing directly from you about what you want.
Your memorandum should be reviewed whenever your circumstances change — a new grandchild, a change in financial position, a change of mind about distributions, or a change of trustees. We recommend reviewing it as part of your regular trust review, at least every three years.
Under the Trusts Act 2019, a memorandum of wishes is "trust information" and beneficiaries have a presumptive right to see it. However, trustees can withhold it in certain circumstances — for example, where disclosure could cause conflict or harm. We can advise on how to structure your memorandum with this in mind.
Need a memorandum of wishes?
Whether you're setting up a new trust or updating an existing one, we can draft a memorandum that gives your trustees clear, practical guidance.