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Memorandum Of Wishes Template for Singapore

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Key Requirements PROMPT example:

Memorandum Of Wishes

"I need a Memorandum of Wishes to provide guidance to my trustees about how to manage my family business interests and distribute assets among my three children, with specific emphasis on continuing our family's philanthropic activities in Singapore."

Document background
A Memorandum of Wishes is utilized when an individual wants to provide detailed guidance about their preferences for asset distribution and management without creating legally binding obligations. This document is particularly relevant in Singapore's trust and estate planning context, where it complements formal legal instruments like Wills and Trust Deeds. The Memorandum of Wishes typically includes personal values, detailed distribution preferences, and specific instructions about family members or assets that might not be appropriate for inclusion in a formal Will. It's especially valuable for complex family situations, business successions, or when working with discretionary trusts.
Suggested Sections

1. Introduction: Identifies the person making the wishes and establishes the non-binding nature of the document

2. Relationship to Will: Clarifies how this document relates to any existing Will and trust arrangements

3. Family Information: Details about family members and relationships relevant to the wishes

4. Asset Overview: General description of main assets covered by the wishes

5. Distribution Wishes: Detailed guidance on how assets should be distributed and managed

Optional Sections

1. Personal Values and Principles: Used when testator wants to explain reasoning behind wishes and personal values to guide trustees

2. Guardian Guidance: Include when minor children are involved to provide guidance on their care and upbringing

3. Business Interests: Include when testator has business holdings to provide guidance on business continuation

4. Cultural Considerations: Include when specific cultural or religious practices should be observed in managing the estate

Suggested Schedules

1. Asset Schedule: Detailed list of specific assets, their locations, and any special instructions

2. Family Tree: Visual representation of family relationships to aid trustees in understanding beneficiaries

3. Contact List: Important contacts for trustees including advisors, beneficiaries, and key family members

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions




















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Industries

Wills Act (Chapter 352): While a Memorandum of Wishes is not legally binding like a Will, it often accompanies one, so understanding the Wills Act is important for context and ensuring the Memorandum doesn't conflict with the Will.

Trustees Act (Chapter 337): Since Memoranda of Wishes are often used to provide guidance to trustees, understanding trustee obligations and powers is crucial.

Mental Capacity Act (Chapter 177A): Relevant when considering the testator's capacity to make decisions and express wishes.

Administration of Muslim Law Act (AMLA): If the person making the Memorandum is Muslim, special consideration needs to be given to Islamic inheritance laws.

Income Tax Act: Understanding tax implications of any wishes expressed regarding asset distribution.

Estate Duty Act: Understanding tax implications of any wishes expressed regarding asset distribution.

Common Law Trust Principles: Understanding fundamental trust law principles that govern trustee behavior and trust administration.

Fiduciary Duties: Understanding the legal obligations and responsibilities of trustees in executing their duties.

Principles of Equity: Understanding equitable principles that may affect the interpretation and execution of wishes expressed in the memorandum.

Teams

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