The Memorandum of Wishes is a crucial supplementary document in trust arrangements under United States law, designed to bridge the gap between legally binding trust provisions and the settlor's detailed intentions. This document is typically created alongside or shortly after establishing a trust and can be updated as circumstances change. While not legally binding, it provides trustees with valuable insight into the settlor's values, reasoning, and preferences regarding trust administration, beneficiary treatment, and asset distribution. The memorandum often contains sensitive family information, personal values, and detailed guidance that might be inappropriate or impractical to include in the formal trust deed. It's particularly useful in discretionary trusts where trustees have significant decision-making power and need guidance on exercising their discretion in alignment with the settlor's intentions.
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1. Date and Parties: Identifies the date of the memorandum, the settlor, and the trustees to whom it is addressed
2. Purpose of the Memorandum: Explains that this is a non-binding guidance document to help trustees understand the settlor's wishes
3. Trust Reference: Identifies the specific trust(s) to which this memorandum relates, including date of establishment and basic purpose
4. General Principles: Overall philosophy and values that should guide the trustees' decisions
5. Beneficiary Information: Details about the beneficiaries and their circumstances that trustees should be aware of
6. Distribution Guidelines: Specific wishes regarding how and when distributions should be made to beneficiaries
7. Investment Preferences: General investment philosophy and any specific preferences or restrictions
8. Communication with Beneficiaries: Guidance on how trustees should communicate with and involve beneficiaries in trust matters
1. Education Funding: Specific guidance for educational support, used when education is a key trust purpose
2. Business Interests: Guidelines for managing business assets in the trust, included when the trust holds business interests
3. Special Needs Provisions: Specific guidance for beneficiaries with special needs or disabilities
4. Family Heirlooms: Instructions regarding special possessions or family items of sentimental value
5. Charitable Giving: Guidelines for charitable distributions, included when charitable giving is part of trust purposes
6. Conflict Resolution: Guidance on handling disagreements among beneficiaries or with trustees
7. Future Generations: Long-term vision for future generations, included in dynasty or long-term trusts
8. Personal Values Statement: Detailed expression of personal values and family philosophy, used when moral/ethical guidance is important
1. Schedule A - Beneficiary Details: Detailed information about each beneficiary, including contact information and special circumstances
2. Schedule B - Distribution Examples: Specific examples of situations and how the settlor would wish them to be handled
3. Schedule C - Family Tree: Visual representation of family relationships to aid trustees in understanding beneficiary relationships
4. Appendix 1 - Contact List: List of important contacts such as financial advisors, accountants, and family attorneys
5. Appendix 2 - Asset Overview: General overview of trust assets and any special considerations for specific assets
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