Memorandum Of Wishes Template for Ireland

A Memorandum Of Wishes is a powerful yet flexible estate planning tool that works alongside your will or trust deed to provide detailed guidance to trustees and executors. While this document carries no legal force under Irish law, it serves as an invaluable roadmap for those managing your estate, offering insights into your personal values, family circumstances, and specific wishes that formal legal documents cannot fully capture.

When do you need this document?

You should consider creating a Memorandum Of Wishes when establishing a discretionary trust, particularly if your family situation involves complex relationships, blended families, or beneficiaries with varying needs. This document is essential when you want to provide guidance on how trustees should exercise their discretion regarding distributions, especially for minor children or beneficiaries with special circumstances. It's also valuable when your estate includes family businesses, properties with sentimental value, or when you have specific charitable intentions that require detailed explanation. Many settlors find it useful when they want to communicate the reasoning behind their estate planning decisions without including personal details in formal legal documents that may become public records.

Key legal considerations

Under Irish law, your Memorandum Of Wishes must clearly state that it is non-binding and does not override the terms of your will or trust deed. The document should acknowledge that trustees retain full legal discretion in their decision-making, as required under the Trustee Act 1893. You should be aware that while the memorandum provides guidance, trustees cannot be compelled to follow it, and beneficiaries cannot take legal action if trustees choose not to adhere to your wishes. Consider the Capital Acquisitions Tax implications of any distributions suggested in your memorandum, as trustees will need to balance your wishes with tax efficiency for beneficiaries. Regular updates to the memorandum are recommended as family circumstances change, and you should clearly date each version to avoid confusion.

Legal requirements in Ireland

Irish law does not impose specific formatting requirements for a Memorandum Of Wishes, but best practice dictates certain elements for effectiveness. The document should clearly identify the related trust or will, include your full name and date of creation, and explicitly state its non-binding nature. While no witnesses or special execution formalities are required under the Succession Act 1965, you should sign and date the document. If your memorandum includes wishes about land or property, consider the Land and Conveyancing Law Reform Act 2009 provisions that govern trustee powers over real estate. For memorandums including charitable intentions, ensure compliance with the Charities Act 2009 if you're suggesting distributions to charitable organizations. Store the document securely with your other estate planning papers and ensure your trustees and solicitor know of its existence and location.