Document background
The Memorandum of Wishes is a crucial document in New Zealand's trust and estate planning landscape, typically accompanying a trust deed or will. While not legally binding, it provides essential guidance to trustees and executors about how the settlor or testator would like their assets managed and distributed. The document is particularly valuable when trustees have discretionary powers, as it helps them understand the reasoning behind the trust's establishment and the settlor's intentions for different beneficiaries. Common scenarios for using a Memorandum of Wishes include providing detailed guidance about education funding, timing of distributions, care for vulnerable beneficiaries, or management of family businesses. The document can be updated as circumstances change, offering flexibility while maintaining clear communication of intentions.
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