Statement of Wishes
Legal documentation such as Will documents are drafted to ensure how an individual’s estate should be administered. However, not everything can be put into a person’s Will. In such instances, a statement of wishes is useful to provide your executors, trustees and guardians with additional information to guide the administration of your estate.
Examples may include any guidance you may wish to give to the possible guardians of your children about how your children should be raised and educated. The statement can also include specific instructions relating to the administration of inheritances to your children. A statement of wishes can also provide your executors with guidance regarding the management of your associated trusts and companies as part of your broader estate plan.
Ensuring that Your Wishes are Administered Accordingly
A statement of wishes can provide you with a flexible means of expressing your estate planning objectives. This document may be updated over time to communicate your changing wishes for the administration of your wealth and estate.
Sometimes referred to as a memorandum of wishes, a statement of wishes is often prepared in conjunction with your overall estate plan. This document does not form part of your Will and is addressed to the executors and trustees of your estate confidentially. Often expressed in your own words, a statement of wishes can be reviewed to provide guidance to your executors and trustees, to help them administer your wealth in a way that is compatible with your intentions.
Clarifying Your Intentions with Your Executors and Trustees
In summary, a statement of wishes provides clarity for your executors and trustees to understand your intentions, when it comes to the disposition and management of your overall estate and associated entities.