Document background
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.
