The Memorandum of Wishes serves as a crucial supplementary document in Philippine estate planning and trust arrangements. While not legally binding, it provides essential guidance to trustees, executors, and guardians about the settlor's or testator's intentions regarding asset management, distribution, and beneficiary care. This document is particularly valuable when formal legal documents like wills or trust deeds cannot fully capture the nuanced preferences or reasoning behind certain decisions. Operating within the Philippine legal framework, a Memorandum of Wishes often includes personal messages, detailed explanations of decisions, specific care instructions for beneficiaries, and guidance on asset management. It's commonly used by high-net-worth individuals, families with complex asset structures, or situations involving minor beneficiaries or special needs dependents.
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1. Introduction and Personal Details: Identifies the person making the wishes (the 'testator' or 'settlor') including full legal name, address, and date of creation of the memorandum
2. Purpose Statement: Clear statement that this document is a non-binding Memorandum of Wishes intended to provide guidance to trustees/executors
3. Reference to Primary Document: Identifies the associated legal document (trust deed or will) that this memorandum supplements
4. Expression of Wishes: Main body detailing the testator's/settlor's wishes regarding distribution of assets, care of beneficiaries, or administration of trust
5. Rationale for Decisions: Explanation of the reasoning behind key decisions to help trustees/executors understand the intent
6. Closing Statement: Confirmation that these are current wishes and may be updated, with date and signature
1. Family Background: Detailed information about family members and relationships, particularly useful when the wishes involve complex family dynamics
2. Special Care Instructions: Specific guidance for beneficiaries requiring special care or having special needs
3. Business Interests: Guidance regarding the handling of business assets or interests, if applicable
4. Personal Items Distribution: Detailed wishes regarding specific personal items or heirlooms
5. Guardian Guidance: Specific instructions for guardians of minor children, if applicable
6. Investment Preferences: Guidance on preferred investment approaches for trustees managing financial assets
7. Ethical Considerations: Guidance on ethical or religious considerations in asset management or distribution
1. Schedule A - Asset List: Detailed list of specific assets referenced in the memorandum with any special instructions
2. Schedule B - Beneficiary Details: Comprehensive information about beneficiaries including contact details and special circumstances
3. Schedule C - Letter to Beneficiaries: Personal messages or explanations to specific beneficiaries
4. Appendix 1 - Family Tree: Visual representation of family relationships to provide clarity on beneficiary connections
5. Appendix 2 - Supporting Documents: Copies of relevant documents referenced in the memorandum
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