What is a Statement of Wishes?

Statement of wishes is a useful estate planning document and may accompany your Will. It is an informal document, often used as an additional guidance to your executors in the administration of your estate.

The statement of wishes helps you explain the reasoning behind your decision to distribute your assets in the way you have through your Will. For example, advising your executors where important documents are located, what is the reason behind you not leaving a specific asset to a specific beneficiary.

The statement of wishes is not legally binding, and:

• does not form part of your Will;
• not mandatory; and
• does not impose an obligation on your executors to follow it.

What format does the Statement of Wishes take?

There is not prescribed format for the statement of wishes. It may take the form of a letter or just a list of things that your executors should be aware of. However, it is important that you address the statement of wishes to the correct person/s.

What information should be included in your Statement of Wishes?

The statement of wishes should be confidential and may include the following information:

• location of important documents such as deeds, insurance policies;
• assets and liabilities;
• personal property such as jewellery, art works, collectables;
• investments;
• superannuation;
• bank accounts;
• passwords;
• your home;
• details of funeral arrangements;
• control of family trusts, companies;
• contact details of your accountant, solicitor;
• instructions to guardians of your minor children

It is important to word your statement of wishes in a way that it does not leave your estate open to litigation.

If you need further information, you contact one of our lawyers at info@legallysmart.com.au or call 02 8332 6126 for a confidential, no-obligation discussion or specific legal advice.

Disclaimer: This article is for information purposes only, and it is not intended to be a legal advice.