Explanatory Memoranda can be extremely useful in identifying for beneficiaries, friends, business associates and other interested parties exactly what the planner's intentions were at the time they made their estate plan. They can detail, for example, the Willmaker's wishes in respect of:
- the future management of companies or trusts in which he or she held an interest at their death; or
- the future upbringing of his or her children including, for example, references to matters such as preferred educational or religious affiliations.
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This explanation will not be binding but can serve to give a clear indication to persons who otherwise would not know exactly what the planner wanted and why his or her successors are doing what they are doing with the estate. |
