A memorandum of wishes template helps you give executors clear, non-binding context about specific assets without turning a personal note into a second Will. It can identify jewellery, artwork, vehicles, shares, real property, business interests, intellectual property, digital assets, family loans, safe-deposit contents and sentimental belongings; explain where records are kept; and state what you hope happens if an asset is sold, replaced, financed, jointly owned or no longer exists.
Creating a legally valid will with Evaheld: Evaheld’s guided online will maker enables eligible users to create a will that can be legally valid when the applicable jurisdiction’s execution requirements are completed, including any required signing and witnessing. Personalised legal advice can still be appropriate for complex circumstances.
The memorandum should support the formal estate plan, not compete with it. A legally effective gift belongs in the Will, trust deed, beneficiary nomination, company agreement or other governing instrument. The memorandum is where you add the practical roadmap: how to identify the asset, who understands it, why a preference matters, which adviser holds the records, what liabilities attach to it and which fallback outcome would reduce confusion.
This guide contains a full 20-section working template with detailed grey response boxes. It covers asset ownership, specific gifts, personal effects, real estate, rental property, vehicles, cash, shares, superannuation, insurance, trusts, companies, small business, intellectual property, digital property, secured assets, safe-deposit boxes, family debts, early inheritances, valuation, sale and version control.
It should sit beside your letter of wishes, executor handover pack, emergency binder and digital legacy directory. Those documents may share references, but they should remain separately labelled so executors know which record is legal, practical, personal or security-sensitive.
What the current leading memorandum of wishes resources cover
Willed’s current letter and memorandum of wishes guidance explains that the document can provide confidential context for executors, describe family circumstances, identify digital assets and advisers, and explain distributions or exclusions while remaining non-binding.
Rockliffs Lawyers’ memorandum of wishes guidance adds personal assets, emotional-value items, document locations, family trusts, superannuation, offshore entities and digital assets. It also highlights the memorandum’s possible use in explaining why a beneficiary received a reduced gift or was excluded.
Carroll & O’Dea’s estate-planning analysis provides the critical safety layer: a memorandum is non-binding, should guide rather than fetter discretion, and must not be drafted in a way that creates an informal Will or conflicts with the formal instruments.
The Evaheld template covers all of that and goes further. It adds an asset-by-asset identification standard, ownership and estate-entry checks, substitute recipients, what happens if an item is sold or replaced, debt and security-interest context, interim rental-property management, share and company records, business continuity, intellectual-property ownership, crypto and digital property, family loans, lifetime gifts, valuations, safe-deposit access and a complete executor action record.
Memorandum of wishes template versus a Will, letter of wishes and personal property memorandum
The terms are sometimes used loosely, but the purpose of each document should be clear.
- Will: the formal legal document that appoints executors and distributes estate assets.
- Memorandum of wishes: a usually non-binding record giving detailed context about assets, administration and preferences.
- Letter of wishes: a broader companion document that may include trustees, guardians, dependants, funeral preferences, family context and personal guidance.
- Personal property memorandum: a narrower list or schedule focused on tangible personal effects, where recognised by the Will and applicable law.
- Ethical will: a personal values-and-stories document rather than an executor asset instruction. Evaheld’s ethical will template keeps that emotional legacy separate.
A memorandum may be referenced by a Will, but it should not be assumed that the reference makes every preference legally binding. The Will’s drafting, the jurisdiction, the type of asset and the executor’s duties all matter. High-value, disputed or unique assets should be reviewed with an estate-planning solicitor.
Create your free memorandum of wishes in Evaheld now, starting with the current Will date, executor details and the assets most likely to create uncertainty.
Which assets actually enter the estate
An executor can act only in relation to assets and rights that the estate controls. Before writing a preference, identify the legal owner and the pathway on death.
An individually owned bank account, car, artwork or shareholding may enter the estate. Jointly held property may pass to a surviving joint owner depending on the form of ownership. Superannuation may be paid under a death-benefit nomination or fund rules. Life insurance may have a nominated beneficiary. Trust assets belong to the trust, not personally to the person who established or controlled it. Company-owned property belongs to the company, even where the deceased was its sole shareholder.
Moneysmart’s current estate-planning overview explains that an estate includes assets and liabilities and may require several coordinated documents. Its superannuation death-benefit guidance confirms that super does not automatically form part of the estate.
For every asset, record the owner, ownership type, governing record and adviser. Do not write “my family trust property” as though it were personally owned. Do not give away “my company car” through a memorandum if the registered owner is the company. The memorandum should direct the executor to the right legal and professional records.
How to identify a specific asset so an executor can find it
Vague descriptions create disputes and failed gifts. “My jewellery”, “the vintage car”, “the beach house shares” or “my art” may not identify one asset with certainty.
For tangible assets, include the type, maker, model, serial number, distinguishing features, photograph reference, valuation reference and exact location. For real property, include the street address, title reference if available, ownership structure, mortgage lender and property manager. For shares, include the legal entity, class, number, holding reference, broker or registry and whether the shares are personally or beneficially held.
Legal123’s current specific-assets guide emphasises precise identification, photographs and valuations for jewellery and other unique property. Evaheld’s heirloom documentation guide adds the family story and preservation context.
Do not expose full account numbers, identity documents, safe combinations or private keys in a copy likely to circulate. Use partial references and point to the protected source record.
Fallback instructions when an asset changes before death
A specific item may be sold, destroyed, replaced, refinanced, transferred into a trust, converted into another investment or used as security. Your memorandum should anticipate change without pretending to create a legal substitute gift.
Useful fallback language may say:
- the preference ends if the identified asset is no longer owned;
- a substantially equivalent replacement may be considered, subject to the Will and legal advice;
- the executor should follow the residuary clause if the item cannot be identified;
- sale proceeds are not intended to replace the item unless the Will says so;
- a backup recipient may be considered if the preferred recipient dies or declines the item;
- the executor may sell the asset if transfer, storage, insurance or division is impractical.
The executor must still apply the formal Will and relevant law. The memorandum records your intended practical response, not a legally guaranteed replacement.
Specific assets that need more than a beneficiary name
Real property and rental property
Record title and ownership, mortgage and offset accounts, tenants, leases, property manager, insurance, rates, repairs, keys, utilities and the first management actions. A preference to keep or sell the property must remain subject to the Will, debts, tax, beneficiary agreement and executor duties.
Vehicles, boats and financed equipment
Include registration, VIN or serial number, finance, insurance, keys, storage, service records, accessories and whether the executor should obtain a valuation before transfer or sale.
Jewellery, art and collections
Use photographs and item numbers. Record provenance, valuation, authenticity papers, storage, insurance and whether several people should receive copies, digital scans or an opportunity to choose.
Shares and investments
Identify the legal holder, registry or broker, HIN or SRN reference location, share class, certificates, cost-base records, dividend information and any shareholder agreement. ASIC’s members-register guidance lists the records companies must keep for shareholdings and recognises executor-held interests.
Business and intellectual property
Separate ownership, management and family preference. Identify companies, partnerships, sole-trader registrations, licences, key contracts, staff responsibilities, domains, copyright, trade marks, patents, designs, royalties and professional advisers. IP Australia explains that intellectual-property ownership may belong to an individual, business, employer or contractor and must be checked before transfer.
Digital assets and cryptocurrency
Record the platform or wallet type, legal ownership, authorised access method, recovery-plan location, tax records, intended preservation or closure and the person who understands the asset. Never place private keys or seed phrases in the memorandum.
Replace each grey guidance box with your own information. Remove sections that do not apply. The final document should be reviewed against the current Will, trust documents, nominations, ownership records and professional advice.
Section 1: Document identity, status and intended effect
1.1 Who created this memorandum, and when?
Add your full legal name, preferred name, address, preparation date, version number and the date of the Will or estate documents this memorandum supports.
1.2 Who should read it?
Add the executor, substitute executor, trustee, solicitor and any asset-specific adviser. Include name, email and phone details.
1.3 Do you intend these instructions to be binding where legally possible?
Select one:
Yes — I intend this to be binding where legally possible
No — this is non-binding guidance only
Important: Selecting “Yes” does not itself make the memorandum legally binding. Ask an estate-planning solicitor whether any intended binding gift or direction must be placed in the Will or another formal document.
1.4 Which earlier memoranda does this version replace?
List earlier dates and storage locations, and record who must remove or mark the old copies as superseded.
Section 2: Current Will, legal documents and controlling records
2.1 Where is the original Will?
Record the Will date, solicitor or safe-custody provider, file reference and contact details.
2.2 Which other documents control assets or benefits?
List trust deeds, beneficiary nominations, insurance nominations, shareholder agreements, constitutions, partnership agreements, deeds of assignment, loan agreements and co-ownership agreements.
2.3 Which document prevails if there is a conflict?
Confirm that the applicable formal document and current law prevail and that the executor should obtain advice before acting on inconsistent wording.
Section 3: Master asset index and ownership check
3.1 What assets need specific executor attention?
List each asset with a unique reference such as ASSET-001, its category, short description and location of the full record.
3.2 Who legally owns each asset?
Record individual ownership, joint ownership, company, trust, partnership, super fund, nominee or another legal owner.
3.3 Does the asset pass through the estate?
Mark yes, no or uncertain. State the governing document or adviser who can confirm the pathway.
3.4 What debt, finance or security attaches to it?
Record lender, facility type, secured property, approximate balance, repayment source and location of the agreement without exposing full account credentials.
Section 4: Specific asset identification standard
4.1 How can the executor distinguish the asset from similar property?
Add maker, model, serial number, dimensions, colour, identifying marks, registration, title reference, photograph number or another distinguishing detail.
4.2 Where is the asset physically or digitally located?
Record the property, room, storage provider, safe-deposit facility, custodian, broker, platform or protected vault record.
4.3 Which photograph, valuation or ownership document supports the identification?
List file names, dates, valuer, policy schedule, certificate, invoice, provenance record or title document.
Section 5: Preferred recipient and fallback outcome
5.1 Who is the preferred recipient?
Add the person’s full name, relationship, contact details and the Will clause or other formal document dealing with the asset, if any.
5.2 Why does this recipient make sense?
Explain the connection, practical use, family history, prior conversation or responsibility without criticising other family members.
5.3 Who is the backup recipient?
Name the alternative and state when the fallback applies, subject to the Will and legal advice.
5.4 What should happen if nobody accepts the asset?
Record whether sale, donation, family selection, storage or the residuary estate is preferred, while recognising the executor’s legal authority.
Section 6: Asset sold, replaced, damaged or missing
6.1 Does the preference end if the asset is no longer owned?
State whether no substitute is intended, whether a substantially equivalent replacement may be considered, or whether the Will and residuary clause should apply.
6.2 What if the asset is damaged or incomplete?
Record whether repair, transfer as-is, insurance claim or sale should be considered after cost and value are assessed.
6.3 What if the executor cannot find it?
Name the people, storage providers, advisers and records to check, then state the fallback if reasonable searches fail.
Section 7: Jewellery, art, collections and heirlooms
7.1 Which items require individual photographs and valuations?
List jewellery, watches, art, antiques, coins, medals, instruments, collections and culturally significant property with their image references.
7.2 What provenance or family story belongs with each item?
Record the prior owner, date, event, cultural meaning, documentation and whether the story may be shared publicly.
7.3 What process should apply if several people want the same item?
Suggest copies, alternating selections, independent valuation, discussion, sale or another fair process, subject to the Will.
Section 8: Real property and title records
8.1 What property is involved?
Add address, title reference location, ownership type, co-owner, mortgage lender, rates authority, insurer and property manager.
8.2 What should happen before sale or transfer is considered?
Record security, insurance, valuation, occupancy, tenancy, maintenance, tax and legal checks.
8.3 Is keeping the property a preference or a binding gift?
Point to the Will clause if binding. If it is only a preference, state that debts, executor duties and beneficiary circumstances may require another outcome.
Section 9: Rental and income-producing property
9.1 Who manages the property today?
Add property manager, tenant, lease dates, bond information, rent account, maintenance contacts and the location of records.
9.2 What interim asset-management instructions matter?
Identify urgent repairs, insurance, rent collection, tenant communication, safety checks and bills that should continue before a final decision.
9.3 What factors should inform a sale or retention decision?
Note tax advice, debt, cash flow, beneficiary needs, tenancy, market conditions and the Will without attempting to dictate the executor’s legal decision.
Section 10: Vehicles, boats and financed equipment
10.1 How is each asset identified?
Add registration, VIN, hull or serial number, make, model, year, storage, keys and accessories.
10.2 Is finance or a security interest attached?
Record lender, balance, payout process, secured collateral and whether a PPSR search or legal advice may be needed.
10.3 Should the asset be transferred, sold or retained temporarily?
State the preference, valuation requirements, storage costs and fallback if the preferred recipient cannot accept the liability.
The Personal Property Securities Register explains how security-interest priority may affect claims over personal property.
Section 11: Cash, bank accounts and term deposits
11.1 Which institutions and account types exist?
List bank, branch or platform, account type, partial reference, ownership and location of statements without including passwords or full security answers.
11.2 Are accounts linked to loans, offsets, direct debits or business operations?
Record the connection and urgent payments that should be reviewed before an account is closed.
11.3 Is any cash held physically?
State the secure location, approximate amount, reason and person who knows it exists. Avoid circulating sensitive location details unnecessarily.
Section 12: Shares, managed investments and stock certificates
12.1 What holdings exist?
List entity or fund, legal holder, class, approximate units or shares, broker or registry and location of HIN, SRN or certificate records.
12.2 Where are cost-base, dividend and tax records?
Identify purchase confirmations, reinvestment records, corporate actions, adviser reports and tax files.
12.3 Are any shares governed by restrictions or agreements?
Point to company constitutions, buy-sell agreements, employee plans, escrow, options or pre-emptive rights.
Section 13: Superannuation and life insurance
13.1 Which super funds and policies exist?
List fund or insurer, member or policy reference location, adviser, nomination type and review date.
13.2 Does the benefit pass to the estate or another beneficiary?
Record the current nomination or fund rule and who can confirm it. Do not assume the Will controls the benefit.
13.3 What context should the executor understand?
Explain the planning intent without contradicting the nomination. Point to Evaheld’s superannuation beneficiary guide and the professional file.
Section 14: Trusts, companies and non-estate assets
14.1 Which trusts or companies hold relevant assets?
List legal entity, ABN or ACN, trustee or directors, appointor or guardian, accountant, solicitor and governing-document location.
14.2 What role did you hold, and what happens to that role?
Record shareholder, director, trustee, appointor, beneficiary, partner or another role and the formal succession process.
14.3 Which assets are controlled by those entities rather than the estate?
Identify property, investments, cash, intellectual property or business assets and state that the entity’s documents govern them.
14.4 What guidance is appropriate without fettering discretion?
Explain purpose and factors to consider using non-directive language, subject to the deed, constitution, duties and professional advice.
Section 15: Small business and sole-trader continuity
15.1 What must happen in the first business week?
List payroll, banking, client communication, orders, licences, premises, insurance, stock, subscriptions and critical supplier actions.
15.2 Who can operate or advise the business?
Name legally authorised people, key employees, accountant, solicitor, broker and system administrators. Do not assume an informal successor can access accounts.
15.3 Where are contracts, licences and succession agreements?
List the document location, renewal dates, counterparties and adviser who can confirm transfer or termination rules.
15.4 What is your preference for sale, continuation or wind-down?
State the preference and human context while confirming that legal authority, solvency, contracts and professional advice govern the outcome.
ASIC’s current business-name guidance after death explains the legal-personal-representative process.
Section 16: Intellectual property, royalties and creative assets
16.1 What intellectual property exists?
List copyright works, trade marks, patents, designs, domain names, software, courses, books, music, photographs, licences and royalty arrangements.
16.2 Who is the legal owner?
Record individual, company, partnership, employer, contractor, joint owner or trust, with the contract or register proving ownership.
16.3 Which renewals, licences or revenue streams require action?
Add renewal dates, agents, licensees, platforms, royalty statements and critical access records.
16.4 What is your preferred preservation or commercialisation outcome?
Explain whether works should remain available, be archived, licensed, sold or restricted, subject to ownership, contracts and executor authority.
Section 17: Digital assets, crypto and online income
17.1 Which digital assets have financial or family value?
List domains, websites, monetised channels, online stores, cloud archives, software licences, cryptocurrency, NFTs, platform balances and digital files.
17.2 Where is the secure access and recovery plan?
Point to the password manager, hardware-wallet procedure, seed-phrase custody, trusted contact or professional arrangement. Never paste credentials here.
17.3 What tax, ownership and transaction records exist?
Identify statements, wallet exports, invoices, cost-base records, entity ownership and the accountant who understands them.
17.4 What should be preserved, transferred, sold or closed?
Record high-level wishes and link to the current digital legacy directory, platform rules and legal authority.
Section 18: Family loans, debts and early inheritances
18.1 What money is owed to you?
Add debtor, date, original amount, balance, written agreement, security, repayment history and adviser or bank records.
18.2 What money do you owe?
List creditor, debt type, secured asset, balance, repayment dates, guarantors and document location.
18.3 Which transfers were gifts, loans or early inheritances?
Record date, amount or asset, purpose, written agreement, whether repayment was expected and whether the estate plan was adjusted after professional advice.
18.4 What should the executor not infer?
State that an informal family understanding does not cancel a debt, create an inheritance adjustment or override the Will without legally effective documentation.
Section 19: Safe-deposit boxes, storage and hidden records
19.1 Which safe-deposit boxes or storage facilities exist?
Add institution, branch or provider, box reference location, authorised signatories, annual fee and contact process without exposing the key or combination publicly.
19.2 What is believed to be stored there?
List deeds, certificates, jewellery, cash, digital devices, originals or other property, noting uncertainty where a current inventory has not been completed.
19.3 Who can help the executor obtain lawful access?
Name the solicitor, institution contact, co-holder or other authorised person and the documents likely to be required.
19.4 Where are title deeds, stock certificates and original ownership records?
Record the location of originals and digitised copies, plus the adviser responsible for confirming whether each document is current.
Section 20: Valuation, sale, storage, review and change history
20.1 Which assets need an independent valuation?
List real property, art, jewellery, collections, private-company shares, business assets, intellectual property or other assets where value may affect fairness, tax or sale.
20.2 What sale process do you hope the executor considers?
Suggest specialist auction, broker, private sale, family offer, market valuation or another method, subject to executor duties and professional advice.
20.3 Where is the current memorandum stored, and who has access?
Record the protected Evaheld location, solicitor copy, physical original, executor access and any recipient-specific sections.
20.4 When should it be reviewed?
Review annually and after a sale, purchase, refinance, gift, inheritance, new loan, changed recipient, new Will, business restructure, trust change or relationship change.
20.5 What changed in this version?
Record the date, assets added or removed, ownership changes, professional review, old copies removed and people notified.
Complete and share your free memorandum of wishes in your Evaheld Legacy Vault for free. Keep the master version protected and share only the asset sections each executor, adviser or recipient genuinely needs.
Worked memorandum of wishes example for specific assets
Private and confidential—to my executors.
This memorandum supports my Will dated 18 June 2026. It records personal preferences and practical information only. The Will, trust documents, beneficiary nominations and applicable law prevail if there is any inconsistency.
ASSET-001 is my mother’s platinum engagement ring, identified in photograph JEW-01 and the valuation dated 2 February 2026. It is stored in the bank safe-deposit box recorded in the executor handover pack. I hope it passes to my daughter, Claire, because she knows its history. If Claire does not survive me or does not wish to receive it, I hope it passes to my niece, Sophie. If neither accepts it, I prefer the executor to obtain a current valuation and offer it to the family before sale, subject to the Will.
ASSET-002 is the rental property at 14 Example Street. It is solely owned and mortgaged. The property manager is Horizon Property, and the lease expires on 30 November 2026. Before any sale decision, please secure the property, continue insurance and lawful tenancy management, obtain tax and legal advice, and check the Will. My preference is not intended to override estate debts or the executor’s duties.
ASSET-003 is my 40% shareholding in Example Family Pty Ltd. The company, not I personally, owns its vehicles, equipment and trade mark. The members register, constitution and shareholder agreement are held by my solicitor. My preference is that the business continue long enough for the directors and executor to assess an orderly transfer or sale. This memorandum does not appoint a director or transfer company property.
During my lifetime I transferred $120,000 to Daniel. The signed loan agreement, bank records and repayment schedule are stored in the family loan folder. It was a loan, not a gift or early inheritance. The executor should obtain advice before treating the outstanding balance in the estate administration.
The current asset index, photographs, valuations, title and share records are stored in Evaheld. Every earlier memorandum should be marked superseded.
Memorandum of wishes mistakes that can defeat the purpose
Do not use the memorandum to make a gift that should be in the Will. Do not describe assets vaguely. Do not assume ownership. Do not give company, trust or superannuation assets as though they were personally owned. Do not ignore mortgages, leases, security interests, tax records or co-owners.
Do not put live passwords, private keys, PINs or safe combinations in a document that may circulate. Do not say sale proceeds should replace a vanished asset unless the formal estate plan supports that result. Do not leave one beneficiary with an asset whose debt, storage or insurance they cannot reasonably manage without addressing the issue.
Do not use the document to punish family members. An unequal asset split explanation should state relevant facts, prior support and planning context without personal attacks. High-conflict estates should be reviewed by a solicitor.
Do not keep multiple undated versions. The executor must know which memorandum is current, what changed and where the formal records are located.
How to store and update an executor asset memorandum
Keep one protected master version and a clear asset index. Link photographs, valuations, invoices, titles, certificates, contracts and adviser details without embedding unnecessary sensitive data into the memorandum itself.
Tell the executor and solicitor that the memorandum exists. Keep it near the estate records, but ask the solicitor how it should be labelled and stored so it is not mistaken for part of the Will. Give asset-specific advisers or recipients only the relevant sections.
Review the memorandum whenever an asset is bought, sold, replaced, transferred, refinanced, insured, moved, damaged or used as security. Update it after a new Will, company restructure, trust change, new family loan, lifetime gift, changed beneficiary or relationship change.
Evaheld’s legacy contact settings checklist can help confirm that the executor, solicitor and asset-specific advisers still have the right access.
EssentialsWhy create and share a memorandum of wishes in Evaheld
Specific assets change more often than a Will. Jewellery moves, vehicles are replaced, rental properties are refinanced, shareholdings change, businesses acquire new intellectual property and family loans are repaid or redocumented. A static note becomes unreliable quickly.
Evaheld gives the memorandum one protected home beside the asset photographs, valuations, records, adviser contacts and version history. The executor can access the complete index. A valuer can receive only the item record. A family member can receive the story behind an heirloom without receiving private estate information.
The memorandum can sit beside the Will location, executor pack, digital directory and broader letter of wishes, giving the executor a coherent path from formal authority to practical evidence and personal context.
Start your free memorandum of wishes today. Add the three assets most likely to be misunderstood, confirm who owns them and link each preference to the formal document and supporting evidence.
