Access to the memorandum of wishes by a beneficiary of a discretionary trust—an analysis of the law in New Zealand

Abstract

This article considers whether the memorandum of wishes is trust information that should be disclosed to a beneficiary of a discretionary trust. The memorandum of wishes makes for interesting discussion as it is generally a non-binding document that can assist trustees when they exercise their discretionary power. To answer the question whether and when the memorandum of wishes should be made available to beneficiaries is not straightforward. The theory of why beneficiaries have the right to access trust information, case law that has unfolded on this issue, and the impacts of the Trust Act 2019 all play a role in making this assessment.