Throughout the ages, people have realized the importance of legacy planning, leaving not only properties and tangibles but birthrights and blessings to their descendants. Imparting values to ensuing generations adds meaning and perspective to the lives of future generations.
An ethical will, sometimes called a legacy letter, is a document that conveys your thoughts about what is important in life. It is a statement of your values, hopes, and wisdom. It can be long or short, serious or humorous. One client’s ethical will includes the importance of supporting a political cause. Another calls up the importance of drinking five glasses of water daily. It can be general, stating the value of getting an education, or healing the world, or being philanthropic. It can explore emotional issues, such as past regrets and uncertainties. There is no right or wrong way to write and record your ethical will as long as it reflects what is important to you.
Typically, we encourage clients to include an ethical will in their memoirs as a way to focus and add depth to their personal story. By asking questions about important values as well as major accomplishments or efforts, we bring the conversation around to thoughts that lend themselves to an ethical will without necessarily identifying it as such.
A growing national trend is to compose a formal ethical will during the process of financial and estate planning. Financial planners, accountants, and attorneys are promoting ethical wills as an important component of their work; having an ethical will helps in creating an estate plan more closely aligned with the client’s wishes. In businesses of all sizes, ethical wills are rising in popularity among business founders who want to pass on their experiences, history, and work ethic to the next generation. An ethical will can also prevent conflict among heirs if it communicates the reasoning behind disposition of possessions or property. It is a tool to help clarify, communicate, and implement a client’s values.
We are available to interview, write, or edit your ethical will and are preparing a downloadable form for this website. Please contact us if you would like more information or want to schedule a workshop on ethical wills.
