Ethical Wills: Bequeathing Life’s Lessons, Dreams, and Hopes

October 11, 2010

Gina

There is richness to your life that cannot be measured in dollars and cents but should be shared with future generations. In fact, some would argue that your emotional wealth - values, ideas, beliefs and life experience – is worth far more than your financial wealth ever could be. Yet many times, the wisdom of the generations is lost simply because the questions were never asked and the conversations were never had. Where typical estate planning documents falter in that they cannot convey this intangible wealth, ethical wills fill the void.

It is likely that you have executed a last will and testament and have possibly even established a trust. You’ve probably protected yourself from times of incapacity by executing a durable power of attorney and health care proxy. By most standards, your estate plan is considered complete, but it seems that a crucial aspect is missing. While these documents are crucial to addressing the legal aspects of estate planning, they are very technical and ill-suited for passing on the intangible assets you have accumulated throughout your lifetime.

Ethical wills are the spiritual counterparts to "traditional" wills and trusts. ...

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by: Gina M. Barry

BusinessWest
October 11, 2011

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