Ethical Wills - Bequeath Your Values Along With Your Valuables
August 22, 2008
Gina M. Barry, Esq.
To my daughter, I leave my love of laughter.
To my son, I leave my passion for knowledge ...
As a responsible provider, you want to ensure the future financial stability of your loved ones. As such, you may have already drafted a Last Will and created an estate plan that transfers your worldly possessions. Your estate plan should not end there. What steps have you taken to ensure that you also pass on your values, ideas and beliefs? What wisdom and life lessons do you want to share with those you care about? Do you want to be remembered for your values rather than for the possessions you have left behind? If so, you may want to consider drafting an ethical will. As the name suggests, ethical wills are the spiritual counterparts to "traditional" Wills that distribute wealth. Ethical wills pass on intangible assets such as blessings, life lessons, dreams and hopes as opposed to tangible possessions. While ethical wills are not binding legal documents, they can be an invaluable gift to friends, family members and loved ones.
Although ethical wills have recently gained in popularity, the concept of ethical wills is not new. Medieval models of ethical wills have been found in Jewish, Christian and Islamic cultures. In the days of illiteracy, Last Wills were read aloud so that all concerned may hear. Thus, it became common practice to attach one last communication to a captive audience. Today, ethical wills are increasingly being created alongside "traditional" Wills as part of the estate planning process. Like "traditional" Wills, they are often revised to reflect turning points and transitions in the writer's life, i.e. the birth of a child, a marriage or end of life planning. Additionally, while "traditional" Wills are filed in probate court and become public documents, ethical wills become privately treasured family heirlooms. Indeed, rather than wonder what you might have done in response to a specific situation, loved ones may continuously glean nuggets of advice as they read your ethical Will many times throughout various stages of their lives.
Preparing to draft an ethical will often involves...
You may read more at the link below.
by: Gina M. Barry
Prime
August 2008
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Life Stages
Areas of Practice
