Ethical Wills – Bequeath Your Values Along With Your Valuables
October 13, 2008
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; however, 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 other loved ones.
Although ethical wills have recently gained in popularity, their concept 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…
You may read more at the link below.
by: Gina M. Barry, Esq.
Business to Business
October 13, 2008