The Importance of Ethical Wills

In estate planning, our financial assets and material possessions often take center stage. While these assets and the impact they can have on the lives of our heirs are important, they fail to fully capture the wealth accumulated throughout our lives. The intangibles of our lives – our experiences, wisdom, and values – may be our assets of greatest value. It is my sincere hope that reading this post both inspires and equips you with a framework to pass along your important intangibles to your heirs via your own ethical will.

An ethical will can take many forms, all of them with the purpose of passing along your cherished memories, personal values, wisdom, feelings, wishes, and advice to your loved ones. Unlike a traditional will, this is not a legal or binding document and addresses what you want your heirs to know rather than what you want them to have.

Creating an ethical will is a deeply personal and reflective process. You may choose to capture your thoughts in a letter, a recording, a collection of memoirs, or in any form that speaks to you. Regardless of the medium you choose, here are some steps to get started:

Reflect on Your Life: Take time to think about the experiences, values, and lessons that have shaped your life. Consider what you wish to convey to your loved ones.
Organize Your Thoughts: Outline the key points you want to include in your ethical will to ensure that you cover all important aspects.
Write from the Heart: Speak directly to your loved ones, with a conversational and sincere tone. Authenticity is key to creating a meaningful ethical will – this isn’t a legal document or a research paper.
Include Personal Stories: Share anecdotes and memories that illustrate your values and beliefs. These stories can make your ethical will more relatable and impactful.
Review and Revise: Take the time to review and revise your ethical will. Ensure that it accurately reflects your thoughts and feelings. You may find it helpful to revise this periodically as you and your audience age and change.
Store and Share: Once completed, store your ethical will in a safe place and inform your loved ones about its existence. You may also choose to share it with them during your lifetime.

I was inspired to write this post after receiving a book written by my grandmother.

Thank you, Nama, for sharing these cherished memories with those you love.

Interested in learning more about our views on Estate Planning, please see Alex's blog from last month.