For the most part, a will only deals with legal concerns. Having a will is usually essential and it’s regularly part of your more comprehensive estate plan. We also strongly advocate writing an ethical will also known as legacy letters.
For most people, their loved ones are the most precious thing in their lives. Their greatest legacy is usually their children. An ethical will is a final love letter to loved ones and even future generations. It’s an expression of your devotion and commitment, and what you want for them in the future. Often an ethical will includes whatever wisdom you wish to pass on. It’s your personal story that you’re sharing with loved ones. It often documents your accomplishments, values and life lessons. It addresses your wishes for them.
An ethical will isn’t depressing or morbid. On the contrary, it’s upbeat and positive. It can even be humorous. It’s about the joys of life.
You’ll probably find writing an ethical will difficult. It requires that you really think about your life and what you believe is important. Writing an ethical will help you set your priorities when you do your estate plan. It’s a way to explain to your heirs your thinking and intentions behind the decisions you made in your estate plan.
Your ethical will can be one of the most precious gifts you leave to your loved ones. What follows is an excerpt from an ethical will. It’s from an entrepreneur to his wife.
I’ve come to learn that leaving is part of living. It makes what we do day-in and day-out mean something because one day each of us will have to leave.
Getting old is not as bad as some say when you consider the alternative. Nevertheless, there comes a point where everything slowly stops working. After all these years, when the pain and problems of living become so great, it’s better to leave.
It’s now my time. I’ve been around a long time. Please understand I have few regrets. It’s been a good life. I had a wonderful time. In looking back over all the many years, I can say, I had a great time. You can’t get much better than that.
I wrote this to thank you for sharing your life with me. I want to point out how truly wonderful you’ve been. I realize that more recently, I’ve been something of a pain. Still, while sometimes muttering under your breath, you not only put up with it all, you took it all in stride.
More importantly, I want to make sure you know that you are a truly wonderful person. Everyone who has had the good fortune to know you readily recognizes this fact.
I ask you for two things. One, that you remember me. Two, that you remember how very special you are.
Thank you for everything. You are truly sensational!
Today, more and more ethical wills are videos accompanied by a written document. Sometimes the written document is a transcript of the video, but most times it’s filled with more “heart.” With the video, your loved ones also have your voice and image, which can mean a great deal to them.
Russ Alan Prince is the executive director of Private Wealth magazine and chief content officer for High-Net-Worth Genius. He consults with family offices, the wealthy, fast-tracking entrepreneurs and select professionals.
