ETHICAL WILLS

Perfect for sharing your story, a sense of completion

Perfect for sharing your story, a sense of completion

Although they have been around since early biblical times, ethical wills are gaining in popularity, and there are plenty of resources available to help with writing, editing, coaching and recording such important messages. Since an ethical will is not considered to be a legal document, there is no formula that dictates the required content or format―it is a deeply personal reflection and can take any form you choose. The idea of leaving your years of experience and encouragement to the generations beyond you makes gifts of money and possessions only the beginning.

Putting it simply, a validly executed will or trust agreement is designed to tell your heirs what you want them to have, while an ethical will is designed to tell your heirs what you want them to know about you in old-fashioned letter or contemporary technology. There’s plenty of precedence; Moses, for example, reportedly asked that his followers complete the tasks he had started, as did Jacob with his 12 sons.

Composing an ethical will is also cleansing, sharing previously untold family history, your personal values and spiritual beliefs, important lessons learned in life, your hopes and dreams for the next generations, expressions of or requests for forgiveness, and how you would like to be

remembered. You can decide to share your ethical will with your family, or leave it for a later date.

Many estate planning attorneys are now using ethical wills, reporting that the experience of working on an ethical will has been a universally positive emotional experience for their clients, providing an often unexpected clarity as well as a sense of “completion,” particularly as a parent and grandparent.

Composing an ethical will takes courage and challenges you to look inward to see the truths you have learned in a lifetime and to measure the things that matter most. It is the ultimate way to live on in the hearts and minds of loved ones and reinforces that leaving a meaningful legacy can involve much more than just money.

LEGAL, INVESTMENT AND TAX NOTICE: This information is not intended to be and should not be treated as legal advice, investment advice or tax advice. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal or tax advice from their own counsel.

Steven V. Greenstein is Executive Vice President, Wealth Services, for The Sanibel Captiva Trust Company, an independent trust company with $1.5 billion in assets under management that provides family office and wealth management services.