Writing an Ethical Will
Whereas a will and estate plan specify the distribution of assets, memories, personal values, and wisdom may not be accounted for. The writer of an ethical will has an opportunity to express what often goes unsaid, in essence offering meaning and a lasting legacy.
An ethical will may serve to unite a family during difficult times, or bring clarity when there are differences of opinion. While the tradition can be traced back to 13th century religions practices where fathers passed on “ethical teachings” offering guidance to their sons, this can also be a vital component of any 21st century estate plan. An ethical will may serve as a bridge from legal and financial documents with an expression that is highly personal and unique and can reflect hopes and concerns for the next generation.
“The ethical will’s purpose isn’t to act as a legal document, offer information about a family’s asset distribution . . . The ethical will’s aim is to bequeath the intangibles—lessons learned by the grantor over a lifetime, the grantor’s goals for the ethical or moral uses of assets, personal history, and wishes for the family’s future, as well as any specific personal requests for heirs.” This will may serve as a dialogue between heirs, creating a bond between family members, and bring to light one of the most undervalued assets—human capital.
See Steven Abernathy and Brian Luster, How Do Heirs Inherit Values Along with the Valuables? Wealth Management, Oct. 27, 2014.