While estate planning is largely about assets, there is much more to it than this. Once you pass on, you probably want to leave more than assets behind. What about life lessons and values? How can these be passed on?
One answer is by drafting an ethical will. What does this entail and what should be included?
What is an ethical will?
Unlike a traditional will, an ethical will doesn’t focus on assets and belongings. Instead, it focuses on what you have learned throughout your life and how you would like this to live on. An ethical will is deeply personal and it usually concerns family members or very close friends.
You can pass on advice or words that may help them cope with your loss. An ethical will is something that your loved ones can take with them for the rest of their days.
How do you get started?
Writing an ethical will can be tricky, which is why it’s important to start as soon as you can. Start by taking notes. Many people find it helpful to write ideas and thoughts into a notebook and draft the ethical will from these notes. What you may want to focus on includes cherished memories, challenges that you overcame, dreams for your family and advice. It should almost read if you are talking to them directly.
Many aspects of estate planning can feel impersonal. An ethical will can add a deeply personal dimension to your legacy. With the right legal guidance, you can make sure that your thoughts, advice and experiences are passed on to future generations for years to come.
