When most people think about estate planning they envision trusts, trustees, executors, lawyers, and all the other complications associated with providing for loved-ones. All this is of course necessary and often takes a team of experts to put together. But there is something that can do on your own, modify whenever you wish, and will outlast the largest estate.
An ethical will is a piece of you—a legacy of your life—a kind of a farewell letter.
You can make it as short or as long as you wish. It is a way for you to tell your family and future generations how you feel about life, your experiences, decisions you’ve made, and the moral standards you hope they will inherit from you.
There is no right or wrong way to start. You can begin with something that happened today or go back to your childhood. Just let it come from the heart and the words will flow. You could include stories about your ancestors, people or events that shaped your life, previously untold tales, or things that you did which you now regret. And it doesn’t even need to be in writing. You could record it on a simple tape player or in front of a video camera.
Besides offering guidance to your heirs, an ethical will may help you come to terms with your own mortality. It is a way of creating something of meaning that you wish to pass on and will survive after you’re gone.
After you compose your ethical will, make sure someone knows about it. You should tell a close friend, your attorney, or trusted family member where it is, who should receive it, and when they should read it.
I have additional information on ethical wills, including samples. Just drop the enclosed coupon in the mail, and I’ll be glad to help you out.