You may look at estate planning as a purely financial endeavor. Obviously, you have to prepare your resources for future distribution to your loved ones when you plan your estate, but you can view the process in a more comprehensive manner.
Legacy planning is a more holistic form of estate planning that takes matters of the heart into account. When you are crafting your legacy plan, you could consider the inclusion of a document called an ethical will or legacy letter.
Some people are better communicators than others. Many individuals never really share all of their innermost thoughts with the people that they love, and this can be something that gets into your head when you reach an advanced age. There can be those who really do not understand your thought processes, this can leave you with a somewhat empty feeling.
In addition to this, as an elder, you are a source of wisdom and balance. Over the years, your younger family members have invariably come to you seeking guidance during difficult or confusing times. The fact that you will be unavailable to pass along much-needed advice when you are gone can be a bitter pill to swallow.
People have experienced these emotions for centuries, and ethical wills have been created as a response. An ethical will or legacy letter is a document that has been traditionally used to communicate moral and spiritual values. When you pass along these “rules to live by,” your family members will be able to access your wisdom at any time.
The ethical will can extend beyond the sharing of moral and spiritual values. If you have anything of meaning that you want to share with your loved ones, you can make them aware of your thoughts in your ethical will.
There are really no hard and fast rules with regard to what you can include in your legacy letter. You can include instructive experiences that you have had, you can share hopes, dreams, and messages of love and acceptance.
An ethical will is a document that has no legal standing, and it may have nothing to do with money. However, in the final analysis, this document may be one of the most important gifts that you can leave behind to the people that you love.
Free Report on Legacy Planning
An ethical will can be a very valuable centerpiece when you are crafting your legacy plan. However, there are other components that you can include when you are shaping the way that people will remember you after you pass away.
If you would like to obtain some in-depth information about legacy planning, download our special report. The report is free, and you can visit this page to access your copy: Long Island NY Legacy Planning.
Mark S. Eghrari, Estate Planning Attorney
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