31 May Ethical Wills: What You Need to Know
A last will and testament passes your possessions, assets, and material wealth on to your heirs, but how do you pass on non material wealth, such as memories, values, and life lessons? If passing non material wealth on to your heirs interests you, then an ethical will is the perfect document to create. Read on to discover what ethical wills are and why you should create one.
1. What is an ethical will?
An ethical will is a separate document from your last will and testament and living will. In fact, all three documents perform different functions. An ethical will functions as a document created to pass non material wealth, such as your values, history, and wisdom on to your heirs.
2. Is an ethical will a legal document?
No, an ethical will is not a legal document. It is, however, a document designed to work alongside your living will and last will and testament in order to provide insight on your legal decisions. Ethical wills provide insight on the legal decisions you have made by illustrating the values that factored into your decision making process.
3. How do you create an ethical will?
People create ethical wills in a variety of ways. Some write a legacy letter to their loved ones for a more personal touch. Others create a video or audio recording in order to preserve their voice or image. Your ethical will is a reflection of you. Create it using the platform best suited to you and your needs.
4. What information should you include in your ethical will?
The information you choose to include in your ethical will is entirely up to you. Some people include short stories about their life in order to preserve their family history. Others choose to highlight their values with the hope that their values will provide heirs with a moral compass. Letters detailing the dreams one has for their heirs is popular content to include in an ethical will as well.
5. Why are ethical wills important documents to create?
While an ethical will is not a legal document, many still view it as an important document because of its ability to pass on non material wealth, such as values, memories, and important life lessons. An ethical will also enables you to preserve who you are by explaining your history and what you value in life so others may understand what made you who you are as a person.
For help with creating estate planning documents, contact Boyum Law here.