The Buzz about Ethical Wills

What is an Ethical Will?

A traditional Will is a legal document that is financial and transactional in nature. By contrast, an Ethical Will is a non-legal document used to memorialize family history, stories, traditions, wishes, values, and even parting advice with the intention of fortifying your family’s legacy for the next generation and beyond.

How to Create an Ethical Will?

An Ethical Will is typically in the form of a letter, but can be an audio or video recording. Heck, even Post-it notes work if that’s your style.

Once you choose your format, it is time to decide what to include. You might share family origins and history, a family tree, cherished traditions, expressions of love and appreciation, forgiveness, your strongest-held values, life lessons, and even something that leaves your reader laughing. You can also look ahead and include any hopes and dreams you have for the next generation.

Though an Ethical Will focuses on the human side of your estate plan, it can also address how you hope your financial legacy will be viewed by your heirs. This guidance can take many forms, such as “go have fun and get the Porsche you have always wanted,” “make an impact,” or “the wealth you are receiving is intended to last for generations and you are entrusted with being a steward with interim benefits.”

For a charming pop culture example, the father in the series This Is Us has each of his five family members put a keepsake in a lunch pail, which they bury and (spoiler alert) unearth 25 years later. The existence, purpose, and location of the lunch pail would be a terrific detail to include in an Ethical Will.

An estate plan, which is necessarily dry and mechanical, if often the last impression we leave. An Ethical Will gives us the opportunity to control and personalize the narrative. Though an Ethical Will is not for everyone, if the concept resonates with you, we encourage you to start yours today. It does not need to be perfect, complete, or final and can evolve over time, but taking the time to add clarity to your legacy can be a tremendous gift to those you leave behind and can provide you with immense peace of mind.

If you would like a thought partner in creating your Ethical Will, please feel free to reach out to us – we are happy to help.

The information provided herein is for educational purposes only, and should not be construed as advice, including, but not limited to tax, legal, insurance, investment, or retirement advice. For your specific planning needs, please seek the advice of Integris Wealth Management, your tax accountant, attorney, insurance agent, or other professional as appropriate. Investing involves the risk of loss.