Many people struggle with the estate planning process. Sometimes it’s because it requires contemplating your own death, but in other instances estate planning is delayed simply because the idea of distributing your assets can seem cold and, to some, meaningless. While there’s significant value in developing an estate plan that disposes of your assets as you see fit, utilizing an ethical will may help bring the meaning you’re looking for into the estate planning process.
What is an ethical will?
An ethical will is a written document or recording that can specify your justifications for creating your estate plan as you did, express your hopes and wishes for your loved ones, lay out your core beliefs and values, provide a familial history and family stories that you cherish, and provide your loved ones with life lessons. While this document or recording is not legally binding, it can provide clarity and reduce family conflict. It can also help ensure that you leave behind the legacy that you want for your family.
Tips for creating an ethical will
When creating an ethical will, be sure to consider your audience so that you know how to communicate in a way that will be valued and understood. Then, focus on speaking your truth from the heart while reflecting on your life and what you’ve learned. Although this can be an emotional process and the justifications you lay out can be critical, try to be as positive as possible so that you can leave behind the message that you want to be received.
Create the holistic estate plan needed to meet your goals
There are many aspects to a successful estate plan. You therefore have to know your options heading into the process so that you can make fully informed decisions that are right for you and your family. If you’d like to learn more about what the process entails and how you can create an estate plan that’s right for you, please continue to read our blog and browse our website.