Having a written will that is well-crafted by a trusted attorney may not be at the forefront of your mind, especially if you are a relatively young individual with inherited wealth. Many inheritors shy away from what can seem like a daunting task given the complexity of their wealth. The topic is often unpleasant to consider and difficult to begin, but its importance in protecting your wealth and valuables cannot be stressed enough. Having a will is vital, especially for individuals and families with generational wealth to consider and preserve. This is the essential first step in ensuring your legacy and protecting your own heirs from an often complicated, costly, and emotionally draining experience.
Once you have tackled this foundational task, crafting an ethical will can help keep your legacy alive. An ethical will differs from the traditional, legal “Last Will and Testament,” and is a complementary document. Typically, ethical wills are written documents, though they can be – and often are – handwritten or even digital.
Construct and Benefits of an Ethical Will:
- If you are overwhelmed about how to start the process of a legal will, consider flipping the narrative by beginning with an ethical will.
- An ethical will can be a great tool to help lay the foundation for decisions on how you want to create your legal Last Will and Testament should you not have one; it can help you think about what matters most to you and how you want to handle your finances for your future inheritors.
- You can choose to create audio or video messages to capture your voice and visage.
- Ethical wills impart your lived experience to your family, friends, and descendants.
- They help to preserve and share your wisdom, history, and values.
- Ethical wills allow your loved ones to remember you in a way that aligns with your life, beliefs, and passions.
- The process of creating an ethical will help you understand your own values and be able to express them more clearly, so that future generations can keep your history alive.
- Once you have gone through the journey of creating an ethical will, you may wish to revisit your legal will. TWC encourages clients to revisit their estate plans every few years, and more often if they have had a major life change.
If you are a current client of TWC, your estate plan is probably up to date; now we can assist you in creating your ethical will. We can assist you in deciding where to begin, and we also offer wealth coaching, which can have a positive impact on your ability to get clear on the things that matter most to you.