Many people today are choosing to have two wills. One will is a traditional will that decrees how property should be divided. The other will is called an ethical will. It passes down life advice and wisdom.
Ethical wills are not a new concept. They have their roots in ancient Jewish tradition. They also resemble the time honored tradition of writing words of wisdom for future generations.
The basic idea is that as we age we do not just accumulate property that needs to be passed on to future generations. We also accumulate life lessons and wisdom that would be helpful to pass on too.
Recently, Life Health Pro published a list of reasons that people should consider ethical wills titled, “6 reasons every advisor needs an ethical will.”
The list includes:
If those sound like goals that you are interested in, then you should consider making an ethical will a part of your estate plan. However, do not make the mistake of thinking that an ethical will can replace the rest of your estate plan.
Contact an experienced estate planning attorney who can help guide you through this process.
Reference: Life Health Pro (February 9, 2015) “6 reasons every advisor needs an ethical will.”
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