There are two different types of wills that people frequently integrate into their estate plans. A last will and testament may be the primary legal instrument governing the distribution of property after an individual dies.
A living will, also known as an advance health care directive, can provide guidance regarding an adult’s medical preferences if they become incapacitated and cannot communicate their own wishes. People may also want to consider drafting an ethical will to leave the most profound legacy possible.
Unlike wills and living wills, an ethical will is not a legally-binding document. However, it can still pay a critical role in establishing the legacy of a testator.
What is an ethical will?
An ethical will is a personal or philosophical document added as a supplement to legally binding paperwork in an estate plan. Ethical wills may outline an individual’s personal moral beliefs to provide guidance during estate administration and to assist their loved ones with navigating challenging situations after their passing.
They may include information about a family’s history. Some people use an ethical will as a brief autobiography to talk about their personal experiences and the legacy they want to leave after they die.
Ethical wills are also sometimes useful for those who want to express their love and devotion to family members in a concrete manner after their passing. Those who have been estranged from family members may use an ethical will as an opportunity to extend forgiveness. They can also express their gratitude to those who provided them with support throughout their life.
In an increasingly digital world, an ethical will can also serve as a means to discuss an electronic legacy, such as the conversion of a social media profile to a legacy account and how to address the decedent’s digital footprint after their passing.
Many people refer to ethical wills as the emotional heart of an estate plan that provides clarity and promotes family harmony. It can also help establish a consistent family narrative that may pass down through generations of the family. People may also refer to ethical wills as legacy letters or letters of intent.
Unlike wills and other estate planning documents that must be written instruments, ethical wills can be audio recordings or videos. Creating numerous separate documents for individual family members is also an option.
Testators thinking about their long-term legacy often need to expand beyond basic legal documents to achieve their most important goals. Working with an experienced estate planning attorney can help people craft ethical wills to supplement their legally-binding documents. The right collection of paperwork can provide guidance, promote family unity and establish a lasting, meaningful legacy.