As we all know estate planning has a lot to do with evaluating the assets that you have to pass along to your loved ones and preparing them for ultimate transfer after you pass away. The most common way of doing this is through the creation of a last will, and of course during our current era a living will is also recommended. Living wills are advance health care directives that are used to state your medical preferences. The issue that is central to most living wills is that of artificial life support and whether or not you would want to be kept alive through artificial means if you were to fall into a terminal condition.
These practical matters are at the root of estate planning, but there is something else that you may want to consider. You have had family members come to you for advice about all sorts of issues over the years, and without question you have recognized that many of these matters had nothing to do with money. So when you’re planning your estate it is likely that you will look back on some of these occasions and feel a sense of emptiness knowing that you will not be there to lend your wisdom and experience to the people that you care about at some point in time.
No one can live forever, but you can record some of your knowledge by including an ethical will in your estate plan. With this document you essentially open up from the inside to let your family members know whatever it is that you feel is worth passing along; this can include moral and spiritual guidance but an ethical will is not limited to this type of didactic instruction. You can simply share anecdotes or even clear up matters of contention that may have been left unresolved. Some people choose to ask for forgiveness or explain some of their actions to family members.
Ethical wills have been used since biblical times to share information across the generations, and composing such a document is something that you may want to consider when you are planning your estate.
Latest posts by Saul Kobrick (see all)
- Honor LGBT History Month by Updating Your Estate Plan - October 18, 2018
- Questions to Ask an Elder Care Attorney - October 2, 2018
- Planning for Lottery Winners, Part 2 of 2 - September 27, 2018