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Is an Ethical Will a legal document? No. As a strictly personal message, it serves as a non-legal complement to your other documents. It is very important that your Ethical Will does not contradict or cloud any elements of your estate plan.* Who should write an Ethical Will? Everyone. The benefits enjoyed by both the writer and the recipients are undeniable. When should I write one? Right now, no matter what your age. Don't risk being 'too late.' Can I update it? Yes, and you may want to do so as your life changes. As with other planning documents, you can always make modifications and additions. Consider your Ethical Will a work in progress. When should it be shared? When you wish. Sharing it during your lifetime reaps immediate rewards, but you may prefer that it be read after death. Keep a copy with your legal documents for safekeeping. What should not go into an Ethical Will? Negative, critical commentary. You will be remembered for your words. Could I put it on videotape? Yes, though future generations may be hindered by different technology. Before you are taped, create a fully-scripted outline. * If your Ethical Will addresses any elements or decisions of your legal estate plan, add this disclaimer: "To the extent that there is conflict between my Ethical Will and my formal estate planning documents (e.g., will, trusts, health care proxy, power of attorney and documents of the like) such formal documents shall take precedence."  |