Tell Your Life Story with an Ethical Will

Across the United States, ethical wills are becoming a popular estate planning tool used to ensure legacies for generations to come.

Many Americans are beginning to realize there may be a gap in their estate plan. Sure, long-term care insurance, a living will, a regular will and other important estate documents are essential to a comprehensive plan. But how do you share your values, impart wisdom and make known your wishes for the financial legacy you leave behind?

An estate planning tool increasingly emphasized by religious leaders, estate planners and financial professionals is the ethical will. You sit down, talk about your experiences in life, your family history, relatives, interesting stories, lessons you’ve learned, and finally, what you’d like to see done with the assets you leave behind. Ethical wills are not legally binding documents, but they remind relatives what mattered most to you. Numerous books are available on the topic, which can help you formulate an idea of what you want to say and how you’ll say it.

More and more financial professionals are advising clients to prepare ethical wills during the estate planning process. An ethical will is seen as an all-encompassing moral vision to accompany the legal and financial documents you’ve prepared.

But it’s also about making sure generations to come can turn to you for advice and wisdom, even if they’ve never met you. As families grow, so do the stories and memories. Over time, those stories begin to fall through the cracks, long-lost relatives fade into history and an important heritage may be lost. An ethical will sheds light on the past. It keeps the stories and the memories alive. Most importantly, it leaves behind an example of the type of life you lived and what you want your loved ones to know.

Ethical wills are certainly not a new concept. The practice of creating them has existed for centuries. In fact, the Bible makes references to several cases of ethical wills being passed on in some form or another. But with more and more people expected to become retirees in the next few decades, ethical wills are quickly taking their place alongside legal and financial documents in the planning process.

The only question is: What are you going to say? It may be helpful to begin by recording your beliefs, hopes, dreams and life lessons over a few months and then use those notes to create a letter or a personal history. Once your formal draft is complete, feel free to share it with your family; there’s no need to wait. Then be sure to ask your financial professional to include it with your estate documents. Written by Securities America

Back to my page

Featured Posts
Recent Posts
Search By Tags
Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

801 S. Fillmore, Suite 530

Amarillo, Texas 79101

Click to check the background​
of this firm FINRA's BrokerCheck

The BBB has determined this business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public. BBB accreditation does not mean that th ebusiness products or services have been evlauted or endorsed by the BBB, or that the BBB has made a determination as to the business product quality or competency in performing services.

Navigation Financial Group is not a CPA Firm. Advisor Representatives are Registered Representatives of and offer securities through Securities America, Inc., member FINRA/SIPC. Planning and Advisory Services available through Securities America Advisors, Inc. $ymbil is offered by Ladenburg Thalmann Asset Management, Inc. (LTAM). Navigation Financial Group and its affiliates are independent of Securities America and LTAM. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. This site is published for residents of the United States and is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security or product that may be referenced herein. Persons mentioned on this website may only offer services and transact business and/or respond to inquiries in states or jurisdictions in which they have been properly registered or are exempt from registration. Not all products and services referenced on this site are available in every state, jurisdiction or from every person listed. Not FDIC Insured, No Bank Guarantees, May Lose Value. Not a Deposit and Not Insured by any Government Agency. As of January 1, 2020, the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal inforamation.

© 2020   |   All Rights Reserved