The Ethical Will- Leaving Behind a Legacy of Your Values

Published: Fri, 01/11/13


 
 
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The Ethical Will- Leaving Behind a Legacy of Your Values
 
Dear ,

All of us have made contributions in our lives -- whether in education, the workplace, religion, spirituality, the arts, and/or our local communities. We have much to share and are often moved to leave behind something representative of ourselves.  Ethical Wills are a way to honor the past, remember family and community, understand your own life better, and provide a lasting legacy for your family for generations to come.

Just as a Last Will and Testament allows you to leave behind your valuables, an Ethical Will allows you to leave behind your values.  An Ethical Will is a way to document and share (in writing or via an audio or video recording) your values, your spiritual beliefs, and your "life's lessons."  An Ethical Will is a personal statement you make about yourself -- your hopes, your dreams, your joys, your regrets.  It may contain professions of love and forgiveness for loved ones in your life.

The idea of an Ethical Will is thousands of years old -- dating back to Biblical Times.  The popularity of Ethical Wills has increased over the years for many reasons. As baby boomers age, they're spending time thinking about what it is they want to leave behind. With the economy sagging, it's not always money.  Also, more and more people, even those who are non-religious, are exploring their spirituality, and almost always come to the realization that there is much more to life than our brief earthly existence.

Is there a perfect or right time to write an Ethical Will? Some will wait for the elder years to "sum up" their lives while others begin to take stock in mid-life. Significant life events can spark the imagination including the birth of a child or grandchild; the marriage of one's firstborn; one's own marriage, remarriage, or divorce; the onset of a serious illness; death of a parent, spouse, or close friend, or even the death of a famous person or a major news event.  Many often draft their Ethical Will the same time they do their Estate Planning.  Although an Ethical Will is not legally binding, it can be added to and kept along with your legally binding Estate Planning documents.

The contents of an Ethical Will may not differ from one's spiritual autobiographies or memoirs, but the intent makes an Ethical Will unique. An Ethical Will may include the following:
  • cultural and spiritual values;
  • blessings and expressions of pride, love and dreams for children and/or grandchildren;
  • "life-lessons" 
  • requests for forgiveness 
  • the rationale for philanthropic and personal financial decisions
  • stories about the meaningful personal items that heirs are to receive; and
  • requests for how you would like to be remembered after death.
Similar, but usually longer and more comprehensive than an Ethical Will, is a Personal History.  It could be a memoir, a family biography, an oral history, or just a loving letter.  Like an Ethical Will, a Personal History can take the form of a printed work such as a book, or a video, or an audio recording, or it could even be a Scrapbook, a Photo Book or Photo Collage, or even a family Website. Whatever form of remembrance you choose, a Personal History can have a profound impact on your life and the lives of your loved ones. You can create a Personal History on your own or with the help of a a Personal Historian whose livelihood and passion is to help individuals, families, organizations, and communities preserve their valuable histories, memories, and life stories.  An Ethical Will is something that should be included within a Personal History, but a personal history also deals with questions about your ancestry, your life history, your romantic history, jobs you have held, what life was like for you growing up and others.
Sample questions to answer in making your Ethical Will and more information about Personal Histories can be found on the Fairfax Elder Law Firm of Evan H. Farr, P.C. website.

In connection with creating your Revocable Living Trust and other Estate Planning documents, The Law Firm of Evan H. Farr, P.C. can help you leave your loved ones with something more than money and assets -- a sense of your values. Call us today at 703-691-1888 to set up an appointment for a no-cost consultation.
Upcoming Events
 
January 14:
Financial Wellness Event
 
Click to RSVP for this event or call 703-691-1888. 
 
January is Financial Wellness Month.  Join us for an event focused on Senior Financial Wellness and enjoy some fun refreshments!

At our Senior Financial Wellness event, we will discuss: preparing for the unexpected (including ensuring you have a proper power of attorney & living trust in place); ways to protect your life savings from creditor attack and to avoid falling victim to fraud; and ways to plan, track and manage your money, both now and in the future.

This event, hosted by The Law Firm of Evan H. Farr, P.C. is for clients and their friends who would like to learn more about Senior Financial Wellness.  Join us for this informative session on January 14 and enjoy fun refreshments while learning how to get a jump on some of those financial New Year's resolutions you'll be making!!
Saturday, February 16:
 
Note: The January 12 Living Trust Plus Seminar is full. We invite you to attend the February 16 seminar. See details below.
 
Living Trust Plus Seminar: How to Protect Your Assets from the Expenses of Probate and Long Term Care

Click to RSVP for this event or call 703-691-1888.
 
-Learn how to protect your assets and obtain valuable Medicaid and Veterans benefits to pay for long-term care.
 
-Learn what the most important estate planning document is, and find out whether yours is up-to-date!
 
-Find out if your Will is sufficient to meet your needs, or if a Trust is a better instrument for you!
 
-Find out how you can protect your assets from lawsuits, divorce, and long-term care creditors!
 

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 Upcoming Events

All events are at The Law Firm of Evan H. Farr, P.C., 10640 Main Street, Suite 200, Fairfax, VA 22030.  RSVP today!  We hope to see you there. Find out more details.
Monday, January 14:
Senior Financial Wellness Event
RSVP

Saturday, February 16:
Note- The January 12 seminar is full. If you would like to attend and haven't registered yet, please attend the February 16 seminar on the same topic:
 
Living Trust Plus Seminar: How to Protect Your Assets from the Expenses of Probate and Long Term Care
Financial Awareness Month- What Documents to Keep and What to Toss
 
Attend our Senior Financial Wellness event on Monday, January 14 from 6-7:30 p.m. RSVP here.
 

Are your file cabinets filled with old checks, bank statements, and pay stubs? While it's sometimes tempting to keep every piece of paper in case you need it, there are documents you can go ahead and pitch.  Reducing that burden will help you better organize the documents you need to keep. While many financial and tax professionals will tell you shorter lengths of time to keep documents, they are ignoring the most important reason to keep financial documents, which is if you ever become disabled or need long-term care and need to file for Medicaid.  The current Medicaid Look-Back Period is 5 years, and the possibility of a 10-year Medicaid Look-Back Period is being studied by Congress, so at a minimum, all financial records should be kept for at least 10 years.  For tax and other reasons, some documents should be kept forever.

 
Recently, we compiled a list of documents and how long you should keep them.  Below are some examples. View the complete list on our website. 
 
  • Copies of tax returns. Keep for at least ten years.
  • Monthly and Year-end bank statements, mutual fund statements, brokerage statements, etc. Keep all financial records for at least ten years.
  • Cancelled checks, check registers, old receipts. Keep for at least ten years.
    • Retirement documents. Keep these forever. These include IRA contribution records. 
  • Estate planning documents. Your Powers of Attorney, Advance Medical Directives, Revocable Living Trust or Living Trust Plus(TM), Last Will and Testament, and Incapacity, Estate Planning, and Asset Protection documents should be kept forever, but should be reviewed regularly -- we recommend annually, but at least every three years. At the Law Firm of Evan H. Farr, P.C., we offer a service called DocuBank, to ensure that that important legal documents will be there when you need them most, such as when you are hospitalized. DocuBank is an electronic storage and access service for healthcare directives. Learn more about DocuBank.

    When You Do Let Go, Shred It

    Shredding is the best option to keep account numbers and other information safe from identity thieves.  

    To learn important tips about senior financial wellness while enjoying delicious refreshments, attend our upcoming Senior Financial Wellness Seminar on January 14 from 6-7:30 P.M. at the Fairfax Elder Law Firm of Evan H. Farr, P.C. office. RSVP here.


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