Smart ways to leave your legacy... Write and share an ethical will. With an origin going back to centuries of elders orally conveying their values to the next generation, an ethical will lets you share the meaning of your life, beliefs and life lessons. There are no strict rules governing an ethical will because it’s a nonbinding document. Unlike a traditional last will and testament, an ethical will doesn’t lay out who will receive your possessions. You can, however, use it to explain why certain possessions will go to specific people. It can be done in writing, as an aural recording or on video. You might want to make a kind of scrapbook, with pictures and anecdotes annotating them. For example, the note next to the picture of your daughter graduating from college could say something like: With Julia at her graduation. It was at that moment, Julia, that my heart overflowed with joy. I saw then how good you felt about yourself after all your hard work. The “Thanks, Dad” meant so much to me, more than you could ever imagine. An ethical will is your way of telling your personal story, tying together what you’ve accomplished, how you’ve lived your life and what you hope your heirs will take from you. It’s your way of still being in the room, which is the point of leaving a legacy. EXCERPT FROM BART ASTORS COLUMN IN FORBES.
Posted on: Mon, 28 Apr 2014 12:00:00 +0000