Families may be large or small, but they all have one thing in common: memories. How often have we heard family legends from older relatives or shared our own stories with younger generations? When putting together your complete estate plan, consider including an ethical Will that preserves your beliefs, your history, and your memories.
It’s About Life
Your ethical Will is not a legal document, like a Last Will and Testament. Instead, it is a written expression that your family can cherish for years to come. Sometimes called a legacy letter, an ethical Will can cover topics like:
- Little-known facts about your family,
- Stories from your childhood,
- Family legends,
- Special family recipes,
- Something you are proud of,
- Something you learned from older relatives,
- Your beliefs and opinions, and so on.
You don’t have to follow a set formula or meet any legal guidelines. Instead, just include whatever you think will be important for your family to know.
It’s Not Too Hard to Do
However, writing your ethical Will may take some time. While you think about what to write, you might want to keep a journal or save a computer file with your thoughts. As soon as you’re ready, you can begin.
Formatting is not the most important thing. However, you might want to separate the information into categories to make it easier for your family to absorb.
It Can Be Kept with Your Other Estate Planning Documents
After finishing your ethical Will, make this document part of your complete estate plan. In addition to a Last Will and Testament, most people sign a durable power of attorney and a health care power of attorney. Others also prepare and sign a living will.
Even though the Will is often considered the foundation of a good estate plan, trusts are useful and powerful tools. Speak with an attorney about your estate planning goals to see if a trust will work for you.
It’s Only One Part of Your Complete Estate Plan.
The attorneys at Virtus Law take the time to listen to their clients and offer thoughtful advice. Make an appointment to speak with an attorney about your estate planning today. Please contact us by calling 612.888.1000 or emailing us at info@virtuslaw.com. Our main office is in Minneapolis, with other offices located in Maplewood, Cambridge, Edina, Mendota Heights, and Red Wing.