What Is an Ethical Will?
An “ethical will” (also known as a “legacy letter”) serves a fundamentally different purpose than a traditional will. Rather than distributing financial assets, it documents a person’s non-financial legacy – capturing life milestones, relationships, values, lessons learned, and personal philosophies.
Origins and Evolution
These documents first emerged in the 1990s, typically as brief letters appended to traditional wills as people approached the end of life. However, the modern approach encourages ongoing documentation throughout one’s lifetime rather than rushed compositions during final years.
What to Include
An effective ethical will captures major life achievements and milestones. Importantly, it should also document obstacles, failures, and recovery experiences. “We’re inspired by recovery,” meaning future generations benefit from understanding how you overcame challenges. This vulnerability creates teachable moments and demonstrates resilience.
The document preserves family traditions, core values, and ethical principles you want to pass forward. It creates a permanent record of your wisdom and perspectives, allowing continued “conversations” with descendants about financial decisions and lifestyle choices long after death.
Creating Behavioral Incentives
A particularly innovative approach links financial distributions to specific behaviors. For instance, you might stipulate that family members pursuing entrepreneurship, missionary work, or academic careers receive designated trust funds. This aligns your material legacy with your deeply held values.
The Broader Purpose
An ethical will fulfills the human desire for permanence and meaning beyond material wealth. It enables your intellect, relationships, and life lessons to continue shaping your family’s future, creating a legacy rooted in who you were rather than just what you owned.
If you are interested in creating an ethical will as part of your comprehensive estate plan, contact The Stegall Law Firm today to schedule a consultation.
