Ethical Will

Posted on July 12, 2009 by Daryl Binkley

As I watched Dr. Andrew Weil's “Healthy Aging" DVD over the weekend I expected to hear tips on a healthy diet, exercise, maybe some recommendations on vitamins and/or supplements--but what really got my attention, being an estate planning lawyer, was his recommendation of an  ethical will  as "a gift of spiritual health." 

Unlike other estate planning documents that specify your wishes regarding your assets and medical decisions,  an ethical will refers to transferring your values, experiences and personal stories to your family or community.  It is an intimate and more personal document that doesn't have a legal standing, but in some circumstances it might even be more cherished by your loved ones.  

Ethical wills have a very interesting and long history tracing back thousands of years. You can find a historical overview of their origins and uses through medieval to modern times by clicking here. 
 
Today you can find many free resources on the Web on how to start writing an ethical will, but in essence you can start writing it at any point, and then whenever compelled keep adding to it.  As a highly personal letter, it can contain your most cherished memories, favorite quotations, desires and wishes for you children and grandchildren, reasons behind certain decisions or perhaps little known details of your life.  It can contain life lessons you learned, people who had the most impact on you and why or might be something entirely different but relevant to your life. 
 
Creating a meaningful legacy is really what estate planning is all about (you can find my blog on this topic here)  and the addition of your personal story or letter can only add to that legacy.  
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Decisions that Last a Lifetime...Or Longer

Posted on July 5, 2009 by Daryl Binkley

Apparently Michael Jackson nominated his mother to serve as the legal guardian of his kids in the event of his death, per his will lodged with the probate court and distributed through Internet sites. 

His will was executed in July 2002, 7 years ago exactly as of July the 7th.   The question I wonder is the following:  Does this will really reflect what he would have wanted for his children as of the past year or so?  Maybe it does. 

But given how much he seemed to change over his own lifetime across so many areas of his personality and persona, it is surprising that he hadn't changed his will more recently. 

So, essentially whatever he was feeling in July 2002, will now rule the lives of his children--through the choice of legal guardians, and potentially how financially he has provided for his kids in his trust, which may or may not have also been updated since July 2002.

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