Sometimes called legacy statements, ethical wills are informal documents, usually added to formal wills and read at the same time. They offer a way to share your morals, values, business ethics, life experiences, family stories and history, etc. with future generations. Ethical wills can take various forms, such as handwritten letters or journals, personal essays written on the computer, or even videotaped or audiotaped conversations.
Writing an ethical will can be a difficult project because it often involves a great deal of introspection. You might begin by preparing a list of questions about the impact of certain experiences on shaping your life and values, how you want to be remembered, and the lessons that you wish to pass on to your family and friends.
It is wise to review your ethical will with the lawyer who handles your estate planning. An ethical will could be interpreted in such a way that might seem to contradict the intentions of the formal will and lead to a challenge of the formal will.
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