Gratitude, Wisdom & Blessings: Writing an Ethical Will for Your Loved Ones- Takeaways
By Andrea Young on November 20, 2023
When considering the concept of an ethical will, one might initially associate it with a formal legal document. However, it stands in stark contrast to a traditional will. Unlike a legal will that primarily deals with tangible assets, an ethical will is a heartfelt creation intended for your loved ones. It serves as a platform to share stories, knowledge, values, blessings, and more—a means of imparting your legacy to both your nearest and dearest and future generations. Susan Turnbull graciously returned to discuss the significance of ethical wills with us.
You have so much to give!
While conventional wills often focus on material possessions, money, and assets, an ethical will transcends the tangible. It encapsulates the intangible elements of your life—wisdom, values, perspectives, emotional clarity, and even forgiveness. Expressing feelings, especially in cases of strained relationships, can be challenging. Yet, conveying apologies or forgiveness holds a value that surpasses monetary worth. It also serves to address lingering questions or facilitate closure.
Not legally binding, but profoundly significant
Although not legally binding, an ethical will plays a crucial role in your estate planning. It serves as a guiding document, offering direction to trustees on the distribution of a trust. Furthermore, it articulates your desires and aspirations for charitable giving after your passing.
Preserving your legacy
An ethical will is an expression of your voice and personality, allowing you the freedom to shape it as you see fit. Whether written, spoken, or recorded on video, it represents a selfless gift that your loved ones are bound to cherish—a timeless legacy of yourself.
Disclaimer
Lexington Wealth Management is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC, member FINRA and SIPC. Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC. All information referenced herein is from sources believed to be reliable. Lexington Wealth Management and Hightower Advisors, LLC have not independently verified the accuracy or completeness of the information contained in this document. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates make no representations or warranties, express or implied, as to the accuracy or completeness of the information or for statements or errors or omissions, or results obtained from the use of this information. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates assume no liability for any action made or taken in reliance on or relating in any way to the information. This document and the materials contained herein were created for informational purposes only; the opinions expressed are solely those of the author(s), and do not represent those of Hightower Advisors, LLC or any of its affiliates. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax or legal advice. Clients are urged to consult their tax and/or legal advisor for related questions.
