When people discuss their final wishes, the focus is often on finances and possessions. It is easy to focus on the material aspect of your will and overlook a very important piece of your legacy – your feelings and values.
At Gaslowitz Frankel, our attorneys stress the importance of ethical wills. An ethical will, also known as a “value letter,” is most often a collection of thoughts sharing the feelings, values, wishes, and life lessons you intend to pass on to your family and close friends.
“One thing we can talk about in ethical wills is the choices we’ve made,” explains named partner Craig Frankel. “Sometimes, in hindsight, not the right choice. Sometimes, in hindsight, the right choice, but maybe our children didn’t understand it…This is a great place to explain, apologize and then say, and here’s what I wish you could do under those circumstances.”
Writing an ethical will is not just another item on your estate planning to-do list. This matter deserves significant thought and consideration and should not be rushed.
It’s important to remember that a formal template isn’t required to write an Ethical Will. Craig recommends breaking it down into three categories: themes from the past, themes from the present, and themes for the future.
The framework may vary from person to person. The style in which you write may be unique, but there are a few topics everyone should consider when writing an Ethical Will:
- Personal Values and Beliefs
- Spiritual Values and Beliefs
- Hopes for Future Generations
- Life Lessons
- Forgiveness (Giving or Asking)
A will dispute over property and finances can lead to hurt feelings and family feuds. Adding an ethical will in which you explain your thoughts, feelings, and blessings can mitigate those conflicts.
Craig Frankel also notes, “If you think it’s hard for our parents’ generation to talk about how their money is going to be left, it’s even harder for them to talk about anything that’s emotional, and it kind of leaves us wanting to understand why they made decisions at different times in their lives.”
Robert Port, partner at Gaslowitz Frankel LLC added, “by taking the opportunity to very thoughtfully convey your thoughts and wishes about life, religious tradition, family tradition, and family history, you can provide those coming after you with something to remember other than material possessions.” In this way, an ethical will or value letter also adds clarity to your intentions detailed in your primary will.
To learn more ways to protect your estate and avoid conflicts, check out our Wealth Matters radio show. If you are involved in a dispute over a will, trust, or estate, call us at 404-892-9797 for a case evaluation.
Gaslowitz Frankel LLC is Georgia’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes, representing individuals, executors, trustees, investors, shareholders, and financial institutions in complex fiduciary disputes involving wills, estates, trusts, guardianships, businesses, and securities.
