Revision as of 18:57, 11 April 2023 by 154.13.108.111 (talk) (Created page with "Ethical wills are one of our most powerful tools for passing onto loved ones and generations ahead our wishes, memories, traditions and values. Many affluent families are beco...")(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)Ethical wills are one of our most powerful tools for passing onto loved ones and generations ahead our wishes, memories, traditions and values. Many affluent families are becoming increasingly familiar with the concept of passing on the hopes and instructions to family members by means of a written document or perhaps a video recording as ethical wills.A couple of years ago, a movie titled "THE BEST Gift" was predicated on this idea, where James Garner was the character who had passed away, communicated his instructions and requirements on a video tape to the youngest family heir. It had been an effective tool in the movie and helped lead to a very moving story.In life, we experience many of our joys and cherishes within our memories. Those memories are stored in us and when we pass on, so do our memories to share with our loved ones. The memories, great experiences and lessons of our past, the items and people we have been so keen on and, within us, carry deep meaning and relevance.Many times, it might be to our wishes that people shared these things with our family members well into future generations. The wonderful times we distributed to our family members and our friends, the lessons we learned and the things and values that people so dearly hold, we would like to pass onto future generations.An ethical will is an extremely useful tool to do this objective. Ethical wills are not new. They existed even back during the Old Testament biblical times to which it had been a tradition to put together loved ones round the bed of a dying relative. However, in this early period, the ethical will was an oral tradition where the dying family member would tell the loved ones important lessons of life and family stories to carry on in the tradition of these family and future generations.Now days, we utilize ethical wills to pass on these things in a form of a cherished gift to our loved ones. This is a gift in writing that shares great memories, important lessons, values of the family, wishes to be completed, and proud traditions to be passed onto another generation.Quite often, members of families not merely have wonderful memories and lessons to pass onto family members and future generations, but then find it to be it too late to do so because our lives attended to pass or our health has failed and we are no longer able to take time to record these lessons and memories.Writing an ethical will is definitely an emotional challenge since it acknowledges one's mortality and one's past. But an ethical will is really a document that includes heart felt words and involves passing on more than material things and money.Writing an ethical will is not a legal exercise, rather, it is a letter written from the heart sharing your most valued lessons and cherished thoughts. It is a great opportunity to lock in the meaningful reminiscence of days gone by specific to a particular family member or even to all of the children.It ought to be carefully crafted but it does not have any specific formula to adhere to. Furthermore, it is strongly recommended that you write one on a designed and protected document to secure the writings, ensure it is more meaningful, and storable for many generations.Formulating Your Ethical WillAlthough there aren't any specific topics to include in an ethical will, here are several recommended steps and also some suggestions about topics to consider authoring within your document.Suggested Steps:The specific writing of the ethical will is an emotional deep thinking process. There is no need to complete it in one sitting. In fact, it is sometimes recommend that that is something that you revisit over the course of several days. Remember to write it. It is a very meaningful and intimate document that will last for several generations.First suggestion: Pick a quite and private spot to commit you to ultimately for an hour or even more to begin your writing journey. A place that is without interruptions, relatively speaking and a place to where you can sustain inner peace and relaxation. It may sound hokey, nonetheless it is important to take action for yourself.Second suggestion: Don't try to rush it. If you want to put it down after a few years, that's fine. Give on your own time, and further more, begin with a rough draft.Third suggestion: Cover many areas to record your writings from. Here are a few general areas and topics that you might want to consider:Important Family Members in Your Life and What You Remember About Them* What are the considerations you learned from your grandparents?* The great things about your parents and the important lesson* Lessons from your own spouse, children among othersImportant People Outside of Your Family* The two or three most influential people throughout your childhood and how were they influential in impacting the individual you are and your values?* What are the most significant relationships in your life and why?Important Lessons and Experiences in Your Life that you Want Them to Know* What exactly are you grateful for?* The holidays you cherish probably the most and why?* The important values which were passed onto you by your grand parents and/or parents?* What are a number of the things about your heritage that define who you are?* How much of a role does your heritage play that you experienced now?* Stories and experiences about your house town, and how achieved it mold the kind of person which you have become?* What is an important lesson you learned in your early life and how does it continue steadily to influence your beliefs and values? Who or what taught you these lessons?* Did you have an event growing up that was life changing? If that's the case, describe it and explain why it had been significant to you.* What exactly are your deepest feelings you might have for them and or the family and why?Important Accomplishments, Ideas, Values, etc.* What are the things missing in your life?* What are the most important decisions you have made in your life and just why?* Do you know the best decisions you earn in your life and why?* Do you know the worst decisions you have made in your life and why?* Define your definition of success?* In looking to the future, name something you would like to accomplish or happen through the rest you will ever have.* What can you feel are a few of the most important qualities a person needs to live a rewarding life?* What can you feel is really a real measure of success?* What was your greatest challenge throughout your life and what did this experience educate you on?* What are the universal principles that hold your loved ones together?* Describe your proudest moment and how it has affected your life and values.* What are some of the most significant ideas or lessons you want to pass on your children, grandchildren or other loved ones.* That which was the single most important experience of your life and why was it so important to you?* If you could pick three things that your loved ones should remember about you what should those ideas be and why?Philosophy on Money and Wealth* What do you appreciate most about money and why?* What do you fear most about money and why?* What would you like material gifts to be passed to your heirs to accomplish for them and why?* What concerns are you experiencing about the distribution of your material wealth in your legacy and why?* What are the items that concern you probably the most with transferring your wealth?* What do you wish to achieve before you leave this life?* What do you really cherish and love about your daily life?The beginning of the will should address who you are writing it to and why you're writing it in their mind. A very compelling approach is to express your hopes and desires/wishes for the future.What's your vision for the family in the future? How can you want them to remember along the way in their lives, things to look out for, mistakes to avoid, how would you like to see them view and approach life.A good idea is to cover your idea of do you know the important values that you imagine will help them become and continue being exceptional human beings. Maybe include specific family events or memories. Include thoughts and words that have defined your own life.Steve Zeller and Trevor Kern, Advisory Services provided by Zeller Kern Wealth Management among the leading Sacramento Financial Advisor firms and a Registered Investment Adviser. Please visit http://www.zellerkern.com or call 916-436-8270 for more helpful tips on preserving family wealth.