People in Springfield are trying something new when planning their estates: ethical wills. Unlike traditional wills, which deal with property and other assets, an ethical will shares values, life lessons and personal stories.
This concept isn’t new – many cultures have roots in this practice – but it’s gaining popularity again as community interest in leaving a legacy beyond material wealth increases.
Why ethical wills can matter
Ethical wills aren’t legally binding documents. They serve as letters to loved ones that share what’s truly important to them. It allows people to:
- Tell family stories and share traditions
- Express love, forgiveness or regret
- Advise younger family members
- Explain why they made certain choices about their estate
Ethical wills can be valuable for people of all ages, but they often hold particular significance for older adults and their families. As people enter their twilight years, they often feel a stronger need to share their wisdom and leave something meaningful behind.
People with aging parents can also find purpose in encouraging the creation of an ethical will. If you’re helping your parents write an ethical will, you can prompt them to:
- Reflect on what matters to them the most
- Choose a format such as a written letter, video or audio recording
- Be honest and open
- Review it and make changes if needed
While not part of formal estate planning, attorneys who discuss ethical wills with clients view these documents as valuable complements to traditional wills and trusts.
Integrating ethical and legal wills
In Illinois, traditional wills must meet specific legal requirements. Ethical wills don’t have these constraints, making them versatile tools for accurately reflecting a family’s values in personal documents.
For example, your father might use his ethical will to tell the story of an old family watch. He can explain where it came from and why it matters. This can help his grandchildren understand the heirloom’s true worth.
Ethical wills aren’t designed to change or replace legal wills. It’s best practice to keep them separate to avoid mix-ups.
If your family is looking for help in creating one, you can look into community centers and libraries that teach how to write ethical wills. Some estate planning attorneys may even advise working with life coaches or writers to help make these documents.
Creating an ethical will is a choice, not a requirement. And every family is different. Whether or not your family can find a deeper connection and sense of peace through an ethical will is up to each member. But if you’re looking for a meaningful way to plan for the future, it might be the missing piece to a loved one’s or your estate plan.