Ethical Wills and Legacy Planning

by Joella Werlin,Founder of Familore

Published by the Oregon State Bar;Oregon Estate Planning and Administration Section Newsletter; Vol. XX, No.2, April 2003.

Excerpt:

In essence, legacy planning is the spiritual dimension of estate planning, taking measures to ensure that one's values and heritage will be preserved for future generations. Other steps include drafting an obituary, specifying funeral and interment arrangements, offering guidance for a memorial service, providing a chronology of life events, documenting provenance of sentimental as well as marketable possessions, and explaining the personal meaning behind bequests and gifts. The monumental act of legacy planning is to record, in some form, one's life story or memoir.

The springboard for legacy planning is an ethical will or a "legacy letter" setting out last thoughts and wishes. (The distinction is fluid; there is no template for either. The concept of an ethical will emerges from religious values; a legacy letter is humanistic, focused on life experience and lessons, remembering mentors, those with close ties and thank yous.) Encouraging a client to engage in this personal and soul-searching endeavor fosters empowerment and dialogue. Empowerment emerges from the process itself. By personally authoring 3-5 pages of final thoughts, one is forced to clarify what is essential and to weigh the meaning and impact of enduring words.

In human affairs, emphasizing practical outcomes of one's search for meaning and affirmation of values may seem to be a contradiction. But legacy planning may be driven by practical considerations, among them as a way of explaining the motivations behind decisions stated in a will.

No argument for the benefits of legacy planning can rest without issuing a caveat and challenge to every attorney who is called upon to draft a will: that first step, to write an ethical will or legacy letter is not simple. You cannot be an advocate without doing it for yourself and understanding what lies in the path.

Contact Joella at jwerlin@familore.com for complete article.