Ethical Wills: New Estate Planning Trend

More and more people are viewing their legacy not only in terms of valuables and money but in terms of intangible, personal values that they can pass on to their loved ones. An “ethical will” complements the usual method of designating wealth through a will or living trust and provides for a holistic approach to estate planning. For some people, the ethical will is a much more important document, because it is a uniquely personal statement of one’s beliefs, ideals and wisdom drawn from a lifetime of experience. These insights provide relatives, children and friends with continuity and a sense of purpose.

In general, an ethical will is a letter, video or DVD of one’s thoughts and feelings. Contents might include reflections into happiness, business success and major life-changing decisions. As families grow, it is a way of preserving family history for future generations.

An ethical will might also refer to the following:

  • Statement of values
  • Life lessons learned
  • Specific events and experiences
  • Personal messages
  • Advice
  • Hopes for the future
  • Favorite books, movies, quotations and places to visit
Many financial professionals are advising their clients to prepare ethical wills during the estate planning process to clarify why certain decisions were made. This awareness can be particularly helpful for a family business by reinforcing collaboration and unity during the transfer of leadership.

As you make or revise your will or living trust, you may begin to think about significant people and organizations that have touched your life. Perhaps the New Mexico Museum of Natural History Foundation is one of these organizations. Including the Foundation in your estate plans will help insure that your interest in science education and research live on at the New Mexico Museum of Natural
History and Science.

For information on how to include the Foundation in your will, or to request the free booklets, Better Estate Planning and Personal Financial Affairs Record, please contact Abigail Eaton, Development Director, at 505-841-2838 or aeaton@naturalhistoryfoundation.com.

 
New Mexico Museum of Natural History Foundation Mission: The New Mexico Museum of Natural History Foundation Inc. is a 501 (c)(3) non-profit corporation whose sole purpose is to further the cultural, educational and scientific programs and purposes of the New Mexico Museum of Natural History & Science. The Foundation will raise and manage funds for the New Mexico Museum of Natural History & Science through a variety of defined fund raising and entrepreneurial activities, and will provide identified services to enhance the programs and mission of the New Mexico Museum of Natural History & Science.