What is an Ethical Will and Should I have One?

Many people consider transferring their wealth by preparing a traditional Last Will and Testament. A recent article stated that unless parents "transfer" proper social values to their children, seventy (70%) percent of their transferred wealth will dissipate within two (2) generations and ninety (90%) percent will disappear within three (3) generations.

Hopefully, many of these proper social and moral values are thoroughly conveyed to our children during the the course of parenthood. However, we can reinforce these traits to our children (and future generations) after we pass away by preparing an ethical will. The ethical will is an ancient practice whose use has seen a revival in recent years.

The ethical will is an ancient document from the Judeo-Christian tradition. The first use of an ethical will can be found in the Bible (Genesis 49:1-33); there, a dying Jacob gathered his sons to offer them his blessing and to make certain requests of them. The tradition of preparing ethical wills has continued since that time.

Today, ethical wills are written by both men and women of every age, ethnicity, faith, tradition, economic circumstance and educational level. Noted physician and author, Andrew Weil, MD, promotes preparing an "ethical will as a gift of spiritual health." Dr. Weil believes that the ethical will's "main importance is what it gives the writer in the midst of life." The goal of writing an ethical will is to link a person to both their family and cultural history, clarify their ethical and spiritual values, and communicate a legacy to future generations; it addresses people's universal needs. Writing an ethical will clarifies identity and focuses life purpose.

The content of an ethical will may not differ from one's spiritual autobiographies or memoirs, but the intent makes an ethical will unique. One prepares an ethical will to pass on wisdom and love to future generations. One's ethical will may include the following:

● family history and cultural and spiritual values;
● blessings and expressions of love for, pride in, hopes and dreams for children and grandchildren;
● life-lessons and wisdom of life experience; requests for forgiveness for regretted actions;
● the rationale for philanthropic and personal financial decisions;
● stories about the meaningful personal items that heirs are to receive; and
● requests for ways to be remembered after death.

Examples of ethical wills can be found here.

Gary B. Cornick, Esq., who has offices in Somerville and New Brunswick, New Jersey, concentrates in the practice of elder law, Medicaid law, estate planning, guardianship, estate litigation and probate administration.   He lectures to seniors, senior organizations and lawyers throughout New Jersey.  Mr. Cornick is a member of National Academy of Elder Law Attorneys, New Jersey Bar Association, Somerset County Bar Association, New Jersey Bar Association Elder Law Committee, Somerset County Bar Elder Law Committee, and a co-chair of the Middlesex County Bar Association Elder Law Section.  Mr. Cornick can be reached by telephone at  (908) 253-0404.  The firm website is located at www.cornicklaw.com.