Values are important to pass down.
These are integral to who you are.
They influence how you see the world.
They are the cornerstones of our lives.
According to a recent Investment News article titled “Advisers use ethical wills to look beyond client assets,” you should plan to leave these as well as your assets.
Through an ethical will.
What is an ethical will?
It essentially includes a legacy letter.
In this letter you can explain to loved ones the “why” behind the distributions in your estate plan.
By explaining your rationale and passing along your wisdom, you will also decrease confusion and dissatisfaction with those distributions.
This is not a binding legal document.
It does not take the place of a will or trust.
It merely supplements a formal will or trust.
This extra step can make a world of difference after you have passed, especially when it comes to preventing family discord.
And that is priceless.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Investment News (June 19, 2018) “Advisers use ethical wills to look beyond client assets”