Solo Practice

Estate Planning Component: Ethical Wills

By Michael Grossman

As I’m beginning my estate planning practice, I’m always looking for something to set me apart from the tremendous pack of talented estate planners that already exist. As a newcomer to the field, I’m obviously starting small and focusing on estates that do not need complicated tax planning incorporated into their needs.

When speaking with potential estate planning clients, I emphasize a complete estate planning process that includes issues relating to children, power of attorney declarations and a clear statement of health care intentions. A complete package of all possible estate planning documents will lead to a rather thick binder of documents. The size alone can lead a client to feeling at ease with their financial and legal well-being.

One more document that I think I’ll begin to discuss with clients and encourage them to incorporate into their estate plan at their leisure will be an Ethical Will. Kevin Kelly, on his blog Cool Tools, highlights this book that discusses the concept. Essential it’s a letter to be read after one has passsed away, leaving a lasting record of thoughts, values and anecdotes. It’s not unlike a brief and edited diary I suppose, minus the locked book hidden underneath unmentionables within your clothes drawer.

I’ve been trying to write a letter to my sons for their birthdays, sort of documenting the time that they turning a particular age. Well… due mostly to procrastination I haven’t done this - yet. I’ll actually finish one when they turn three this upcoming April. An Ethical Wills seems like a nice way to sum up additional thoughts that hopefully will not be ready for many years to come. And for those of us without enough fame or legacy to have our own statue, perhaps an Ethical Will will suffice.

Full post as published by Practical Lawyering on October 11, 2007 (boomark / email).