Welcome guest article contributor and friend of McGill Law, Stacie Neussendorfer of Foster Group! Stacie writes below about how your estate and last wishes can be more valuable than just your assets.
I never thought I would experience a pandemic in my lifetime. In fact, it is something I never gave any thought to. Coronavirus has caused many people to reflect on their lives and think about what is truly important. It has devastated our world in ways we couldn’t have imagined. Millions of lives have been lost. Many of those were people who did not have the opportunity to say goodbye to their loved ones one last time.
I spend a lot of my time advising clients about estate planning and the need to have your affairs in order. A few years ago, I met an attorney who has completely changed the way he writes estate plans. It made a lot of sense to me.
He showed me a standard trust document and said, “If the name of the grantor was removed from this document, how would you know whose estate plan it is?” The point he was making, was that wills and trusts are standardized documents, with no personalization or emotions in them. Often, heirs are left looking for answers in these documents that simply aren’t there. He believes you can create an estate plan that covers all the legal bases and is also personalized for the heirs.
This concept isn’t new. It has its origins in the Jewish faith and the writing of ethical wills. Traditionally, ethical wills were documents not intended for publication but written to convey ethical instructions to future generations.
Because most attorneys do not write estate plans that convey the originator’s love or instructions for future generations, I recommend writing a letter to include with your estate plan. This letter can be an expression of beliefs, values, and hopes for the future. It can be an expression of gratitude for how an heir has enriched your life or wisdom that you hope to pass on. For some, it may be a way to request forgiveness or say things you could not find a way to express while alive. It is unique to you and a precious gift to those who receive it.
I realize that writing this letter can be daunting. It’s an emotional exercise and no one really wants to plan for their own demise. However, it may be very cathartic, and heirs who receive these letters may be touched beyond words, treasuring it beyond anything else they receive.
In the end, your legacy is the lasting influence of the gifts you give, both during your lifetime and when you are gone. What do you want yours to be?
