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Values in Estate Planning
When most people consider Estate Planning, their initial concerns are how their assets are going to be protected and distributed and who will make medical decisions for them.
As we get into a more detailed discussion of their families and life style, I usually ask my clients if there are any intangible values they consider to be important and which they would like to pass on to others. At this point they usually get very quiet and say something like “I did not know you could include values in your Trust.”
But Estate Planning, to be truly comprehensive, should always include some statement of your values and what you would truly like others to remember about you. My own parents instilled love, honor, and honesty in me, and I like to think I have begun to pass these values on to my children and grandchildren.
How do I accomplish this?
There are two typical methods to use to discuss your values and pass them on to others. One method is called an ethical will, and the other is to actually place these thoughts in your Trust or Will.
Regardless of how you would like to do this, please click here to contact us about this important part of Estate Planning.
Some values you may wish to include in your Estate Planning
There are many values you may wish to consider. This is a partial list which will help you in beginning your thoughts:
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cultural values such as art, music, travel, etc.
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economic values such as financial responsibility, frugality, savings, etc.
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educational values such as study, self‑improvement, academic achievements, lifelong learning, etc.
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emotional values such as compassion, kindness, generosity, etc.
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ethical values such as honesty, fairness, justice, etc.
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material values such as possessions, social standing, rank and title, etc.
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personal values such as modesty, loyalty, independence, etc.
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philanthropic values such as volunteer work, donations (time and money), etc.
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physical values such as health, relaxation, exercise, appearance, etc.
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public values such as citizenship, community involvement, public service, etc.
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recreational values such as sports, leisure time, hobbies, vacations, etc.
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relationship values such as family, friends, colleagues, etc.
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spiritual values such as faith, belief in God, inner peace, etc.
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work values such as effort, competence, professional recognition and success, etc.