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Money Matters for Seniors
Leaving Behind the Wealth of Life
Ethical wills have
become a growing estate planning tool to ensure legacies for generations
to come.
By Robert Valentine,
Certified Senior Advisor
August 5, 2006 - Many Americans are beginning to
realize there may be a gap in their estate plan. Sure, long-term care
insurance, a living will, a regular will, and other important estate
documents are essential to a comprehensive plan. But how do you make
known your wishes for the financial legacy you leave behind?
A growing estate planning tool being emphasized by religious leaders,
estate planners and financial professionals is the ethical will. You sit
down, talk about your experiences in life, your family history,
relatives, interesting stories, lessons youve learned, and finally,
what youd like to see done with the assets you leave behind.
They are not legally binding documents, but they
serve as a reminder. Numerous books are available on the topic, which
can help you formulate an idea of what exactly you want to say and how
youll say it.
In a recent Harris Interactive poll of 1,200
Americans aged 40 to 59, 77% of those surveyed said that knowing exactly
their parents values was very important, while only 10% said it was
important that they inherited financial assets from their parents.
More and more financial professionals are advising
clients to prepare ethical wills during the estate planning process. An
ethical will is seen as an all-encompassing moral vision for the legal
and financial documents youve prepared. It can save time and hassle, as
well as heart-break, for relatives wanting to learn more about your
life.
But its also about making sure generations to come
can turn to you for advice and wisdom, even if theyve never even met
you. As families grow, so do the stories, the memories and the
struggles. Those stories eventually begin to fall
through the cracks, long-lost relatives fade into history and things are
forgotten. An ethical will sheds light on the past. It keeps the stories
and the memories alive. Most importantly, it leaves behind an example of
the type of life you lived, and what you want your loved ones to know.
An ethical will is certainly not a new concept. The
Bible makes references to several cases of ethical wills being passed on
in some form or another. But with more and more people expected to
become retirees in the next few decades, ethical wills are quickly
taking their place alongside legal and financial documents in the
planning process.
There is more opportunity than ever before to team
up with a financial professional during the estate planning process and
make sure your values, lessons and wishes are known.
The only question is: What are you going to say?
Robert Valentine is a Certified Senior
Advisor in Huntington Beach, CA. He can be reached at (877)
732-2637.
Note: This article was submitted by Robert
Valentine of Financial and Retirement Management. Robert (CA Insurance
Lic #0C23496) is a Registered Representative of and offers securities
through Securities America, Inc., a Registered Broker/Dealer, Member
NASD/SIPC. Advisory services offered through Financial and Retirement
Management, a Registered Investment Advisory firm. Robert is a Certified
Senior Advisor in Huntington Beach, CA. Several of his articles on
financial planning matters that concern investors have been published.
Robert can be reached at (877) 732-2637.
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