Ethical Will

Well ...you have finished your financial planning and now you also have a legal will and a living will. Great! But not yet! They are not going to let you finish that 'what to do' list. From their bag comes out another estate planning tool -- the so-called ethical will.

Lawyers and financial advisers are seeing more and more interest in ethical wills, documents that stipulate the general life guidance you'd like your heirs to follow. If you want your kids to attend college, if you want your kids to avoid drugs or to be religious, you may scribble your wish into this. Ethicalwill.com is a site that can give you more information about this.

Ethical wills have no legal validity but its business is gaining more and more ground throughout USA. Of course, imparting a legacy of values doesn't come cheap. Consultation fees average around $350. So, we think a much better option would be to avoid the fee and simply tell your heirs about your values by spending some quality time with them -- it's a much more rewarding option. Verbal communication is always better than written document, especially if the latter does not have any legal value.