Special for USA TODAY WITHOUT HAVING WRITTEN AOVE LETTER...
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Q WHAT IS AN ETHICAL WILL? A: The short answer is it’s a love letter to your heirs. The long an- swer is an 800-year-old tradition of creating a letter to your loved ones, setting down evidence of what was important to you. Q WHO MIGHT WANT TO CREATE ONE? A: A person who understands that the most valuable things they have to give are not material. One who wants to share some of their life story in a way that is helpful and enduring but doesn’t want to commit to writing an auto- biography or memoir. Q WHAT IS THE HISTORY OF THE ETHICAL WILL? A: What had always been an oral tradi- tion was first for- malized into a written one in the 12th century, when Jew- ish fathers began writing their sons letters of in- struction about what it meant to live a wor- thy and ethical life. These came to be known as ethical wills. The value of this lov- ing custom resonates today with people of all ages and traditions. Q WHAT IS THE RELATIONSHIP OF AN ETHICAL WILL AND A LEGAL WILL? A: An ethical will is strictly per- sonal. It has no legal weight but as a component of an estate plan can be a instrument for realizing the broadest definition of legacy. Q WHAT COULD YOU INCLUDE IN AN ETHICAL WILL? A: There is no such thing as a stan- dard ethical will. What they have in common is that each author has considered what they want their audience to know without ques- tion and committed to putting it down in an enduring fashion. It Many a person dies without having left behind a document to their heirs that sums up their life, that provides their heirs with a sense of who they really were, what they really stood for and what their values were. But that’s changing. Increasingly, experts are helping older Americans put pen to paper (or finger to key- board) and write something called an ethical will, which is quite different from a standard-issue will people use to pass assets to heirs and loved ones. We asked Susan Turnbull, a principal with Personal Legacy Advisors and author of The Wealth of Your Life: A Step-by-Step Guide for Creating Your Ethical Will, to help readers better understand this thing called an ethical will. might be an expression of love and gratitude or on life experiences that reflect core values and lessons learned. It can be a place to pre- serve information or family sto- ries. Ethical wills are an excellent place to provide explanations of decisions behind an estate plan or charitable bequest or as a place to document the story behind the money. Some take the form of lists of snippets of wisdom or in one case a list of favorite movies. Watch these, its author said, and you will understand me. Q WHAT SHOULD YOU EXCLUDE? A: Language that is criti- cal, negative or control- ling. Ethical wills were meant to be helpful, positive, loving and wise. Q WHAT ARE THE STEPS IN CREATING AN ETHICAL WILL? A: Consider your audience and your primary in- tention in order to find a focus. Ethical wills are usu- ally short, between 1-20 pages. Start by writing something that will come easily to you; for many this is finding words to say thank you. Most importantly, be yourself. The most timeless messages are often the simplest and most straightforward. It is good to think of an ethical will as a work in progress, just as you are. Date and sign what you are work- ing on, make sure it can be found and feel free to add to it or change it as time and inspiration allow. Q MIGHT AN ETHICAL WILL BE SHARED DURING LIFE? A: Yes. Ethical wills are mono- logues but can be even more powerful when they are catalysts for dialogues built on the foun- dation of what was expressed in the ethical will, which are often re- flections difficult to fully articulate face to face. Q WHAT SURPRISES PEOPLE WHO CREATE AN ETHICAL WILL? A: How rewarding and affirming a process it is, grounding them as it does in what brings meaning to their lives. It feels really good. Powell is editor of Retirement Weekly and contributes regularly to USA TODAY, “The Wall Street Journal” and MarketWatch. Email Bob at [email protected]. BE SURE NOT TO DIE WITHOUT HAVING WRITTEN A LOVE LETTER TO YOUR HEIRS Robert Powell Special for USA TODAY GETTY IMAGES/ ISTOCKPHOTO Susan Turn- bull says the impulse to pass on val- ues, stories, wisdom and knowledge is as old as the human race. USA TODAY PERSONAL FINANCE
Transcript of Special for USA TODAY WITHOUT HAVING WRITTEN AOVE LETTER...
Q WHAT IS AN ETHICAL WILL?
A: The short answer is it’s a loveletter to your heirs. The long an-swer is an 800-year-old traditionof creating a letter to your lovedones, setting down evidence ofwhat was important to you.
Q WHO MIGHT WANT TO CREATE ONE?
A: A person who understands thatthe most valuable things they haveto give are not material. One whowants to share some of their lifestory in a way that is helpful andenduring but doesn’t want tocommit to writing an auto-biography or memoir.
Q WHAT IS THEHISTORY OF
THE ETHICAL WILL?A: What had alwaysbeen an oral tradi-tion was first for-malized into awritten one in the12th century, when Jew-ish fathers began writingtheir sons letters of in-struction about whatit meant to live a wor-thy and ethical life.These came to beknown as ethical wills.The value of this lov-ing custom resonatestoday with people of allages and traditions.
Q WHAT IS THERELATIONSHIP
OF AN ETHICAL WILL AND A LEGAL WILL?A: An ethical will is strictly per-sonal. It has no legal weight but asa component of an estate plan canbe a instrument for realizing thebroadest definition of legacy.
Q WHAT COULD YOUINCLUDE IN AN
ETHICAL WILL?A: There is no such thing as a stan-dard ethical will. What they havein common is that each author hasconsidered what they want theiraudience to know without ques-tion and committed to putting itdown in an enduring fashion. It
Many a person dies without having left behind a document totheir heirs that sums up their life, that provides their heirs witha sense of who they really were, what they really stood for andwhat their values were. But that’s changing. Increasingly, expertsare helping older Americans put pen to paper (or finger to key-board) and write something called an ethical will, which is quitedi�erent from a standard-issue will people use to pass assets toheirs and loved ones. We asked Susan Turnbull, a principal withPersonal Legacy Advisors and author of The Wealth of YourLife: A Step-by-Step Guide for Creating Your Ethical Will, tohelp readers better understand this thing called an ethical will.
might be an expression of love andgratitude or on life experiencesthat reflect core values and lessonslearned. It can be a place to pre-serve information or family sto-ries. Ethical wills are an excellentplace to provide explanations ofdecisions behind an estate plan orcharitable bequest or as a place todocument the story behind themoney. Some take the form of listsof snippets of wisdom or in onecase a list of favorite movies.Watch these, its author said, andyou will understand me.
Q WHAT SHOULDYOU EXCLUDE?
A: Language that is criti-cal, negative or control-
ling. Ethical wills weremeant to be helpful, positive,
loving and wise.
Q WHAT ARE THE STEPS IN CREATING
AN ETHICAL WILL?A: Consider your audience
and your primary in-tention in order to find
a focus. Ethical wills are usu-ally short, between 1-20 pages.Start by writing somethingthat will come easily to you;
for many this is finding words tosay thank you. Most importantly,be yourself. The most timelessmessages are often the simplestand most straightforward. It isgood to think of an ethical will as awork in progress, just as you are.Date and sign what you are work-ing on, make sure it can be foundand feel free to add to it or changeit as time and inspiration allow.
Q MIGHT AN ETHICAL WILLBE SHARED DURING LIFE?
A: Yes. Ethical wills are mono-logues but can be even morepowerful when they are catalystsfor dialogues built on the foun-
dation of what was expressed inthe ethical will, which are often re-flections di�cult to fully articulateface to face.
Q WHAT SURPRISES PEOPLEWHO CREATE AN ETHICAL
WILL?A: How rewarding and a�rming aprocess it is, grounding them as itdoes in what brings meaning totheir lives. It feels really good.
Powell is editor of Retirement Weeklyand contributes regularly to USATODAY, “The Wall Street Journal” andMarketWatch. Email Bob at [email protected].
BE SURE NOT TO DIE WITHOUT HAVING WRITTEN
A LOVE LETTER TO YOUR HEIRS
Robert PowellSpecial for USA TODAY
GETTY IMAGES/
ISTOCKPHOTO
Susan Turn-bull says theimpulse topass on val-ues, stories,wisdom andknowledge isas old as thehuman race.
USA TODAY PERSONAL FINANCE
Ever thought about using yourchecking account as a force forgood?
The idea came to Caleb Buch-binder as he and Sioux activists inStanding Rock, S.D., tried to blockconstruction of the $3.8 billionDakota Access Pipeline. Protes-ters say construction will bull-doze sacred land and the pipelinecould endanger Standing RockReservation’s water supply.
Buchbinder decided to hit theproject in the pocketbook by clos-ing his account at Wells Fargo af-ter learning the bank was amongthose providing financing. Hisbalance of about $800 would be,as he put it, “a drop in the buck-et,” but he hoped it would be-come part of something muchbigger. He and other activistsstarted DefundDAPL.org, wherevisitors can log the amount ofmoney they’ve pulled from bankslinked to the pipeline.
For some consumers, especial-ly younger ones, a bank’s check-ing policies or interest ratesmatter less than its values. In re-cent months, social media cam-paigns have led other consumersto switch banks in response tocontroversial social issues.
In an age of brands built onstrong corporate responsibilitymessages, such as Warby Parkereyewear and Toms Shoes, it’s notsurprising consumers would ex-amine banks through a sociallens.
“Consumers today are makingthe connection between theirpersonal financial activities andhow they can align with a finan-cial institution that shares theirvalues,” says Vincent Siciliano,president and CEO of New Re-source Bank, a San Francisco firmfocused on lending to sustainablecompanies and non-profits.
WITHDRAWALS AS PROTESTAt least one banker sees potentialfor a large consumer shift towardvalues-based banking.
“We know how mass move-ments can start and increase andaggregate to something thatmoves hearts and minds — andmarkets,” says Kat Taylor, co-CEO of Beneficial State Bank, aWest Coast firm owned by a foun-dation focused on social and envi-ronmental impacts of thebanking industry. Taylor pointedto DefundDAPL.org, where peo-ple had reported withdrawingmore than $65 million in protestby mid-February.
Municipalities are joining in,too: The City of Seattle recentlyvoted to divest $3 billion fromWells Fargo over its role in thepipeline.
DEPOSITS AS SUPPORTPained by news of raciallycharged killings throughout theU.S. last year, Justin GarrettMoore took steps to align hismoney with his hopes for greatersocial justice.
Last summer, the New YorkCity-based urban planner closedhis account at a national bankand transferred $12,000 to blackfinancial institutions.
He became an advocate for thecampaign perhaps best knownas #BankBlack, posting informa-tion about black banks onBankBlackUSA.org.
Individuals such as Moorehave caused an inflow of funds tominority-owned banks, whichhave struggled in recent years.
“The volume of deposits gener-ated from the #BankBlack move-ment to black banks in 2016 isunprecedented,” says Teri Wil-liams, president and COO ofOneUnited Bank.
The bank, among the largest ofthe 23 black-owned banks in theU.S., gained $20 million in depos-its last year as a result of thepush, Williams says, allowing it tomake $130 million in loans andincrease national sta� by 10%.
WHERE TO BANK INSTEADFinding a bank that fits your val-ues can take a little work.
“If you care about the environ-ment or social justice, then con-sider a values-based bank that ispart of the Global Alliance forBanking on Values,” Sicilianosays.
“If there is no GABV bank inyour area … check out one of thesix B Corp banks around the U.S.”
B Corp banks are for-profitcompanies that have been volun-tarily certified by the nonprofitgroup B Lab as meeting socialand environmental standards.
Taylor suggests consumerslook for an institution that “doesnot maximize overdraft fees,clearly communicates pricing(and) makes loans to businessesand nonprofits that you careabout.”
Her bank has an online toolkitto help any consumers who wantto find such a values-based bank.
Jeanne Lee is asta� writer atNerdWallet, apersonal financewebsite. Email:[email protected]. NerdWallet is aUSA TODAYcontent partnerproviding generalnews, commen-tary and coveragefrom around theWeb. Its contentis producedindependently ofUSA TODAY.
Are you angry enough to switch banks?Jeanne Lee@jlee_jeanneNerdWallet
TOMMASO BODDI, AFP/GETTY IMAGES
Protesters inHollywood,Calif., rally insolidaritywith the peo-ple of Stand-ing Rockagainst WellsFargo on Dec. 21.
Consumerstoday aremakingtheconnectionbetweentheirpersonalfinancialactivitiesand howthey canalign witha financialinstitutionthatsharestheirvalues.”
Vincent Siciliano,president and CEOof New ResourceBank
