Creating an ethical will as part of an estate plan

An ethical will is one way that New Jersey residents who are creating an estate plan may pass on their values to their family. It is separate from the will and other estate planning documents and might be thought of as a letter to family members describing the most important challenges and lessons of a person's life. While not legally binding, it may be an important part of an estate plan for some people.

Other important components of an estate plan include wills, powers of attorney and health care directives. A will may appoint guardians for minor children and describe how assets should be distributed among loved ones. The other two documents make provisions in case a person becomes incapacitated. A power of attorney names someone to handle the financial aspects of a person's estate if they are unable to do so while a health care directive and health care power of attorney chooses someone to manage a person's medical situation and leaves information about a person's wishes for their health care.

A revocable living trust may be used in place of a will to keep the estate out of probate and may be useful in some situations. Some assets might be passed down using beneficiary designations.

Creating an estate plan is a way of helping loved ones not just financially but emotionally. An estate plan that makes a person's wishes clear may reduce the likelihood of conflict. People might want to discuss their estate plan and their rationale for that plan with family members. This is an additional way for them to pass on their values as well.

No Comments

Leave a comment
Comment Information
Email Us For A Response

How We Can Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Lanza & Lanza LLP

Lanza & Lanza LLP
5 Main Street
Flemington, NJ 08822

Phone: 908-905-0183
Fax: 908-782-4012
Flemington Law Office Map

Phone Numbers:

Review Us