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Ethical Will Gives Chance to Explain Yourself
By Lawrence D. Schuffman, Bank Note Reporter
November 30, 2007 |
What type of legacy as well as story do you wish to leave behind? How did you get started collecting and why? What item(s) brought the most joy and pride of ownership and how did you come to acquire them?
You need to leave detailed instructions to your family.
You may at this point say: "They'll know what to do!" Will they? Maybe not.
On several occasions over the past three months, I have met with children and or grandchildren of a now deceased collector who came upon a "pile of old stuff" (coin or currency collection, stamps, historic papers, etc.) and neither have any use for nor know what to do with it or who to see about it. Has this happened to you?
In most cases these collections were put together over a long period of time, the subject of pampering and tender loving care and great pride. It truly breaks my heart to see a beautiful collection get put up on an Internet bidding service, dropped off at the bank (yes, this happens!) or sold for less than a fair value.
Fellow collectors, I am suggesting to you a type of estate planning that anyone can do.
When most people think about estate planning, they envision trusts, trustees, wills, executors, lawyers, CPAs and all the other papers and financial advisors associated with providing for loved ones. Of course, all this is necessary. But there is something you can do on your own, and modify whenever you wish, that will outlast the largest estate.
Write an ethical will.
An ethical will is a piece of you - a legacy of your life - a kind of a farewell or love letter to your family. It is a way for you to tell your family and future generations about your experiences, about decisions you've made and about the moral standards you hope they will inherit from you (as well as your collection).
How You Get Started
There is no right or wrong way to start. You can begin with something that happened today or go back to your childhood. Just let it come from the heart and the words will flow.
You can make it as short or as long as you wish.
You could include stories about your ancestors, people or events that shaped your life (and collection), previously untold tales, or even things that you did which you now regret. And it doesn't even need to be in writing. You could record it on a simple tape player or in front of a video camera.
Besides offering guidance to heirs, an ethical will is a way of creating something of meaning that you wish to pass on and will survive after you're gone.
Telling Someone
After you compose your ethical will, make sure someone knows about it. You should tell a close friend, your attorney, or trusted family member where it is, who should receive it and when they should read it.
What a wonderful legacy to share!
Lawrence D. Schuffman, MSFS, CFPTM, CLU, holds a master's degree in Financial Services and specializes in estate and retirement planning through Summit Financial Services, Inc., located in Parsippany, N.J. He is an adjunct professor at Montclair State University of New Jersey. He may be reached at (973) 978-9757 or via e-mail address Libertyloanbond@optonline.net.
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