Passing on assets and saving on taxes are viewed as the hallmark of estate planning. But as we often share with clients, there are many intangible aspects to long-term planning that are often even more valuable that homes, cars, and savings accounts. A legacy.
An important part of many elder law estate plans is an “ethical will.” This refers to non-legally binding document that shares values to friends and loved ones. An ethical will is about one’s legacy, sharing information about one’s life purpose and reminding family members of morals and cherished principles.
Leaving a Legacy in the 21st Century
Ethical wills made their way into Shakespearean plays and existed in various forms in ancient Rome and Greece. The world has changed dramatically over the centuries, and that includes the way a legacy is left to others. In fact, with the proliferation on various online account and social media services, more and more individuals are finding out how one can become “immortal” online.
An interesting story last week discusses how the permanence of one’s online life can come as both a comfort or burden to surviving family members. For example one adult son explained the stress that comes on his mother’s birthday every year–as old friends post Facebook messages, sending well wishes without knowing that she passed away three years ago. On the other hand, Facebook allows pages to become “memorialized” serving as a slightly more appropriate setting.
It is critical to think ahead about how these pages will be preserved. Considering their permanence, they will undeniably become a key component to your long-term legacy. There are no one-size-fits-all approaches to handling an online legacy. There are many different questions that you should consider, perhaps putting the details down in writing to ensure it all works as requested. Some things to consider include:
**Should someone have access to your email account after your passing?
**What should happen to your Facebook page? Should it be deleted, turned into a “memorial” or managed by another person?
**Are there any online photos, comments, or conversations that you would like shared or deleted?
**Would you feel comfortable using a special online legacy account, such as Legacy Locker?
**Should another have access to your online purchase record, at Amazon, ebay, or similar retailers?
Preserving an online legacy and creating an ethical will is a reminder of the comprehensive nature of estate planning. Doing this work is far more than just filling in the blanks on legal forms. It requires careful consideration about long-term goals, understanding of intricate legal details, and honest consideration about the most treasured values in one’s life. For help crafting a comprehensive elder law estate plan throughout New York, please contact our experienced legal professionals today.