Transmission of Values

Estate planning should not merely be about the transmission of wealth but about the transmission of values. Merely getting the most money or the most “chips” to the next generation, or having the most sophisticated legal documents or tax plan, will not assure that your children or other heirs are happy, productive members of society, or that they will contribute to making the world a better place. While the most important step is raising your children properly and with good values, your estate plan can support the transmission of values. This can be even a very simple step. For example, in your will you can leave money to a charity and add a statement that you have done this to demonstrate to your children how important you believe it is to support that charity, or charities in general. Simple steps like this can create a valuable and lasting message. Write a letter of instructions, wishes or an ethical will to your children, and perhaps another to the trustee of any trusts about values that are important to you. If you have religious beliefs those can be, if your wish, incorporated as appropriate into almost every estate planning document. If you create trusts for children (which you probably should) consider authorizing a trustee to make gifts to charity so that the funds bequeathed can also help carry forward your message about values.