How a Daughter's Death Prompted a Rethink of Ethical Wills and Family Legacy
After losing his daughter Cara, the author rewrote his ethical will, realizing it should capture values and lessons, not just serve as a backup plan.
The loss of his daughter Cara compelled the author to overhaul his ethical will, revealing that the document is meant to convey personal values rather than act as a mere contingency. He notes that while families spend vast resources on financial succession, they often overlook the transmission of the principles that gave that wealth meaning. With an anticipated $84 trillion shifting between generations by 2045, he stresses the importance of deliberately planning for the transfer of judgment and perspective.
The ethical will, a non-legal complement to traditional estate plans, records family history, mistakes, influences, and hard-won lessons. Drawing on guidance from pioneer Susan Turnbull, he first drafted his will in 2007 and now treats it as a living document that must be revisited. He reflects on the teachings from grandparents, parents, spouse Jill, and mentors, illustrating how these experiences compound over time. Ultimately, he urges others to start simple, focusing on personal stories and the origins of their core values.
Why it matters
It highlights the need to preserve family values and life lessons alongside financial assets for future generations.
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