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- Title
Life Insurance Enables Intangible Legacies.
- Authors
Lynch, J. Timothy
- Abstract
The article examines the role of the so-called "ethical will" in the estate planning process. These documents, which can be written or videotaped, are legally non-binding declarations made by decedents which are most often used to provide guidance or philosophical observations for their legal heirs. They have been found to have a profound emotional impact on both those who make and receive them. A similar device is the letter of instruction, in which a decedent specifies how, where, and when they would wish to see their physical bequests used, and how they would prefer to see financial bequests managed. These documents also have no formal legal status.
- Subjects
ESTATE planning; DECEDENTS' estates; LEGACIES; WILLS; INCOME in respect of decedent; DEATH &; psychology; PSYCHOLOGY
- Publication
Journal of Financial Service Professionals, 2008, Vol 62, Issue 2, p26
- ISSN
1537-1816
- Publication type
Article