Once you begin planning your family charitable legacy, many people find it meaningful to create a legacy letter or ethical will to leave for their loved ones.
What is a legacy letter?
A legacy letter (sometimes referred to as an ethical will) is a message for family members that offers insight into your values and the charitable causes you are passionate about, as well as guidance on the central role philanthropy can play in living out those values.
When should I write a legacy letter?
There’s no wrong time to begin writing a legacy letter–you can always replace it with updated drafts communicating your values and life experiences. In general, when you are updating your will and engaged in estate planning, that’s a good time to reflect on your family’s values and charitable legacy and begin writing a legacy letter for your children or other important people in your life.
How to write a legacy letter
Writing a legacy letter is an ongoing process. You will likely revise this several times before finalizing a version for your heirs.
STEP 1: Decide whom you wish to address.
Typically, you will address a legacy letter to your entire family; however, you can also tailor versions of your letter to specific people.
STEP 2: Select a format.
There are three main formats you can use:
- Essay. Essay-style ethical wills have an introduction, a body and a conclusion. They tend to be two or more pages in length.
- Letter. This style is formatted just like a personal letter. It is addressed to a person or group of people, and it has a greeting, a body of text and a signature.
- Creative. A creative approach to an ethical will may consist of a poem, video or scrapbook.
STEP 3: Develop your key messages and describe your hopes for the future.
Begin your legacy letter with a heartfelt message to family members about your values, what you stand for and what is important to you. You may wish to:
- Describe important influences, such as family, friends, teachers, mentors, organizations and others who have shaped your life.
- Review significant events in history and in your life that have shaped your worldview.
- List key values that you live by.
- Articulate what drives your charitable giving now, and reflect on how it may have changed or evolved over time.
- List the organizations you support and share why you have chosen to fund their work.
- Describe the impact of this legacy.
Questions to consider as you draft your legacy letter:
- What is the most important message you want to leave for your family?
- What wisdom did you gain from your grandparents and parents that you wish to pass on?
- What are you grateful for?
- What are some of your most treasured memories? Favorite family traditions? Accomplishments? Mistakes you want others to learn from?
- What are your wishes for your family and loved ones’ future?
Take notes on these reflections.
STEP 4: Start writing.
Carve out undisturbed time to sit and write the first draft of your legacy letter. During this first round, don’t worry about format or flow; just getting your thoughts on paper is the goal. Then you will have a basic document from which to work.
STEP 5: Reflect and revise.
Take time to reflect on what you have created, and revise it several times until you feel comfortable with the final product. Let your family hear your character come through in your words.
Are you ready to start planning your charitable legacy? JCF can help. Contact us to learn more.