What research will support the practice of doing the Personal Legacy Plan?

In 2005, a study by Allianz found that leaving a legacy (an emotional inheritance) was far more important to peoples than leaving an inheritance, and that 77% of both “baby boomers” and their parents rated “values and life lessons” as the most important legacy they could receive or leave. Only 10% of boomers said that financial assets or real estate were important as an inheritance. The study concluded that money is a ‘minor’ component of legacy to parents and their heirs. "Many people wrongly assume that the most important issue among families is money and wealth transfer -- it's not," said Ken Dychtwald, a gerontologist, and designer of the survey. "What we found was the memories, stories and the personal values were 10 times more important to people than the money."

The phenomenon of sudden wealth also is driving some to consider what Michael J.A. Smith, a managing director of Deutsche Bank in New York, calls “social capital.” The patriarch or matriarch often wants to come up with a family mission statement,” tantamount to an ethical will or emotional will.

A growing number of estate planners find that clients want their wills to have a more soulful component. Timothy Mininger, a certified senior adviser and vice president at Univest Corp. in Souderton,

A study by respected author/advisors, Roy Williams & Vic Priesser went into the issue of ‘what are the most critical risks that you face.’ They asked over 3,250 families who had lost their wealth, “so, what was it that actually got you?” 60% replied that it was lack of communication and trust in the family, 25% said unprepared heirs. Less than 3% said poor planning and investments had brought about their wealth loss. These two studies highlight the knowledge gap between the factors that conventional wisdom says causes the loss of assets and unity, versus what actually happens in real life. The Williams & Priesser study further supports the conclusion that building and enhancing trust and facilitating effective communication within the family are foundational keys to family success.

Andrew McDonald in this great work gives a clear picture of how important our purpose is, not only to our lives, but also the life of those who come after us. His focus on the role of the “Emotional Will” is a master stroke of literary genius that motivates us to live life to its fullest. Dr. Myles E. Munroe...BFM International, Nassau Bahamas.

Marc H. Benson, president of Hamlet Village (Hospice), ethical wills go a "quantum leap" beyond legal wills. The patients are able to share - in a lasting, tangible way - the wisdom and experience they have gained over eight, nine, sometimes 10 decades," he said.

In one of Pennebaker's experiments (Pennebaker 1997), people who wrote about their deep feelings showed strikingly improved immune functions based on blood tests. It is logical to assume that the preparation of an Emotional will may also offer similar benefits. James W. Pennebaker, a Professor of Psychology at the University of Texas,

The experience of working on the ethical will has, in our experience, been a universally positive emotional experience for our clients, providing an often unexpected sense of clarity - “Expanding the Lawyer’s Toolbox” written by Scott E. Friedman and Dr. Alan G. Weinstein. Ph.D, holds a professorship in management and entrepreneurship at the Wehle School of Business, Canisius College, Buffalo, N.Y.

A parent’s insight, knowledge and wisdom are the most important assets they can transfer to a child. The ethical will is a wonderful tool that all lawyers should become aware of and use in their professional practice to help their clients share insight and wisdom with children, friends and favourite organizations. Scott E. Friedman, a managing partner at Lippes Mathias Wexler Friedman LLP, Buffalo, N.Y.

The only way to truly share your values and life experiences will be to find a sustainable product to carry them far into the future. The “ultimate estate plan” is that product. Andrew McDonald, author of “Record your Past – Lead the Future”.

''Most people in this will-writing process are already thinking in this direction. You can't be making your will without thinking about where you started and how you got where you are,'' said Stein, who writes an occasional column for the Boston Globe, USA.

''What we've seen in the recent technology boom and then bust is that people tend to reflect quite a bit more on the meaning of life, what their real values are, and what they want to pass along to their kids,'' said business lawyer, Stephen L. Palmer of Boston.

"I have learned that ethical wills have the power to make people confront the ultimate choices that they must make in their lives. They can make people who are usually too preoccupied with earning a living stop and consider what they are living for." Rabbi Jack Riemer of the 1991 book “So That Your Values Live On”