How Ethical Are "Ethical Wills"?
Nicholas Johnson
News Interview
WQAD-TV8
Broadcast May 19, 2002, 10:00 p.m.
Dr. Barry Baines (Voiceover): I hope you continue the traditions and faith.
Mark Martin: It’s not a passage from the Bible.
Dr. Barry Baines (Voiceover): Sometimes you can learn more from a mistake than from always doing everything right.
Mark Martin: It’s part of an ethical will, an ancient Hebrew tradition that’s making a comeback. An ethical will is an expression of the values, traditions and spiritual convictions you want to pass on to your children. They’re written by people at turning points in their lives, turning points like September 11.
Dr. Barry Baines: A lot of people like myself are realizing that there is more to life than just the material assets we accumulate.
Mark Martin: Dr. Barry Baines wrote an ethical will for his family.
Voice: I thought it captured a lot of his spirit.
Marsha Brier: We absolutely have been seeing a significant trend, I think in part because of 9-11.
Mark Martin: Marsha Brier and Helene Stein began writing ethical wills for people a year ago. They say it’s about passing on your personal legacy.
Helene Stein: It’s not an attempt to legislate from the grave.
Mark Martin: While they’re referred to as “ethical wills,” these documents are not legally binding. There’s no property attached to them, so they can’t be enforced.
Nicholas Johnson: The other thing that concerns me --
Mark Martin: University of Iowa Law Professor Nicholas Johnson says writing down your ethics and values is harmless. But he believes that calling this document a “will” may confuse people.
Nicholas Johnson: It would be unfortunate if anyone thought that, as a result of paying a lot of money for something called an “ethical will,” they no longer needed a will prepared by a lawyer.
Mark Martin: Some legal experts believe that could lead to a lawsuit. Ethical wills are not cheap. One legacy service charges anywhere from $2,500 to $7,500 to help you put your feelings on paper.
Nicholas Johnson: I would question the ethics of anyone who would charge $2,500 to $7,500 to write up my ethics.
Dr. Barry Baines: No surprises there.
Mark Martin: Barry knows his ethical will won’t provide financial stability for his family; his legal will takes care of that. But he’s hoping this personal statement will give them something money can’t buy.
Dr. Barry Baines: If I do go off to work one day and never come back, they still will have something that I think will be a true legacy of who I am as a person.
Mark Martin: On special assignment, Mark Martin, News Channel 8.
Broadcaster: And if you’d like more information
on writing an ethical will, just simply log onto our website at www.wqad.com.