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Planned Giving Article: "A Valid Will: Your Will Won't Work Well When"

It's Out-of-Date

How old is your will? Have you reviewed it in the last three years? If not, chances are it could use some attention. A number of personal factors can affect your will: Things like changes in income, employment, family size, or marital status. External factors, such as new federal or state laws, can also require the revision of your will. Have any of the following things occurred in the last few years?>

• Move to another state
• New business venture
• Children less dependent
• Death in family
• Serious illness in family
• Marriage or divorce
• Birth of child
• Executor can't serve
• More grandchildren
• Purchase of life insurance
• New out-of-state property
• Purchase of home
• Job promotion

It's Legally Invalid

Your will can contain all the information you want, and still not be valid. This is more likely to be true if your will is old. A will can be invalid if it is unsigned or witnessed improperly.

There's just no substitute for having a competent attorney involved. In the short run, it may cost you a bit more, but it will certainly provide greater peace of mind.

It Conflicts With Other Plans

Your will should be coordinated with your other estate transfer documents. For example, insurance proceeds and brokerage accounts pass outside the will to the named beneficiaries. Pension funds are also distributed outside the will. A will that truly works well will take all of these other assets into consideration.

It Fails to Fulfill Your Desires

Your will should accomplish exactly what you want. Do you want your charitable gifts to be used for unrestricted purposes, or do you want to earmark the funds to meet specific needs? Do you want to give Farm Sanctuary a percentage of your estate, or a set amount?

Perhaps you didn't know all the options when you signed your will. Later, you discovered other ways to make your bequests. You may feel dissatisfied with your will. It may work as a legal document, but fail to work well as the expression of your true desires.

Is it time to rework your will? If so, we urge you to make an appointment with your attorney as soon as possible. You should be satisfied and confident with your estate plan.