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Your Bequest
to Farm Sanctuary
Legal Designation
Farm
Sanctuary's Restricted Shelter Fund
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It's Out-of-Date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.
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