Joseph P.L.'s ABCs of a Good Will

Most people seem to agree that having a Last Will and Testament is important . . . and that every will, to be worthwhile, needs to be good.

If this is so, the question naturally arises: What makes a will good? How does one know whether his or her will is right?

Here are three features that help to answer these questions. Apply them to your own situation to discover whether or not your will can accomplish what you expect it to do.

Accurate. A good will conforms to the legal requirements of the state in which you reside. It is prepared and signed correctly, and it fully expresses your desires regarding the disposition of your estate. It also adequately cares for such things as guardianships, trusts and trustees, business succession, final declarations and other important matters your situation may require. When your will is completed and tucked away for safekeeping, you want to have the confidence that it was done accurately.

Benevolent. A good will does good. That is, it addresses the needs of your spouse, dependents and others who are within the circle of your responsibility. Further, it does good by providing support for those organizations that reflect your most important values and concerns. We at Westminster Canterbury would like to think that includes us for things like the Fellowship Endowment Fund, the General Endowment Fund, and the Restricted Purpose Fund.

Current. A good will is up-to-date. It incorporates the most recent changes in tax law and reflects changes in your own life. Actually, professional advisors recommend that you review your will at least once a year. For example, you may no longer have minor children at home, and perhaps someone close to you has died or become dependent. You may have new grandchildren, and changes may have occurred financially that have changed your estate tax status. Whatever the case, it's mighty good to have a current will.

Westminster Canterbury has helpful brochures we would like to send you free of charge. They include a checklist for reviewing your will, as well as important information about other facets of estate planning. To receive your copy, contact Joe Payne, Vice President, by calling (434) 386-3507. You may also contact us through our Web site at http://www.wclynchburg.org.

Call Joseph P.L. Payne at (434) 386-3507 to confidentially discuss the planned giving opportunities at Westminster Canterbury or contact us by email with your questions.

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