Your Will Won’t Work Well . . .

1. When It's Out-of-Date.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
• Trustee can't serve
• Desire to change guardian
• More grandchildren
• Change in giving interests
• Job promotion
• Purchase of life insurance
• New out-of-state property
• Purchase of home
• More property in joint names
• Major change in finances

2. When It's Legally Invalid.

Your will can contain all the information you think you want, and not be worth the paper it's written on. This is more likely to be true if your will is old, or if you tried to cut corners by using generic forms from a stationery store. 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 and possibly deliver your survivors from a nightmare.

3. When 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.

4. When It Fails to Fulfill Your Desires.

Your will should accomplish exactly what you want. Do you want your children to receive their inheritance all at once, or at various intervals? 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 Westminster Canterbury 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 redo your will? If so, we urge you to make an appointment with your attorney as soon as possible. You should be satisfied and confident about your estate plan.

Our Vice President Joe Payne is available to visit with you about any of this. He can review bequest options with you and tell you about other giving possibilities. Please request a brochure about Wills or contact Joe through our Web site at www.wclynchburg.org. Or you can call Joe at (434) 386-3507. Either way you will get information to help you make sure your Will works for you!


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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