Covenanter Witness Vol. 55 - Rparchives.org

possible,"She considered the girl as her own child, althoughshe had not taken the legal steps to adopt her.Concerned for her foster daughter's care ifanything happened to her, she went to a lawyer tohave a will prepared. She told him that she wantedall her estate to go to the girl, but that she understood she would have to leave $5.00 to the son to cuthim off legally. The lawyer assured her that the$5.00 bequest was not only unnecessary but an insulting provision. It was legal and proper, he said, toleave everything to the foster daughter. When sheagreed, he prepared the will accordingly.After she got home that day, the lady talked toa neighbor about her will. The neighbor insisted thatshe had been right and the lawyer wrong, that shedid indeed have to leave $5.00 to the son to make thewill legal. Helpfully she offered to take the lady toa "good" lawyer the next day to draw a "good" will.On this bit of neighborly advice, the lady tore up thevalid will she had just made.That night she died of a heart attack. Sincethere was no will, all of her estate went to her son,as the state law provided. The foster daughter received nothing.Once you have made a valid will, it states yourwishes as of the time you make it, but it does not alter itself to keep up with new circumstances. If youchange your mind about who is to receive your estate, or if the law changes, or if certain other conditions change, you should change your will. You maydo this by adding a section, called a codicil, to yourwill, or by writing a new one.Perhaps you have left something to an individual who has died since you wrote your will ; you maywant to make another bequest in its place. Perhapsyou have another dependent ; you should be sure thatyour will is written so that it provides for him. Youmay have given away or lost some of the propertymentioned in your will, or you may have acquiredsomething that should be included. To be sure thatyour will reflects these or other changes, you shouldreview it at least once a year with your attorney.A New York businessman has solved this problem by setting December 15 each year for review ofhis will. On that day he goes to his attorney andsays, "Ed, I died last night. How does my will looktoday?"Then they proceed to review the will to seewhether it needs changing as the result of anythingthat happened during the year.In making a will which provides bequests for religious, educational, or philanthropic causes, manypeople do not fully appreciate how far into the futuresuch bequests can carry their influence. The meansby which truly long-term giving can be accomplishedis the investment of a bequest so that it earns income year after year. The actual investment may bedone either by a trustee appointed in the will or bythe organization to which the bequest is made.When a bequest is invested, the principal remains untouched and only the earnings are paid, outfor the purpose the donor had written into his will.Many church and other organizations have set uptrust funds through which bequests are invested sothat year after year they provide relatively highearnings consistent with safety. The Foundation ofthe Presbyterian Church, for instance, has a Corn-October 12, 1955bined Trust Fund, made upof government and corporation bonds and common and preferred stocks,which has earned about 4 per cent on Church investments over the past fifteen years.If a bequest earns 4 per cent a year, it will produce income equal to the full value of the bequestover a twenty-five-year period, while the principalremains untouched and still earning. The Foundationadministers one $15,000 bequest received by thePresbyterian Church in the U.S.A. in 1821, which todate has earned about $80,000 for the Church purposes the donor wrote into his will. Bequests like thisextend the influence of the donor for yearscenturies into the future.evenWhen making bequests to philanthropic or religious organizations, the individual is often temptedto direct that the gift be used for a particular purpose which is dear to him. While this is laudable, itcan cause problems if the purpose is too restrictive.As the years go by, there may no longer be a need fora particular type of aid, but a new need may havearisen one the donor would have recognized as being worthy of his support. If his bequest is too restrictive, it may outlive its usefulness.There is a story, well known to lawyers, about aman who made his way westward in a covered wagonto seek his fortune. He ended his trek in the Midwestwhere he found the opportunity he was looking for,and during the remainder of his life built up an estate of around a quarter of a million dollars. Grateful for his success and anxious to share it with others who might follow him, he directed in his will thatthe money be used to help people in need of aid asthey traveled west in covered wagons.He had no better insight into the future thanwe have today, so he couldn't know that in time therailroads would press west, that there would be stillother forms of transportation, and that covered wagons would become museum pieces. In time, it becameimpossible to use his money for the purpose he intended.The case was brought before the local court. After long delays and expensive litigation, the court decided that the cy pres, or "as nearly asdoctrine should apply. It decreed, therefore, that theestate should be used for assistance to travelers inneed, without regard to their mode of transportationor direction of travel. Whether or not this was theway the donor would have decided, had he been alive,no one knows.Such cases point up the usefulness of the unrestricted bequest. Church organizations and manycharities have continuing governoring bodies whichare in a position to know the year-by-year financialneeds of each of their activities. When a donor makesan undesignated bequest to such a group, he is notnarrowly restricting his gift ; he is giving informed,dedicated people the opportunity to use it in the various ways that will be most helpful for the largercause he wants to support. As the years go by, hisbequest will continue its usefulness as it supports thechanging needs of the organization.Another important point in will-making is theuse of the correct legal name of the organizationwhich is to receive a bequest. It often happens thatunknown to the donor, there are organizations inother places and other types of work which have231