Some Thoughts about your future finances
Comments by Darrel Whitcomb, BOD member
" As we all enter our senior years, we need to think about our Wills. If you might consider leaving a donation to the FAC Association, here is the way to do it.
This was discussed at our May 2011 San Antonio Board of Directors meeting and has been coordinated with our Association attorney, JD Caven, and our Treasurer, Bob Gorman. “
Now, before you do anything:
Some advice from JD
“Guys, do not do anything to your will or trust before reading below!
First let's talk about wills. A will may be changed through another legal writing called a codicil. If you have an existing will and want to donate a gift to the FAC Association, you must use a codicil. Normally, a codicil must be typed or printed with a formal heading. The text of the codicil then identifies the date of the original will and sets out the changes made. A codicil must also be signed, dated and witnessed just like a will. You must sign the codicil in the presence of two or three witnesses who are told it is a codicil to your existing will. The witnesses to the codicil do not have to be the people who witnessed your will but it is a good idea to use them if they are still available. Since the codicil has to be executed just like your will, you usually are better off just having a new will prepared including the changes you want made. If you write on your existing will, you may invalidate it. Laws differ from state to state but most, if not all, disfavor modifying existing wills with hand-written additions or changes. Your best course of action is to seek the advice of an attorney licensed to practice in the state where your will was created to find the proper way to modify it. If the attorney who created it is still in practice, he or she might prepare the codicil for you at little or no cost.
If you have a trust, it may be changed through an amendment. This is a legal document, signed and witnessed with the same formality as your original Trust Agreement, that changes specific provisions of your trust, while leaving all the other terms of your trust exactly as they originally were. Again, an amendment should be typed or printed with a formal heading. The text of the amendment then identifies the date of the original trust and sets out the changes made. An amendment should also be signed, dated and witnessed just like your trust. Again, I strongly urge you to seek the assistance of an attorney to create an amendment to your existing trust.
I am not trying to drum up business for attorneys, but changing important documents such as wills or trusts can create tremendous problems for your heirs if not done properly. I doubt if many of you are familiar with the archaic rules for estate planning like the doctrine of the Fertile Octogenarian or, even more difficult, the Rule Against Perpetuities. If you screw it up yourself, you are going to need an attorney to try to clean up your mess. If the attorney screws it up, at least your heirs can try to recover through a malpractice action. “
J. D. Caven, Esq.
Covey 569/Covey 96/Nail 51
'71 - '74
When you're ready to proceed:
Step 1. Have the following statement inserted/added to your Will:
For Unspecified Purpose:
"I hereby give, devise, and bequeath to the Forward Air Controller's Association, a nonprofit, charitable corporation, the sum of _________________ Dollars ($_______) (or shares of _______ stock or whatever the gift is) to be used at the discretion of the Board of Directors of the Association for the general purposes of the Association.
Should the Association no longer exist at the time of my death, this bequest shall be null and void and the gift shall become part of the rest and residue of my estate."
For Specified Purpose:
"I hereby give, devise and bequeath to the Forward Air Controller's Association, a nonprofit, charitable corporation, the sum of ________________ ($_____) Dollars (or shares of _______ stock or whatever the gift is) to be used for __________________________ (state the purpose).
It is understood and agreed that should the purpose for which this bequest is instituted cease to exist, then the Association may devote said bequest for such other purposes as it determines to be in accordance with my original intent in making this gift. Should the Association no longer exist at the time of my demise, this bequest shall be null and void and the gift shall become part of the rest and residue of my estate."
The donation should be sent to:
FORWARD AIR CONTROLLERS ASSOCIATION INCORPORATED
c/o Robert E Gorman, Treasurer
3416 Broken Hill St
Newbury Park, CA 91320-5501
Note: The EIN number is the federal tax ID number assigned to the FAC ASSOCIATION.