REVISION OF WILLS

Evening Post, Volume CXV, Issue 64, 17 March 1933, Page 14

REVISION OF WILLS

THE VALUE OF PUBLICITY

An. illustration of how advertising can assist public welfare and be of important educational value was recently given by Mr. E. F. Ward, manager of the Guardian Trust and Executors Company of New Zealand, Ltd., reports the "New Zealand Herald."

"It is generally recognised in the legal profession and trustee organisations that many wills in existence today are quite inadequate in the light of changed conditions," said Mr. Ward. ""Unfortunately, few of the general public realise this.' It is possible for a man who takes every other step to insure the future of his family and, indeed, makes it the major part of his life's work to build' up an estate on solid foundations for his family's benefit, to jeopardise their future through failure to revise his will in view of changing : conditions of either his finances or his family.

"For instance, in the case of one will which recently'came into effect, testator, who was once a man of large means, specified three or four bequests at the time his will was drawn and the residue to his next of kin. The prior bequests approximated one-fifth of the value of the- estate at the time his will was made. With the passage of years, however, some of the assets in the estate had materially diminished and some even vanished. It was discovered that after the specific bequests were met there would not be one.penny available for testator's family, and this, of course, necessitated an appeal to the Court for adjustment. This is by no means uncommon. In actual practice it frequently occurs that a will, through lack of revision, completely upsets, the testator's intention. Hence the need for educational advertising. - .

' i "Now this is where advertising is of benefit, to the public. It is our duty to use the advertising columns of .the Press to acquaint the public of tho ne,ed for will revision. Not,only does this assist testator and his beneficiaries, but it also simplifies tho problem of administration, for no trustee would welcome taking over an estate where testator's dependants are likely to bo deprived of their inheritance through testator's own neglect to revise his will. The Guardian ,Trust educational campaign stresses the necessity for periodical will revision, and already indications point, to satisfactory results.' Wo are thoroughly convinced of the value of newspaper advertising for our purposes. It seems to us that its uses are innumerable and it has proved the most economical way of getting our message .to the public."