Easy Questions  
Free Legal Documents

Limitations of a Will in Albany, NY

Limitations of a Will in Albany, NY


A hundred years from now it will not matter what my bank account was, the sort of house I lived in, or the kind of car I drove...but the world may be different because I was important in the life of a child.
 
- Forest E. Witcraft


Wills are a wonderful way of addressing the needs of loved ones in state planning but not all can be carried out by your will.

What a will won't do includes the following:

Bequeath Certain Kinds of Assets or Property. You cannot use your will to leave:

• Property that is in the living trust

• Life insurance policy proceeds that has a beneficiary in it

• Money in the retirement plan that has beneficiary indicated in its forms.

• Stocks or bonds held in beneficiary and has transfer-on-death or TOD form. If you want to change the beneficiary, contact the brokerage company

• Money in a payable-on-death bank account.

• Joint tenancy. Leaving a property that is not entirely yours but is co-owned with someone else automatically transfers the entire property to the surviving co-owner. Your share that was indicated in your will can only go to it beneficiary if the all owners of the property dies simultaneously.

Direct Funeral Arrangements

It would be wise to make separate documents regarding your wishes and inform your executor its location when needed. It sometimes takes days or weeks for a will to surface after death and memorial services or wishes indicated may not be executed.

Reduce Estate Tax

Having a will won't help evade taxes. If you are expecting your estate to owe federal taxes, start taking steps to decrease your tax liability. In terms of tax bills, there are many trusts that can reduce or for postpone it.

Avoid Probate

Establishing the validity of a will can take months or years of being tied up in a probate court before final contribution of the property commences.

Apply Certain Conditions on Gifts

A gift that is awarded via a will should not contain condition attached like a contingent on marriage, divorce or change of religion of the receiver. You can only include lesser influences like leaving money for a certain person when he goes to college. Making conditional gifts can sometimes open a can of worms because questions will arise as to who will enforce the wills' condition and for how long.

Leave Money for Illegal Purpose

This is a rare situation, but you cannot allocate money for use on something illegal.

Arrange to Care for a Special Need Beneficiary

Long term care for someone with special needs will be better off in a trust that is tailored to the persons' needs. It will not jeopardize government benefits as well as it can provide extra income for the person and its family that can be use in his care.

Leave Money to Pets

Pets should be left to new owners who will take care of them. Leave the money to them to help with your pets' related expenses. Pets cannot own property so leaving property directly to them is not a good idea. Trust are allow in some other states but won't be necessary if you have confidence in the person whom you left your pet(s) with after you pass away.
 
Edit, Download, & Print a Free
New York Last Will
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Edit, Download, & Print a Free
New York Power of Attorney
Page 1
Page 2
Page 3
Page 4
Page 5
 
Edit, Download, & Print a Free
New York Living Trust
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Related Legal Services near Albany, NY
Bosman and Associates Pll
1 Executive Centre Dr
Albany, NY 12203
(518) 464-9958
General Practice Attorneys, Legal Service Plans, Attorneys
Ford Jr Donald P
20 Corporate Woods Blvd # 7
Albany, NY 12211
(518) 455-9952
General Practice Attorneys, Attorneys
Monroe Kelly M
20 Corporate Woods Blvd # 7
Albany, NY 12211
(518) 455-9952
General Practice Attorneys, Attorneys
Jeffers F Patrick
435 New Karner Rd
Albany, NY 12205
(518) 464-9874
Attorneys, Legal Service Plans
Maguire Richard R
16 Sage Est # 208
Albany, NY 12204
(518) 434-9807
General Practice Attorneys, Attorneys
Ganz Wolkenbreit Friedman LLP
1 Columbia Cirste 2
Albany, NY 12203
(518) 869-9500
Legal Service Plans, Business Litigation Attorneys, Collection Law Attorneys, General Practice Attor
Carey Beth E
1 Columbia Cir
Albany, NY 12203
(518) 869-9500
Probate Law Attorneys, Attorneys
Roche Robert
36 S Pearl St
Albany, NY 12207
(518) 436-9370
General Practice Attorneys, Attorneys, Legal Service Plans
Brousseau, Shawn F - Napierski Vandenburgh & Napier
296 Washington Avenue Ext
Albany, NY 12203
(518) 862-9292
Attorneys, Legal Service Plans
Dolan Mark J
296 Washington Avenue Ext
Albany, NY 12203
(518) 862-9292
General Practice Attorneys, Attorneys
The Rose Law Firm P
501 New Karner Rd Ste 7
Albany, NY 12205
(518) 869-9200
General Practice Attorneys, Attorneys, Legal Service Plans
We the People
133 Wolf Rd Ste 1
Albany, NY 12205
(518) 435-9110
Family Law Attorneys, Divorce Assistance, Attorneys
Meyers Richard M
1734 Western AVE
Albany, NY 12203
(518) 464-9075
General Practice Attorneys, Attorneys
Donohue Sabo Varley & Huttner
24 Aviation Rd Ste 205
Albany, NY 12205
(518) 458-8922
Attorneys,  Consumer Law Attorneys,  Accident & Property Damage Attorneys,  County & Parish Governme
Cohen, Laurie T - Wilson Elser Moskowitz Edelman
677 Broadway # 901
Albany, NY 12207
(518) 449-8893
Administrative & Governmental Law Attorneys, Attorneys, Legal Service Plans
Piscitelli Anthony
677 Broadway
Albany, NY 12207
(518) 449-8893
Litigation & Tort Attorneys, Attorneys
Rosenberg Philip
677 Broadway # 901
Albany, NY 12207
(518) 449-8893
Attorneys, Business Law Attorneys, Justice Courts, Corporation & Partnership Law Attorneys, Medical
WILSON; ELSER, MOSKOWITZ,EDELMAN & DICKER LLP
677 Broadway Ste 1
Albany, NY 12207
(518) 449-8893
Corporation & Partnership Law Attorneys, Business Law Attorneys, Product Liability Law Attorneys, Ju
Thomas, Mark - Wilson Elser Moskowitz Edelman
677 Broadway
Albany, NY 12207
(518) 449-8893
Attorneys, Medical Law Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys, P
Legal Services
173 Madison Ave
Albany, NY 12202
(518) 376-8818
Attorneys Referral & Information Service
Barone Michael S
798 Lancaster St
Albany, NY 12203
(518) 489-8596
Attorneys, Legal Service Plans
O'Connell & Aronowitz
54 State St Ste 9,Ste 9
Albany, NY 12207
(518) 290-8327
Bankruptcy Law Attorneys,  Personal Injury Law Attorneys,  Product Liability Law Attorneys,  Litigat
Frank C. Kiepura PC
116 Everett Rd Ste 3
Albany, NY 12205
(518) 459-8299
General Practice Attorneys, Attorneys, Tax Return Preparation
Kohn Richard
74 Chapel St
Albany, NY 12207
(518) 458-8080
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US