Easy Questions  
Free Legal Documents

Limitations of a Will in Allegan, MI

Limitations of a Will in Allegan, MI


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.
 
Personalize & Print a Free MI Last Will Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free MI Living Trust Download this Document
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 Allegan, MI
Antkoviak & Antkoviak PC
416 Hubbard St
Allegan, MI 49010
(269) 673-8468
Attorneys, Legal Service Plans
Kastran Stephen A
313 Hubbard St
Allegan, MI 49010
(269) 673-8407
Attorneys, General Practice Attorneys, Legal Service Plans
Livingston Clarence L
1091 37th St
Allegan, MI 49010
(269) 673-8363
Accident & Property Damage Attorneys
De Mott Russell A
1244 Lincoln Rd
Allegan, MI 49010
(269) 686-8330
Attorneys
Green Emily F
327 Hubbard St # A
Allegan, MI 49010
(269) 673-8224
Attorneys, Legal Service Plans
Allegan Law Offices
327 Water St
Allegan, MI 49010
(269) 673-8133
General Practice Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
Klein Paul W
126 Locust St
Allegan, MI 49010
(269) 686-7400
Attorneys, General Practice Attorneys
Wolf Heidi L PC
217 Hubbard St
Allegan, MI 49010
(269) 673-7273
Attorneys, Legal Service Plans
Verde Holly
141 Brady St
Allegan, MI 49010
(269) 673-5800
Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
R.J. Baker & Associates, PLLC
225 Hubbard St.
Allegan, MI 49010
(269) 673-3547
Family Law Attorneys,  Estate Planning, Probate, & Living Trusts,  Personal Injury Law Attorneys,
Shek James
225 Hubbard St # B
Allegan, MI 49010
(269) 673-3547
General Practice Attorneys, Attorneys
Tooman Lester
200 Thomas St
Allegan, MI 49010
(269) 673-2237
Attorneys, Legal Service Plans
Orton Tooman Hale Mckown & Kiel PC
314 Trowbridge St
Allegan, MI 49010
(269) 673-2136
Estate Planning Attorneys, Attorneys, General Practice Attorneys, Criminal Law Attorneys, Family Law
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US