12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Limitations of a Last Will and Testament in Zip Code 69167

Limitations of a Last Will and Testament in Zip Code 69167


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


Last Wills are a wonderful way of addressing the needs of loved ones in estate planning but not everything can be carried out by your Last 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 NE Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Related Legal Services near Zip Code 69167
Campbell Charles W
617 N Grant Ave
York, NE 68467
(402) 362-7725
Attorneys
Angle Murphy Campbell PC
617 N Grant Ave
York, NE 68467
(402) 362-7725
Attorneys, Legal Service Plans
Angle Murphy & Campbell Pcllo
PO Box 584
York, NE 68467
(402) 362-7725
Attorneys
Pierce Counity
106 E Main St
Pierce, NE 68767
(402) 329-6767
Attorneys
Murphy Michael J
619 N Blackburn Ave
York, NE 68467
(402) 362-6200
Attorneys
Tremayne Roger - Office
876 Highway 77
Walthill, NE 68067
(402) 846-5855
Attorneys
Svehla Law Office
408 N Platte Ave Ste A
York, NE 68467
(402) 915-5843
Attorneys,  Family Law Attorneys,  Labor & Employment Law Attorneys,  Tax Attorneys,  Divorce Attorn
Thomas Kelly M
408 N Platte Ave Ste A
York, NE 68467
(402) 362-5599
Attorneys, General Practice Attorneys
Rauert Kent E
408 N Platte Ave # A
York, NE 68467
(402) 362-5506
Attorneys
Parr Stacey L
408 N Platte Ave # A
York, NE 68467
(402) 362-5506
Attorneys
Rauert, Kent E - Svehla Law Office
408 N Platte Ave # A
York, NE 68467
(402) 362-5506
Attorneys, Legal Service Plans, Labor & Employment Law Attorneys, Personal Injury Law Attorneys, Ins
Grafton, Scott D - Svehla Law Office
408 N Platte Ave # A
York, NE 68467
(402) 362-5506
Insurance Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  Personal Injury Law Attorneys
Kitt Spahn Ashley
408 N Platte Ave # A
York, NE 68467
(402) 362-5506
Attorneys, Legal Service Plans
Svehla Law Office
408 N Platte Ave
York, NE 68467
(402) 362-5506
Tax Attorneys,  Attorneys,  Divorce Attorneys,  Personal Injury Law Attorneys,  General Practice Att
Williams Eric J
408 N Platte Ave # A
York, NE 68467
(402) 362-5506
Attorneys
York County Judge
510 N Lincoln Ave
York, NE 68467
(402) 362-4929
Attorneys, Justice Courts, County & Parish Government
Luebbe Verlyn
106 E Main St
Pierce, NE 68767
(402) 329-4646
Attorneys, Legal Service Plans
Jeffrey Hahn Hemmerling & Zimmerman PC LLC
420 S Lincoln Ave Ste A
York, NE 68467
(402) 362-4282
Agricultural Law Attorneys, Estate Planning Attorneys, Business Law Attorneys
Hemmerling Barry L
420 N Lincoln Ave # A
York, NE 68467
(402) 362-4282
Attorneys
Hahn John C
420 N Lincoln Ave # A
York, NE 68467
(402) 362-4282
Attorneys
Stephenson Brent
420 N Lincoln Ave # A
York, NE 68467
(402) 362-4282
Attorneys
Mulliner Todd R
420 N Lincoln Ave # A
York, NE 68467
(402) 362-4282
Attorneys
Zimmerman Thomas E
420 N Lincoln Ave # A
York, NE 68467
(402) 362-4282
Attorneys
Benjamin Roger L
415 Silver St
Oxford, NE 68967
(308) 824-3816
Attorneys, General Practice Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US