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 Crawfordsville, AR

Limitations of a Last Will and Testament in Crawfordsville, AR


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 AR 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 Crawfordsville, AR
Russell Thomas
9011 Reservoir Ct
Little Rock, AR 72227
(501) 225-9011
Attorneys
Francis Andrew V PA
2311 Biscayne Dr
Little Rock, AR 72227
(501) 954-7390
Attorneys, Legal Service Plans
Eiseman Byron M
64 River Ridge Rd
Little Rock, AR 72227
(501) 225-7002
Attorneys, General Practice Attorneys
Cauley Law Firm
8201 Cantrell Rd
Little Rock, AR 72227
(501) 907-7000
Attorneys, General Practice Attorneys, Legal Service Plans
Kemp Michele
10121 N Rodney Parham Rd
Little Rock, AR 72227
(501) 223-6934
Attorneys, Legal Service Plans
Johnson Paul
10 Racquet Ct
Little Rock, AR 72227
(501) 225-6405
Attorneys
Mano, L Randolph Mano Law
10121 N Rodney Parham Rd Ste 4
Little Rock, AR 72227
(501) 975-6266
Attorneys, Estate Planning Attorneys
Brad Hendricks Law Firm
555 C Pleasant Valley Dr.
Little Rock, AR 72227
(866) 241-6106
Attorneys
The Brad Hendricks Law Firm
500 C Pleasant Valley Dr.
Little Rock, AR 72227
(800) 603-5100
Attorneys,  Personal Injury Law Attorneys,  Bankruptcy Law Attorneys,  Medical Malpractice Attorneys
Thompson Mattox Group, Legal Nurse Consultants
57 Kings Arms Road
Little Rock, AR 72227
(501) 309-4975
Attorneys Referral & Information Service, Legal Consultants-Medical, Records Management Consulting
Mueller Brian
67 W Main St # 1
Booneville, AR 72927
(479) 675-4788
General Practice Attorneys, Attorneys, Legal Service Plans
Smith Laura Hensley Atty
31 River Ridge Cir
Little Rock, AR 72227
(501) 228-4472
Attorneys
J. Mark Spradley
8114 Cantrell Rd Ste 240
Little Rock, AR 72227
(501) 537-4290
Attorneys, Real Estate Attorneys
Davis Zan
500 Pleasant Valley Dr
Little Rock, AR 72227
(501) 716-2618
Attorneys, Legal Service Plans
Danielson Law Firm
4 Village Loop
Booneville, AR 72927
(479) 675-2340
Attorneys, Legal Service Plans
Williams John R
356 N Grant Ave
Booneville, AR 72927
(479) 675-2100
Attorneys, Legal Service Plans
Danielson Erik P
356 N Grant Ave
Booneville, AR 72927
(479) 675-2100
Attorneys, General Practice Attorneys
Cook Law Firm PA
8114 Cantrell Rd Ste 100
Little Rock, AR 72227
(501) 255-1500
Attorneys, General Practice Attorneys, Legal Service Plans
Morison Mary Jo
280 River Ridge Pt
Little Rock, AR 72227
(501) 231-1012
Attorneys
Deannqa Weimer
17 W Main St
Booneville, AR 72927
(479) 675-0795
Divorce Attorneys,  Attorneys,  Family Law Attorneys,  General Practice Attorneys
Weimar Deeanna
17 W Main St
Booneville, AR 72927
(479) 675-0795
Attorneys
Malcom J Phillip
17 Glenleigh Dr
Little Rock, AR 72227
(501) 227-0525
Attorneys
Withers Janna
500 Pleasant Valley Dr # C
Little Rock, AR 72227
(501) 221-0444
Attorneys
The Brad Hendricks Law Firm
500 Pleasant Valley Dr # C
Little Rock, AR 72227
(501) 221-0444
Attorneys,  Legal Service Plans,  General Practice Attorneys,  Bankruptcy Services,  Bankruptcy Law
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US