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 Lafayette, CA

Limitations of a Last Will and Testament in Lafayette, CA


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 CA 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 Lafayette, CA
Belzer Hulchiy & Murray Attorneys
3650 Mt Diablo Blvd
Lafayette, CA 94549
(925) 284-9600
Attorneys, Real Estate Attorneys
Price Law Group
3411 Mt Diablo Blvd 2nd Floor
Lafayette, CA 94549
(818) 986-9266
Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Financial Services
David R Socher
3443 Golden Gate Way
Lafayette, CA 94549
(925) 962-9191
Attorneys, General Practice Attorneys
Michael J Kotin
3445 Golden Gate Way
Lafayette, CA 94549
(925) 283-9090
Attorneys, Legal Service Plans
Magany Abbass Law Offices
3445 Golden Gate Way
Lafayette, CA 94549
(925) 283-9088
Attorneys,  Arbitration Services,  Real Estate Attorneys,  Arbitration & Mediation Attorneys,  Estat
Jackl James V
1080 Carol Ln
Lafayette, CA 94549
(925) 283-8300
Attorneys
Kelly Law Group, LLP
P.O. Box 1942
Lafayette, CA 94549
(925) 335-6454
Estate Planning Attorneys
AJB Law Group
985 Moraga Rd Ste 202
Lafayette, CA 94549
(925) 297-6380
Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans
Divorce Centers Of Walnut Creek
3117 Teigland Rd
Lafayette, CA 94549
(925) 937-6320
Paralegals
White E David III
3445 Golden Gate Way
Lafayette, CA 94549
(925) 283-4300
Attorneys, Divorce Assistance, General Practice Attorneys, Family Law Attorneys, Divorce Attorneys,
Richard S. Horn
3445 Golden Gate Way
Lafayette, CA 94549
(925) 284-2350
Worth Thomas
3620 Happy Valley Rd
Lafayette, CA 94549
(925) 962-2126
Attorneys, General Practice Attorneys
Crosetti & Titmus
889 Moraga Rd
Lafayette, CA 94549
(925) 299-2030
Mediation Services,  Attorneys,  Probate Law Attorneys,  Elder Law Attorneys,  Wills, Trusts & Esta
Diane Michelsen Law Offices
3190 Old Tunnel Rd Ste A
Lafayette, CA 94549
(925) 945-1880
Adoption Law Attorneys, Attorneys
Family Formation Law Offices
3190 Old Tunnel Rd
Lafayette, CA 94549
(888) 877-1880
Adoption Services,  Adoption Law Attorneys,  Birth & Parenting-Centers, Education & Services,  Abor
Dorband & Schneider LLP
3182 Old Tunnel Rd Ste C
Lafayette, CA 94549
(925) 938-1200
Estate Planning Attorneys, Attorneys, Legal Service Plans
Rodney M Sweet
1119 Hilltop Dr
Lafayette, CA 94549
(925) 284-1025
General Practice Attorneys, Attorneys
Zagon Brian L
3717 Mt Diablo Blvd # 200
Lafayette, CA 94549
(925) 284-0840
Environment & Natural Resources Law Attorneys, Attorneys
Bilter D Keith
3620 Happy Valley Rd Ste 201
Lafayette, CA 94549
(925) 962-0160
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US