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 32763

Limitations of a Last Will and Testament in Zip Code 32763


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 FL 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 32763
Principle Legal Offices PA
200 E. Graves Ave
Orange City, FL 32763
(386) 626-9006
Accident & Property Damage Attorneys, Divorce Attorneys, Bankruptcy Law Attorneys
Official Document Svc
1615 W Blue Springs Ave
Orange City, FL 32763
(386) 774-8282
Paralegals
Eckert Stacy A Attorney
2445 S Volusia Ave # C3
Orange City, FL 32763
(386) 775-8228
Bankruptcy Law Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,  General Practice
Stop Paying Lawyer Fees
1155 S Volusia Ave, Suite 103
Orange City, FL 32763
(386) 218-6812
Attorneys Referral & Information Service, Attorneys, Paralegals
Booker & Associates PA
1019 Town Center Dr
Orange City, FL 32763
(386) 774-6552
Real Estate Attorneys, Attorneys, Legal Service Plans
OrangeCityCarAccident.com
921 Town Center Dr
Orange City, FL 32763
(386) 675-5574
Automobile Body Repairing & Painting,  Chiropractors & Chiropractic Services,  Medical Centers,  Acc
Politis & Matovina, P.A.
2730 Enterprise Rd
Orange City, FL 32763
(386) 951-5275
Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  Immigration Law Attorney
Clark & Washington PC
180 Treemont Dr # 180
Orange City, FL 32763
(386) 878-4844
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
Crowther John B
279 E Graves Ave
Orange City, FL 32763
(386) 878-4736
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Probate Law Attorneys,  Business Law Attorn
Urban Paralegal & Tax Svc
225 E Gardenia Dr
Orange City, FL 32763
(407) 417-4564
Paralegals
Biernacki And Biernacki PA
2667 Enterprise Rd
Orange City, FL 32763
(386) 775-1970
Accident & Property Damage Attorneys,  Attorneys,  Legal Service Plans,  Personal Injury Law Attorne
Nichols & Ahmed PA
1512 S Volusia Ave
Orange City, FL 32763
(386) 775-1555
Accident & Property Damage Attorneys,  Attorneys,  Family Law Attorneys,  General Practice Attorneys
Politis Law Firm
2730 Enterprise Rd
Orange City, FL 32763
(386) 437-0911
Attorneys,  Attorneys Referral & Information Service,  General Practice Attorneys,  Legal Service Pl
Linda L Gaustad Pa
815 S Volusia Ave Ste 1
Orange City, FL 32763
(386) 456-0500
Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Atto
All Florida Firm Non
465 S Volusia Ave
Orange City, FL 32763
(386) 456-0081
Paralegals
Pappas Russell & Rawnsley
2290 S Volusia Ave
Orange City, FL 32763
(386) 851-0066
Accident & Property Damage Attorneys,  Attorneys,  Attorneys Referral & Information Service,  Legal
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US