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 51501

Limitations of a Last Will and Testament in Zip Code 51501


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 IA 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 51501
State of Iowa
706 1st Ave
Council Bluffs, IA 51501
(712) 323-9132
Attorneys, State Government
Turco Sam
120 S 6th St
Council Bluffs, IA 51501
(712) 256-8929
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
Ryan Law Office
502 S 7th St
Council Bluffs, IA 51501
(712) 256-8664
Attorneys, General Practice Attorneys
Thalman Sara E
226 S 6th St
Council Bluffs, IA 51501
(712) 308-8384
Divorce Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Adoption Law Attorne
Elizabeth Otte Law Office
226 S 6th St
Council Bluffs, IA 51501
(712) 328-6840
Attorneys
David J. Lawler
2008 W Broadway Suite 124
Council Bluffs, IA 51501
(712) 215-6199
Attorneys,  Arbitration Services,  Attorneys Referral & Information Service,  Divorce Assistance
Gallner Michael
803 3rd Ave
Council Bluffs, IA 51501
(712) 323-5999
Attorneys,  Family Law Attorneys,  Social Security & Disability Law Attorneys,  General Practice Att
Bracker Bill
226 S 6th St
Council Bluffs, IA 51501
(712) 322-4215
General Practice Attorneys, Attorneys
Focht Law Office
226 S 6th St
Council Bluffs, IA 51501
(712) 322-4215
General Practice Attorneys, Attorneys, Legal Service Plans
Rosman Stephen L
502 S 7th St
Council Bluffs, IA 51501
(712) 323-3997
Attorneys, General Practice Attorneys
Meldrum Jr Clarence B
226 S 6th St
Council Bluffs, IA 51501
(712) 328-3020
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
Te'ya T. O'Bannon
502 South 7th Street
Council Bluffs, IA 51501
(712) 256-2778
DUI & DWI Attorneys, Family Law Attorneys, Juvenile Law Attorneys, Criminal Law Attorneys, Divorce A
O'bannon Law
502 S 7th St
Council Bluffs, IA 51501
(712) 256-2778
Family Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Legal Service Plans
Narmi Law
222 South 6th Street
Council Bluffs, IA 51501
(712) 322-2002
Criminal Law Attorneys, Real Estate Attorneys, Wills, Trusts & Estate Planning Attorneys, Employee B
Falk-Goss Lori
222 S 6th St
Council Bluffs, IA 51501
(712) 322-2002
General Practice Attorneys, Attorneys
Michael J Sands
222 S 6th St
Council Bluffs, IA 51501
(712) 322-2002
General Practice Attorneys, Attorneys, Legal Service Plans
Kaeding Tina
222 S 6th St
Council Bluffs, IA 51501
(712) 322-2002
Attorneys
Kaeding Law Offices
222 S 6th St
Council Bluffs, IA 51501
(712) 322-2002
Legal Service Plans,  Accident & Property Damage Attorneys,  Bankruptcy Law Attorneys,  Criminal Law
Richter David E
222 S 6th St
Council Bluffs, IA 51501
(712) 322-2002
General Practice Attorneys, Attorneys
Pick Benjamin J
20 N 16th St
Council Bluffs, IA 51501
(712) 328-1566
Attorneys
McGinn Law Firm
20 N 16th St
Council Bluffs, IA 51501
(712) 328-1566
Insurance Attorneys,  Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property D
Mc Ginn William F
20 N 16th St
Council Bluffs, IA 51501
(712) 328-1566
Attorneys
Springer Norman L Jr
20 N 16th St
Council Bluffs, IA 51501
(712) 328-1566
Attorneys,  Family Law Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property
Goaley Maura
20 N 16th St
Council Bluffs, IA 51501
(712) 256-1251
Family Law Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US