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 Mozier, IL

Limitations of a Last Will and Testament in Mozier, IL


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 IL 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 Mozier, IL
Fishman & Bratzke
618 N Milwaukee Ave
Prospect Heights, IL 60070
(847) 459-8770
Real Estate Attorneys, Attorneys
Coplan Ronald F
114 E Main St
Morrison, IL 61270
(815) 772-7441
General Practice Attorneys, Attorneys, Legal Service Plans
Shirk William R
301 E Main St
Morrison, IL 61270
(815) 772-7231
General Practice Attorneys, Attorneys, Legal Service Plans
Weinstine & Wiebenga
409 N Cherry St
Morrison, IL 61270
(815) 772-7211
Attorneys, Legal Service Plans
Weinstine Shirk & Buckwalter
301 E Main St
Morrison, IL 61270
(815) 772-7211
General Practice Attorneys, Attorneys, Legal Service Plans
Boyer Ronald
600 E Walnut St
Watseka, IL 60970
(815) 432-6101
General Practice Attorneys, Attorneys, Legal Service Plans
Simutis Frank J Atty
123 S 4th St
Watseka, IL 60970
(815) 432-5567
Attorneys, Immigration Law Attorneys, General Practice Attorneys, Legal Service Plans
Razzano A William
115 E Walnut St
Watseka, IL 60970
(815) 432-4987
Attorneys, General Practice Attorneys, Legal Service Plans
Tungate James L
744 E Walnut St
Watseka, IL 60970
(815) 432-4979
Office Hours Monday 09:00 AM - 05:00 PM Tuesday 09:00 AM - 05:00 PM Wednesday 09:00 AM - 05:00 PM Th
Strough Dale Attorney
216 E Walnut St
Watseka, IL 60970
(815) 432-4921
Attorneys, Bankruptcy Law Attorneys, Family Law Attorneys
Spenn Johnson & Thompson
130 W Cherry St
Watseka, IL 60970
(815) 432-3936
Estate Appraisal & Sales,  Attorneys,  Liquidators,  Financial Services
Weinstine Lester S
1024 Hilltop Dr
Morrison, IL 61270
(815) 772-3600
General Practice Attorneys, Attorneys
Nelson Kilgus & Richey
209 E Main St
Morrison, IL 61270
(815) 772-2121
General Practice Attorneys, Attorneys
Total Attorneys - Criminal Defense
273769
Plato Center, IL 60170
(224) 699-0571
Attorneys, Criminal Law Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US