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 01742

Limitations of a Last Will and Testament in Zip Code 01742


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 MA 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 01742
Spero Stanley
336 Baker Ave # 10
Concord, MA 01742
(978) 318-9292
Attorneys
Fallon Jas F Jr
46 Main St
Concord, MA 01742
(781) 259-8686
Attorneys
Marino Michael V
48 Junction Square Dr
Concord, MA 01742
(978) 369-8600
Attorneys
Lee Virginia
747 Main St # 209
Concord, MA 01742
(978) 369-8477
Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans
Wesel Melissa
40 Flint Rd
Concord, MA 01742
(978) 369-7526
General Practice Attorneys, Attorneys, Legal Service Plans
Mee John
12 Damonmill Sq
Concord, MA 01742
(978) 371-7100
General Practice Attorneys, Attorneys
John F. Mee
9 Damonmill Square, Suite 4A4
Concord, MA 01742
(978) 371-7100
General Practice Attorneys, Attorneys
Kathleen Foley
53 Main St
Concord, MA 01742
(978) 369-6468
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Arbitration Services,  Arbitration & Mediatio
Grantham Law Firm
81 Middle St.
Concord, MA 01742
(978) 341-5044
Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  Bankruptcy Law Attorneys,  Traffic Law At
Bander David
66 Commonwealth Ave # 2
Concord, MA 01742
(617) 371-4242
General Practice Attorneys, Attorneys, Legal Service Plans
Susan Stamps Law Offices
9 Damonmill Sq # 5D
Concord, MA 01742
(978) 371-3131
Attorneys, General Practice Attorneys, Legal Service Plans
Mcwalter Barron Boisvert PC
30 Monument Sq # 145
Concord, MA 01742
(978) 369-2252
Estate Planning Attorneys, Attorneys, Family Law Attorneys, Divorce Attorneys, Wills, Trusts & Estat
Blatman Bettye Ann
9 Damonmill Sq # 4A4
Concord, MA 01742
(978) 371-2226
Attorneys, Legal Service Plans
David Burgess & Assoc
37 Main St
Concord, MA 01742
(978) 371-1900
Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,
Smith James A
124 Hill St
Concord, MA 01742
(978) 369-1471
Attorneys
Whittemore Edwin P
45 Walden St
Concord, MA 01742
(978) 369-1118
Attorneys, General Practice Attorneys
Johnson Peter R
801 Main St # 14
Concord, MA 01742
(978) 369-0960
Estate Planning Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
McCarthy Thomas F Law Offices
97 Lowell Rd Ste 3
Concord, MA 01742
(978) 371-0854
Attorneys, General Practice Attorneys, Legal Service Plans
Kevin T Smith Law Office
73 Junction Square Dr
Concord, MA 01742
(978) 369-0634
General Practice Attorneys, Attorneys, Legal Service Plans
Wilson Alan
199 Sudbury Rd
Concord, MA 01742
(978) 341-0600
Attorneys, Legal Service Plans
Riordan Lester E
12 Damonmill Sq # Eb1n
Concord, MA 01742
(978) 341-0404
General Practice Attorneys, Attorneys
Oshana Richard T
77 Junction Square Dr
Concord, MA 01742
(978) 287-0330
Attorneys, Legal Service Plans
Holt Associates
91 Main St Ste 304
Concord, MA 01742
(978) 371-0201
General Practice Attorneys, Attorneys, Legal Service Plans
Arnold & Kangas P.C.
9 Damonmill Sq Fl 5 Su 5D
Concord, MA 01742
(978) 369-0001
Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Atto
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US