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 21930

Limitations of a Last Will and Testament in Zip Code 21930


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 MD 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 21930
Hanley Daniel J
117 Lake Front Dr
Cockeysville, MD 21030
(410) 329-9775
General Practice Attorneys
Andersen Stacey E
211 E Fort Ave
Baltimore, MD 21230
(410) 637-8440
Attorneys, Legal Service Plans
James Bergeron
905 Bosley Rd
Cockeysville, MD 21030
(410) 938-8248
Administrative & Governmental Law Attorneys, Federal Law Attorneys, Attorneys
Bush Joseph E
4 Junco Ct
Cockeysville, MD 21030
(410) 666-8118
Attorneys
Michele L Payer
12 Galloway Ave Ste 3D
Cockeysville, MD 21030
(410) 628-6868
Attorneys, General Practice Attorneys, Legal Service Plans
Ken C Gauvey
1466 William St
Baltimore, MD 21230
(410) 400-6786
Attorneys, General Practice Attorneys, Legal Service Plans
Mccourt Frank J
1001 Light St
Baltimore, MD 21230
(410) 837-6699
Attorneys, Legal Service Plans
Shepperd F Gregory
831 Light St
Baltimore, MD 21230
(410) 539-6260
Attorneys, Legal Service Plans
Fisher & Kaplan Law Offices
1001 Light St
Baltimore, MD 21230
(410) 982-6205
General Practice Attorneys, Attorneys, Legal Service Plans
Smouse Randall F
113 Old Padonia Rd Ste 100
Cockeysville, MD 21030
(410) 453-5757
Attorneys Referral & Information Service, Attorneys, Legal Service Plans
Maher Edward
1818 S Hanover St
Baltimore, MD 21230
(410) 539-5505
General Practice Attorneys, Attorneys, Legal Service Plans
Harbor Enterprise Ctr
1301 Boyle St
Baltimore, MD 21230
(410) 563-5416
Bankruptcy Law Attorneys, Bankruptcy Services, Attorneys
Simpson, Lori Bishop Daneman & Simpson
1400 S Charles St # 1
Baltimore, MD 21230
(410) 385-5383
Attorneys, Bankruptcy Services, Bankruptcy Law Attorneys
Sherbow David
1437 E Fort Ave
Baltimore, MD 21230
(410) 727-4758
Attorneys, Legal Service Plans
Stark & Little
723 S Charles St Ste 102
Baltimore, MD 21230
(410) 539-3545
Attorneys, General Practice Attorneys, Legal Service Plans
Cassara William E Atty
723 S Charles St Ste LL3
Baltimore, MD 21230
(410) 539-3545
Attorneys
Kaplan Milton
310 E Fort Ave
Baltimore, MD 21230
(410) 539-3456
Attorneys, Legal Service Plans
Maryland Criminal Defense Attorneys Association
720 Light St
Baltimore, MD 21230
(410) 752-3318
General Practice Attorneys, Attorneys
Piper and Marburry
1401 Russell St
Baltimore, MD 21230
(410) 878-3047
Attorneys, Legal Service Plans
Morgan Carlo Downs Everton
4 N Park Dr
Cockeysville, MD 21030
(410) 584-2800
Attorneys
Lutheran Immigration & Refugee
700 Light St
Baltimore, MD 21230
(410) 230-2700
Immigration Law Attorneys, Immigration & Naturalization Consultants
Charles and Woodford
1414 Key Hwy Ste 301
Baltimore, MD 21230
(410) 685-2440
Attorneys, Legal Service Plans
Lambros Michael J
9900 York Rd Ste 1
Cockeysville, MD 21030
(410) 666-2200
Attorneys, General Practice Attorneys, Legal Service Plans
Vanni Elizabeth A
117 Lake Front Dr
Cockeysville, MD 21030
(410) 771-1703
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US