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 49871

Limitations of a Last Will and Testament in Zip Code 49871


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 MI 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 49871
Kelly Margaret
75 S Elk St # 104
Sandusky, MI 48471
(810) 648-9898
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Juvenile Law
Scott Radloff Law Office P
125 E Sanilac Rd
Sandusky, MI 48471
(810) 648-9493
Accident & Property Damage Attorneys, Attorneys, Criminal Law Attorneys
Kudela Gregory Assoc.
95 S Washington St
Oxford, MI 48371
(248) 236-8500
Attorneys, Family Law Attorneys, Business Law Attorneys
248 Lawyers
26393 Dequindre Rd
Madison Heights, MI 48071
(248) 545-8355
General Practice Attorneys, Attorneys
Leslie Kutinsky Pc
201 W 13 Mile Rd
Madison Heights, MI 48071
(248) 588-7272
Attorneys,  Divorce Attorneys,  Family Law Attorneys,  Personal Injury Law Attorneys
Hensel Law Office P
27301 Dequindre Rd Suite 205
Madison Heights, MI 48071
(888) 713-7137
Bankruptcy Law Attorneys,  Attorneys,  Business Bankruptcy Law Attorneys,  General Practice Attorney
Stephens & Moore P
107 S Washington St
Oxford, MI 48371
(248) 969-7000
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Personal Injury Law Attorneys,  Legal Service
Fahey Law PLLC
54870 N Main St
Mattawan, MI 49071
(269) 929-6434
Social Security & Disability Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Legal Service Plan
Second Chance Legal Services
30250 John R Rd
Madison Heights, MI 48071
(248) 629-6367
Legal Service Plans,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Business Bankruptcy Law Attor
Halabu Law Group PC
415 W 11 Mile Rd
Madison Heights, MI 48071
(248) 559-5999
Real Estate Attorneys, Attorneys
Simasko Steven L Attorney A
55 W Sanilac Rd
Sandusky, MI 48471
(810) 648-4849
General Practice Attorneys, Attorneys, Legal Service Plans
Dawson Enterprise
25630 John R Rd
Madison Heights, MI 48071
(248) 636-4791
Corporation & Partnership Law Attorneys
Kirchoff Kimberly A
6 N Elk St
Sandusky, MI 48471
(810) 648-4414
Attorneys, General Practice Attorneys
Able Legal Services, P.L.C.
450 W 11 Mile Rd
Madison Heights, MI 48071
(248) 543-4198
Bankruptcy Law Attorneys
De Perno Law Office
54870 N Main St
Mattawan, MI 49071
(269) 668-4074
Attorneys, Tax Attorneys, General Practice Attorneys, Legal Service Plans
Bowser & Assoc
776 S Lapeer Rd
Oxford, MI 48371
(248) 274-4025
Administrative & Governmental Law Attorneys,  Attorneys,  Social Security & Disability Law Attorneys
Underwood & Associates PC
167 S Washington St
Oxford, MI 48371
(248) 628-3800
Attorneys,  Personal Injury Law Attorneys,  Estate Planning, Probate, & Living Trusts,  Employee B
Land America Lawyers Title
70 N Elk St
Sandusky, MI 48471
(810) 648-3433
Title Companies, Escrow Service, Real Estate Title Service, Attorneys, General Practice Attorneys
Neil Strefling PC
26153 John R Rd
Madison Heights, MI 48071
(248) 541-3320
Attorneys, Legal Service Plans
Reasoner Paul A
912 S Lapeer Rd
Oxford, MI 48371
(248) 969-3300
Personal Injury Law Attorneys, Attorneys, General Practice Attorneys
Hearsch David W
61 W Sanilac Rd
Sandusky, MI 48471
(810) 648-2452
Attorneys,  Accident & Property Damage Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Lega
Paterson Leonard J
35 S Elk St
Sandusky, MI 48471
(810) 648-2414
General Practice Attorneys, Attorneys, Legal Service Plans
The Law Ofc
42 Lexington St
Sandusky, MI 48471
(810) 648-2311
Attorneys, General Practice Attorneys
Reid Dennis W
42 Lexington St
Sandusky, MI 48471
(810) 648-2311
Family Law Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US