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 28305

Limitations of a Last Will and Testament in Zip Code 28305


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 NC 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 28305
The Baker Law Firm
2537 Raeford Rd
Fayetteville, NC 28305
(910) 705-8365
Attorneys, Civil Litigation & Trial Law Attorneys, General Practice Attorneys
Laningham Van
2517 Raeford Rd
Fayetteville, NC 28305
(910) 485-8261
Attorneys, Legal Service Plans
Scudder & Hedrick PLLC
596 Executive Pl
Fayetteville, NC 28305
(910) 672-7737
Attorneys,  Criminal Law Attorneys,  Social Security & Disability Law Attorneys,  Accident & Propert
Ferrier Kimberly M
2504 Raeford Rd Ste B
Fayetteville, NC 28305
(910) 339-5615
Family Law Attorneys, Attorneys, Legal Service Plans
Family Law Center
1015 Arsenal Ave
Fayetteville, NC 28305
(910) 323-5430
Family Law Attorneys, Attorneys
Elder Care Law Firm
2529 Raeford Rd
Fayetteville, NC 28305
(910) 323-5255
Attorneys, Family Law Attorneys, Divorce Attorneys, Estate Planning Attorneys, General Practice Atto
Neier Bryce D
2525 Raeford Rd Ste D
Fayetteville, NC 28305
(910) 423-5000
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Legal Service Plans, Traffic Law Attorneys
Murray Craven & Inman LLP
2517 Raeford Rd Ste A
Fayetteville, NC 28305
(910) 483-4990
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Legal Service Plans,  Bankruptcy Law Attorn
Margit M. Hicks, PA
1013 Arsenal Ave
Fayetteville, NC 28305
(910) 705-4889
Attorneys, Litigation & Tort Attorneys
Gregg R. Edwards
1003 Hay St
Fayetteville, NC 28305
(910) 401-3455
Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  D
Hurmence Robin W
1017 Arsenal Ave
Fayetteville, NC 28305
(910) 483-3392
Attorneys, Family Law Attorneys, Legal Service Plans
Hedahl & Radtke
1015 Arsenal Ave
Fayetteville, NC 28305
(877) 797-2294
Divorce Attorneys,  Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Legal Service Pl
Brumbaugh, Mu & King, P.A.
609 Executive Place
Fayetteville, NC 28305
(910) 630-2099
Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property Damage Attorneys,  Pers
Brumbaugh Mu & King PA
1310 Raeford Rd Ste 1
Fayetteville, NC 28305
(910) 630-2099
Attorneys, Malpractice Law Attorneys, Social Security & Disability Law Attorneys, Accident & Propert
Ray Colton Vallery Law
596 Executive Pl # 102
Fayetteville, NC 28305
(910) 323-1996
Personal Injury Law Attorneys, Insurance Attorneys, Attorneys
C Douglas Maxwell Law Office
2525 Raeford Rd Ste A
Fayetteville, NC 28305
(910) 483-1414
Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Corporation & Partnership
Galt Richard A
2533 Raeford Rd
Fayetteville, NC 28305
(910) 223-1300
Attorneys, Business Law Attorneys, Real Estate Attorneys, Corporation & Partnership Law Attorneys
Pittman Alan
2413 Robeson St # 7
Fayetteville, NC 28305
(910) 486-0992
Attorneys, Social Security & Disability Law Attorneys, Corporation & Partnership Law Attorneys, Lega
Mc Geachy Hudson & Zuravel
555 Executive Pl # 101
Fayetteville, NC 28305
(910) 485-0576
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US