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 Las Vegas, NM

Limitations of a Last Will and Testament in Las Vegas, NM


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 NM 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 Las Vegas, NM
Suzanne Gaulin
506 Douglas Ave.
Las Vegas, NM 87701
(505) 235-9556
Attorneys, Family Law Attorneys, Divorce Attorneys
Silva & Grano Law Firm
1920 7th St
Las Vegas, NM 87701
(505) 426-8711
General Practice Attorneys,  Attorneys,  Legal Service Plans,  Attorneys Referral & Information Serv
Monnheimer Donald
1607 8th St
Las Vegas, NM 87701
(505) 454-8097
Attorneys
Gallegos Flora
16 37th St
Las Vegas, NM 87701
(505) 454-7697
Attorneys,  Sexual Harassment Attorneys,  Adoption Law Attorneys,  Business Law Attorneys,  Litigati
Gerald Baca
515 6th St
Las Vegas, NM 87701
(505) 652-7615
Attorneys,  Criminal Law Attorneys,  Juvenile Law Attorneys,  Accident & Property Damage Attorneys,
Smith Danelle J-
812 Lincoln St #1
Las Vegas, NM 87701
(505) 652-7412
Business Litigation Attorneys, Attorneys, Business Law Attorneys
Aragon, Anna M.
1618 7th St
Las Vegas, NM 87701
(505) 652-7336
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  DUI & DWI Attorneys,
Mondragon Law Office
514 Grand Ave
Las Vegas, NM 87701
(505) 425-7277
General Practice Attorneys, Attorneys
Fourth Judicial District Atty
1800 New Mexico Ave
Las Vegas, NM 87701
(505) 425-6746
Attorneys, State Government
Prince Schmidt Korte & Baca
1103 7th St
Las Vegas, NM 87701
(505) 425-5511
Attorneys
Doom Victoria W
725 7th St
Las Vegas, NM 87701
(505) 425-5130
Attorneys, General Practice Attorneys
Aragon Michael
1917 Hot Springs Blvd
Las Vegas, NM 87701
(505) 425-5129
General Practice Attorneys, Attorneys, Legal Service Plans
Lopez Jesus L
309 San Miguel St
Las Vegas, NM 87701
(505) 425-3730
Attorneys
Gregory Michael L
932 Gallinas St # 108
Las Vegas, NM 87701
(505) 425-3505
Attorneys, General Practice Attorneys
Richards Nancy Ann
2210 New Mexico Ave
Las Vegas, NM 87701
(505) 454-1745
Attorneys
Booth Doug
1223 San Francisco Ave Ste C
Las Vegas, NM 87701
(800) 794-1255
Attorneys, Legal Service Plans
Leger Nicolas T
523 W National St
Las Vegas, NM 87701
(505) 425-0624
Attorneys, Legal Service Plans
Bustos Arthur
321 Grand Ave
Las Vegas, NM 87701
(505) 454-0303
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US