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 Sparta, OH

Limitations of a Last Will and Testament in Sparta, OH


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 OH 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 Sparta, OH
Picard Law Firm
110 Old St
Monroe, OH 45050
(513) 539-9922
Divorce Attorneys,  Family Law Attorneys,  Probate Law Attorneys,  Real Estate Attorneys,  Bankruptc
Murray, Rauzi & Kidwell, Ltd
305 E High St
Mount Vernon, OH 43050
(877) 921-9918
Attorneys, General Practice Attorneys, Small Business Attorneys
Thomas Law Offices
118 W Main St
Saint Clairsville, OH 43950
(740) 695-9335
Personal Injury Law Attorneys, Attorneys, Traffic Law Attorneys
Harper & Hazlett
185 W Main St
Saint Clairsville, OH 43950
(740) 695-9202
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Hazlett Law Offices
185 W Main St
Saint Clairsville, OH 43950
(740) 695-9202
Attorneys,  Social Security & Disability Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,
Nichelson James L
100 W Main St
Saint Clairsville, OH 43950
(740) 633-9188
Attorneys, Legal Service Plans
Banker & White Attys
151 W Main St
Saint Clairsville, OH 43950
(740) 695-8881
General Practice Attorneys, Attorneys, Legal Service Plans
Richardson Lynn Ellis
328 4th St
Marietta, OH 45750
(740) 373-8624
Bankruptcy Law Attorneys, Elder Law Attorneys, Attorneys
Crowe & Welch
1019 Main St
Milford, OH 45150
(513) 831-8511
Attorneys, Bankruptcy Law Attorneys
Tomlan Lindsey
108 E Main St
Saint Clairsville, OH 43950
(740) 695-8347
Attorneys, Corporation & Partnership Law Attorneys, General Practice Attorneys, Legal Service Plans,
McCauley Webster & Emrick
225 Putnam St
Marietta, OH 45750
(740) 373-8244
Probate Law Attorneys, Attorneys
Mallet Shane M
246 W Main St
Saint Clairsville, OH 43950
(740) 695-8141
Attorneys, Legal Service Plans
Regan Christopher
106 E Main St
Saint Clairsville, OH 43950
(740) 695-8141
Accident & Property Damage Attorneys,  Attorneys,  Legal Service Plans,  Insurance Attorneys,  Perso
Regan Christopher J
246 W Main St
Saint Clairsville, OH 43950
(740) 695-8141
Attorneys, Legal Service Plans
Marcin & Marcin
931 State Route 28 # 309
Milford, OH 45150
(513) 965-8012
Attorneys, Business Law Attorneys, Real Estate Attorneys, General Practice Attorneys, Legal Service
Jones Donald L
421 2nd St
Marietta, OH 45750
(740) 373-7618
General Practice Attorneys, Legal Service Plans, Attorneys
Davidson Heckler Riggs & Fouss
311 4th St
Marietta, OH 45750
(740) 373-7572
General Practice Attorneys, Attorneys
Kidwell Korey M Attorney
305 E High St
Mount Vernon, OH 43050
(740) 397-7474
General Practice Attorneys, Attorneys
Murray Richard B Atty
10 S Gay St
Mount Vernon, OH 43050
(740) 397-7474
Attorneys
Zuercher Christopher
305 E High St
Mount Vernon, OH 43050
(740) 397-7427
Family Law Attorneys, Attorneys, Legal Service Plans
Calhoun Kademenos & Childress Co LPA Attys
15 E Gambier St
Mount Vernon, OH 43050
(877) 546-7269
Attorneys,  Commercial Law Attorneys,  Personal Property Law Attorneys,  Legal Service Plans
The Giles Law Group
109 E High St
Mount Vernon, OH 43050
(740) 263-6961
Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Personal Injury Law At
Baird Sharon
1 Crestview Dr
Milford, OH 45150
(513) 831-6820
Attorneys
Addison James R
202 Dime Bank Building
Marietta, OH 45750
(740) 373-6688
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US