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 97541

Limitations of a Last Will and Testament in Zip Code 97541


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 OR 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 97541
Campbell & Popkin, LLC
110 Pacific Ave
Tillamook, OR 97141
(503) 374-9877
Attorneys, Commercial Law Attorneys
Ehrlich James B
416 Laurel Ave # 1
Tillamook, OR 97141
(503) 842-8070
Accident & Property Damage Attorneys, Attorneys, Criminal Law Attorneys
Putman John R Atty
416 Laurel Ave
Tillamook, OR 97141
(503) 842-7733
Attorneys,  Landlord & Tenant Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Real Estate A
Campbell & Popkin
2505 Main Ave N # D
Tillamook, OR 97141
(503) 842-6800
Probate Law Attorneys,  Attorneys,  Family Law Attorneys,  Wills, Trusts & Estate Planning Attorney
Albright Lois A
2308 3rd St
Tillamook, OR 97141
(503) 842-6633
Elder Law Attorneys, Attorneys, Family Law Attorneys, Real Estate Attorneys, Personal Injury Law Att
Kittell Christopher
2308 3rd St
Tillamook, OR 97141
(503) 842-6633
Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Civil Litigation & Tria
Tuthill John H
2406 3rd St
Tillamook, OR 97141
(503) 842-6601
Divorce Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Personal Injury Law
Kuzma Samuel J
2406 3rd St
Tillamook, OR 97141
(503) 842-6601
Attorneys, Divorce Attorneys, Family Law Attorneys
Total Attorneys - DUI
PO Box 273995
Madras, OR 97741
(541) 363-5240
Attorneys, Legal Service Plans
Sargent William K
1134 Main Ave
Tillamook, OR 97141
(503) 842-4921
DUI & DWI Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Legal Service Plans
Albright Kittell PC
2308 3rd St
Tillamook, OR 97141
(503) 457-4881
Family Law Attorneys,  Divorce Attorneys,  Accident & Property Damage Attorneys,  Real Estate Attorn
Kimble Jennifer F
35 SE C St # A
Madras, OR 97741
(541) 475-4500
Attorneys, Legal Service Plans
W. Todd Westmoreland, PC
2106 4th St
Tillamook, OR 97141
(855) 278-4443
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Automobile Accident Attorneys
Hamalian Alexander A
1914 2nd St
Tillamook, OR 97141
(503) 842-4082
Attorneys, Legal Service Plans
Nordlander Nancy A
2315 1st St
Tillamook, OR 97141
(503) 842-3669
Adoption Law Attorneys, Attorneys, Family Law Attorneys
Hooley Christian K
2111 8th St
Tillamook, OR 97141
(503) 842-2553
Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
Glenn Reeder & Gassner
205 SE 5th St
Madras, OR 97741
(541) 475-2272
Mon. - Fri. 9am - 5pm, Sat. - Sun. CLOSED
Gassner Timothy R
205 SE 5th St
Madras, OR 97741
(541) 475-2272
Attorneys
Wine Dennis J
2011 3rd St
Tillamook, OR 97141
(503) 354-2221
Attorneys, Legal Service Plans
Reid Jered
35 SE C St # D
Madras, OR 97741
(541) 475-1111
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US