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 Elko, SC

Limitations of a Last Will and Testament in Elko, SC


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 SC 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 Elko, SC
Roger Johnson
800 Legion Street, Suite 100-D
Conway, SC 29526
(843) 488-9933
Criminal Law Attorneys, Attorneys
Richardson Jr Robert N
1305 3rd Ave
Conway, SC 29526
(843) 248-9831
Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  Legal Service Plans,  Traffic Law Attorne
Delaney Law Firm
1533 Fording Island Rd Ste 298
Hilton Head Island, SC 29926
(843) 815-9777
General Practice Attorneys, Attorneys
Jordan Mary E Law Office
35 Hospital Center Cmns # 100
Hilton Head Island, SC 29926
(843) 689-9565
Attorneys, Civil Litigation & Trial Law Attorneys, General Practice Attorneys
Ward Law Firm
1017 4th Ave
Conway, SC 29526
(843) 488-9273
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Personal Injury Law Attorneys,  General Pract
Houston Jr Charles E
31 Marshland Rd
Hilton Head Island, SC 29926
(843) 681-9111
General Practice Attorneys, Attorneys
Parrish Charles E
911 3rd Ave
Conway, SC 29526
(843) 248-8877
Attorneys, Legal Service Plans
Coastal Law
1204 3rd Ave
Conway, SC 29526
(843) 248-8148
Attorneys
Mogil Michael W
303 Professional Bldg
Hilton Head Island, SC 29926
(843) 785-8110
Civil Litigation & Trial Law Attorneys, Attorneys, General Practice Attorneys
Morris M Robin
164 Waccamaw Medical Park Ct
Conway, SC 29526
(843) 347-7998
Attorneys, Legal Service Plans
Coggin Gary
4 Southwood Park Dr # 4
Hilton Head Island, SC 29926
(843) 689-7777
Attorneys, General Practice Attorneys
Beverly O Terry
1202 3rd Ave
Conway, SC 29526
(843) 248-7576
Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  Legal Service Plans,  Auto
Lovelace Jr Richard M
1310 2nd Ave
Conway, SC 29526
(843) 248-7321
Attorneys, Real Estate Attorneys, General Practice Attorneys, Legal Service Plans
Gardner, Johnny Gardner Law Firm P.a.
212 Main St
Conway, SC 29526
(843) 248-7135
Attorneys, Criminal Law Attorneys, Personal Injury Law Attorneys, Insurance Attorneys, Litigation &
Gardner Johnny
1413 10th Ave
Conway, SC 29526
(843) 248-7135
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorne
Zilinsky Law Firm
204 Elm St # 100
Conway, SC 29526
(843) 248-7009
General Practice Attorneys, Attorneys, Legal Service Plans
Finger Terry A
35 Hospital Center Cmns # 200
Hilton Head Island, SC 29926
(843) 681-7000
Attorneys,  Accident & Property Damage Attorneys,  DUI & DWI Attorneys,  Patent, Trademark & Copyri
Coastal Paralegal Svc
204 Elm St # 100
Conway, SC 29526
(843) 248-6599
Paralegals
Wilson Law Firm
3600 Main St # 100
Hilton Head Island, SC 29926
(843) 681-6300
Real Estate Title Service, Corporation & Partnership Law Attorneys, Real Estate Attorneys, Wills, Tr
Thomas John C
107 Lewis St # C
Conway, SC 29526
(843) 248-6277
Attorneys, Probate Law Attorneys, Social Security & Disability Law Attorneys, Real Estate Attorneys,
Azallion Melissa L
400 Main St # 100A
Hilton Head Island, SC 29926
(843) 689-6277
Immigration Law Attorneys, Attorneys
Keep Russell
303 Watersedge At Shelter Cv
Hilton Head Island, SC 29926
(843) 842-6268
Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  Corporation & Partnershi
Phipps William R
430 William Hilton Pkwy # 509
Hilton Head Island, SC 29926
(843) 689-6242
Attorneys,  Family Law Attorneys,  Mediation Services,  Legal Service Plans
Fox J Eric
210 Elm St
Conway, SC 29526
(843) 248-6075
Criminal Law Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US