12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
Protect Your Family Today
with a Free Last Will & Testament
  • Finish and print in minutes!
  • Personalized for You
  • Written by expert Attorneys
  • Valid & Legal for Texas

Limitations of a Last Will and Testament in Zip Code 78705

Limitations of a Last Will and Testament in Zip Code 78705


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.
 
Download & Print a Free TX Last Will Personalize This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
  Answer Easy
Questions
answer simple questions online step by step
Easy Questions, Instant Documents
  • Finish in Minutes
  • Download Immediately
  • Written by Attorneys
  • 100% Guaranteed
  Get Instant Legal
    Documents

Print, save or email your finished legal document immediately!
Last Will & Testament
Related Legal Services near Zip Code 78705
Adami Shuffield S
9311 San Pedro St
Austin, TX 78705
(512) 322-9497
Attorneys
Ward Adam S
2001 N Lamar Blvd
Austin, TX 78705
(512) 474-8153
Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
Ward Adam
2001 N Lamar Blvd # 1
Austin, TX 78705
(512) 474-8153
Attorneys, Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Legal Service Plans,
Rash Chapman Schreiber Leaverton & Morrison LLP
2112 Rio Grande St
Austin, TX 78705
(512) 477-7543
Investment Advisory Service,  Estate Planning, Probate, & Living Trusts,  Attorneys,  Financial Se
Willatt & Flickinger
2001 N Lamar Blvd
Austin, TX 78705
(512) 476-6604
General Practice Attorneys, Attorneys
Kilgore Dean M
1301 W 25th St # 540
Austin, TX 78705
(512) 478-6120
Mediation Services,  Attorneys,  Arbitration Services,  Legal Service Plans
Greenway Law Firm
2905 San Gabriel St
Austin, TX 78705
(512) 607-5509
Attorneys,  Personal Injury Law Attorneys,  Legal Clinics,  General Practice Attorneys,  Legal Servi
Schless Michael J
1301 W 25th St # 550
Austin, TX 78705
(512) 476-5507
Arbitration Services,  Attorneys,  General Practice Attorneys,  Mediation Services,  Legal Service P
Arenson Walker
1301 W 25th St
Austin, TX 78705
(512) 327-4422
Estate Planning Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
Clute Lisa
1900 Pearl St
Austin, TX 78705
(512) 474-4133
Attorneys, Legal Service Plans
Byrd David Furman, LLP
707 W 34th St
Austin, TX 78705
(512) 298-4127
Personal Injury Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Corporation & Par
Furman James H
707 W 34th St
Austin, TX 78705
(512) 454-3751
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Collins Tom
1301 W 25th St # 530
Austin, TX 78705
(512) 474-2744
Arbitration Services,  Attorneys,  Mediation Services,  Legal Service Plans
Greenway Law Firm
2905 San Gabriel St # 205
Austin, TX 78705
(512) 813-1019
Attorneys, General Practice Attorneys, Legal Service Plans, Personal Injury Law Attorneys, Legal Cli
Greenway Law Firm
2905 San Gabriel St Ste 205
Austin, TX 78705
(512) 813-1019
Attorneys,  Personal Injury Law Attorneys,  General Practice Attorneys,  Legal Service Plans
Thomas S Burns Job Site
3701 N Lamar Blvd
Austin, TX 78705
(512) 206-0252
Bankruptcy Law Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US