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 Surprise, AZ

Limitations of a Last Will and Testament in Surprise, AZ


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 AZ 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 Surprise, AZ
Dovan Associates
15270 W Brookside Ln
Surprise, AZ 85374
(623) 594-8987
Paralegals
Fred L Howe
14239 W Bell Rd Suite 205
Surprise, AZ 85374
(623) 748-8526
Attorneys,  Family Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Personal Injury Law
Katherine Trojahn, Arizona Certified Legal Document Preparer
13794 W. Waddell Rd., Ste 203
Surprise, AZ 85379
(623) 297-7366
Legal Forms, Estate Planning, Probate, & Living Trusts, Legal Document Assistance, Corporation & Par
Gerber Injury Law
12133 W. Bell Rd., Suite 202
Surprise, AZ 85378
(623) 377-7131
Attorneys, Legal Service Plans
Gorman & Jones, PLC
16928 W. Bell Rd., Suite 702C
Surprise, AZ 85374
(623) 974-5585
Estate Planning Attorneys, Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorne
Jackson Seward
12301 W Bell Rd
Surprise, AZ 85378
(623) 583-3888
Attorneys
Scott Law Offices, PLLC
P.O. Box 8373
Surprise, AZ 85374
(623) 748-3338
Criminal Law Attorneys, Estate Planning Attorneys, Family Law Attorneys
Valverde Legal Process
13954 W. Waddell Rd. Ste. 103-
Surprise, AZ 85379
(623) 640-2865
Process Servers, Notaries Public, Courier & Delivery Service, Attorneys Support & Service Bureaus
Lawyers Title-Surprise
15003 W Bell Rd Ste 150
Surprise, AZ 85374
(623) 518-2795
General Practice Attorneys, Attorneys, Legal Service Plans
Dan Dodds Law Office
16772 W Bell Rd Ste 110
Surprise, AZ 85374
(623) 242-1512
Attorneys, General Practice Attorneys
Thayne Cullimore Law Office
11323 W Bell Rd
Surprise, AZ 85378
(623) 977-1111
Attorneys
Hastings & Hastings Pc-Discount Accident Lawyers
12133 W Bell Rd
Surprise, AZ 85378
(623) 215-1100
Attorneys, General Practice Attorneys
Morris Richard W
13951 W Grand Ave Ste 203
Surprise, AZ 85374
(623) 583-1040
Estate Planning Attorneys, Attorneys, General Practice Attorneys
Morris Law Firm
13951 W Grand Ave Ste 203
Surprise, AZ 85374
(623) 583-1040
Attorneys, General Practice Attorneys, Estate Planning Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US