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 06530

Limitations of a Last Will and Testament in Zip Code 06530


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 CT 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 06530
Law Offices
200 Railroad Ave
Greenwich, CT 06830
(203) 340-9948
General Practice Attorneys, Attorneys
Carlisle Jonathan D
125 Mason St
Greenwich, CT 06830
(203) 629-9600
Attorneys, Legal Service Plans
Rick M Capozza
48 Gerry St
Greenwich, CT 06830
(203) 485-9600
General Practice Attorneys, Attorneys, Legal Service Plans
Ricky Michael Law Offices
48 Gerry St
Greenwich, CT 06830
(203) 485-9600
Criminal Law Attorneys, Attorneys
Tierney & Whelan
7 Benedict Pl
Greenwich, CT 06830
(203) 661-9440
General Practice Attorneys, Attorneys, Legal Service Plans
Gilbride II Frank J
31 Brookside Dr
Greenwich, CT 06830
(203) 622-9360
General Practice Attorneys, Attorneys, Commercial Law Attorneys
DCM Systems
100 Melrose Ave
Greenwich, CT 06830
(203) 861-9121
Attorneys
Adam Chodos Law Office
20 Morningside Dr
Greenwich, CT 06830
(203) 629-9074
Attorneys, General Practice Attorneys
Northway Management Co
164 Mason St
Greenwich, CT 06830
(203) 618-9062
Attorneys, Management Consultants
Wells Douglas J
325 Greenwich Ave
Greenwich, CT 06830
(203) 302-9028
Attorneys, Legal Service Plans
Caruso Frank L
450 W Putnam Ave
Greenwich, CT 06830
(203) 869-9000
Attorneys
Peluso Frank N
309 Greenwich Ave
Greenwich, CT 06830
(203) 869-8989
Attorneys, Legal Service Plans
Cunningham & Cunningham
21 Benedict Pl
Greenwich, CT 06830
(203) 629-8887
General Practice Attorneys, Attorneys, Legal Service Plans
Finkelstein Marci E
500 W Putnam Ave # 370
Greenwich, CT 06830
(203) 622-8787
General Practice Attorneys, Attorneys, Legal Service Plans
Hoffman Kevin
151 Railroad Ave
Greenwich, CT 06830
(203) 869-8744
Attorneys, Legal Service Plans
Heagney Lennon & Slane
248 Greenwich Ave
Greenwich, CT 06830
(203) 661-8400
Attorneys, Legal Service Plans
Slane Jr John F
248 Greenwich Ave
Greenwich, CT 06830
(203) 661-8400
Attorneys
Riccio Eugene J
170 Mason St
Greenwich, CT 06830
(203) 625-8180
Attorneys, Legal Service Plans
Anthony J Medico Law Offices
7 Benedict Pl
Greenwich, CT 06830
(203) 661-8151
General Practice Attorneys, Attorneys, Legal Service Plans
Griggs Baldwin & Baldwin
57 Old Post Rd No 2
Greenwich, CT 06830
(203) 629-7981
Attorneys, Legal Service Plans
Schless Lesley
1 E Putnam Ave
Greenwich, CT 06830
(203) 862-7829
Attorneys, Legal Service Plans
Beach Scott R
1 E Putnam Ave
Greenwich, CT 06830
(203) 862-7824
Attorneys, Legal Service Plans
Griffith Forest Lee III
1 E Putnam Ave
Greenwich, CT 06830
(203) 862-7823
Attorneys, Legal Service Plans
Day Pitney LLP
1 E Putnam Ave # 3
Greenwich, CT 06830
(203) 862-7800
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US