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 52231

Limitations of a Last Will and Testament in Zip Code 52231


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 IA 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 52231
Bauerly Craig R Atty
1312 Turnberry Ave
le Mars, IA 51031
(712) 546-9293
Attorneys
Richardson Ryan A
1288 Lincoln St SW
Le Mars, IA 51031
(712) 546-8873
General Practice Attorneys, Attorneys
Trotzig & Bauerly, P.L.C.
1288 Lincoln St SW
Le Mars, IA 51031
(712) 546-8873
General Practice Attorneys, Attorneys
Bixenman Scott L
38 1st Ave NW
Le Mars, IA 51031
(712) 546-8844
Attorneys
Murphy Collins & Bixenman PLC
38 1st Ave NW
Le Mars, IA 51031
(712) 546-8844
Personal Injury Law Attorneys, Attorneys
Murphy Patrick N
38 1st Ave NW
Le Mars, IA 51031
(712) 546-8844
Attorneys
Mitchell Gregory C
15 1st Ave NW
le Mars, IA 51031
(712) 546-8105
Attorneys
Murphy Michael P Res
542 15th St SW
Le Mars, IA 51031
(712) 546-7884
Attorneys, Legal Service Plans
Robert B Brock
16 2nd St SE
le Mars, IA 51031
(712) 546-7861
General Practice Attorneys, Attorneys
The Commodity Office of Le Mars
24 1st St NW
le Mars, IA 51031
(712) 546-7851
Attorneys
Starcevic Joseph F
13 S Clinton St
Albia, IA 52531
(641) 932-7802
Real Estate Attorneys, Attorneys, Legal Service Plans
Hemmingson Mark
104 Central Ave NE
Le Mars, IA 51031
(712) 546-7677
Attorneys, Legal Service Plans
Hoffman Thomas J Atty
801 3rd St SE
le Mars, IA 51031
(712) 546-7234
Attorneys
Lubben Earl
640 Remer Dr SE
Le Mars, IA 51031
(712) 546-7194
Attorneys
Bybee Jim
14 1st Ave SW
Le Mars, IA 51031
(712) 546-6999
Attorneys, General Practice Attorneys
Hall Hudson Attys PC
4039 Main St
Elk Horn, IA 51531
(712) 764-6062
Attorneys, General Practice Attorneys, Legal Service Plans
Lubben Rcpm
127 3rd Ave NW
Le Mars, IA 51031
(712) 546-5454
Attorneys
Devries Mark W
104 Market St
Bellevue, IA 52031
(563) 872-5429
General Practice Attorneys, Attorneys
Rasmussen Joe
4216 Main St
Elk Horn, IA 51531
(712) 764-5357
Attorneys, General Practice Attorneys, Legal Service Plans
Pabst John A
212 Benton Ave W
Albia, IA 52531
(641) 932-5155
General Practice Attorneys, Attorneys
Olson Alan
567 Southview Dr SE
Le Mars, IA 51031
(712) 546-4833
Attorneys
Hueneke Richard
39033 361st Ave
Bellevue, IA 52031
(563) 872-4735
Attorneys
George James L
17 1st Ave NE
Le Mars, IA 51031
(712) 546-4704
Attorneys, Legal Service Plans
Besch Ronald J
124 S Riverview St
Bellevue, IA 52031
(563) 872-4558
Attorneys, General Practice Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US