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 Riverton, IL

Limitations of a Last Will and Testament in Riverton, IL


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 IL 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 Riverton, IL
Melissa Smejkal
333 N Jefferson St Apt 204
Chicago, IL 60661
(708) 788-9910
General Practice Attorneys, Attorneys, Legal Service Plans
Cochrane and Mueller Law Offices
20000 Governors Hwy
Olympia Fields, IL 60461
(708) 481-9530
General Practice Attorneys, Attorneys, Legal Service Plans
Borden Law Firm PC
118 N Clinton St Ste 100-11
Chicago, IL 60661
(312) 234-9434
General Practice Attorneys, Attorneys
Steve Ackerman Law Office
566 W Adams St # 600
Chicago, IL 60661
(312) 454-9300
General Practice Attorneys, Attorneys, Legal Service Plans
Kopec And Kent P.c.
118 S Clinton St Suite 200
Chicago, IL 60661
(773) 819-9117
Attorneys, Criminal Law Attorneys
Spivack Aaron
566 W Lake St # 100
Chicago, IL 60661
(312) 775-9060
General Practice Attorneys, Attorneys
Daly Colleen R
206 S Jefferson St # 100
Chicago, IL 60661
(312) 648-9000
General Practice Attorneys, Attorneys, Legal Service Plans
Stanley L Hill & Assoc
651 W Washington Blvd Ste 205
Chicago, IL 60661
(312) 917-8888
Attorneys, Arbitration Services
Scott B Shapiro
218 N Jefferson St Ste 400
Chicago, IL 60661
(312) 648-8800
Attorneys, Corporation & Partnership Law Attorneys, General Practice Attorneys, Employee Benefits &
VC Injury Law
555 W Jackson Blvd Ste 700
Chicago, IL 60661
(312) 559-8339
Personal Injury Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Legal Service Pla
Essig Dean R
313 N Main St
Roanoke, IL 61561
(309) 923-8281
Accident & Property Damage Attorneys, Attorneys, Family Law Attorneys
Folk Law
302 Washington St
Oregon, IL 61061
(815) 881-8024
Attorneys, Family Law Attorneys, Juvenile Law Attorneys, Traffic Law Attorneys
Faier James M
566 W Adams St # 600
Chicago, IL 60661
(312) 382-7700
Attorneys, Patent, Trademark & Copyright Law Attorneys
Herbert Daniel Q
206 S Jefferson St
Chicago, IL 60661
(312) 655-7660
General Practice Attorneys, Attorneys
Banzuly Golden LLP
555 W Jackson Blvd # 700
Chicago, IL 60661
(312) 577-7055
Attorneys
Adams Defense Law
503 W Jackson Blvd Ste 1651
Chicago, IL 60661
(312) 945-7022
Criminal Law Attorneys, Attorneys
Senak Smith & Michaud
550 W Jackson Blvd Ste 1400
Chicago, IL 60661
(312) 207-6957
General Practice Attorneys
Enstrom George E
304 Washington St
Oregon, IL 61061
(815) 732-6838
Attorneys, Legal Service Plans
Glimco Joseph
8340 Lemont Rd
Darien, IL 60561
(630) 910-6400
General Practice Attorneys, Attorneys
Fearer Nye & Chadwick
209 S 5th St
Oregon, IL 61061
(815) 732-6113
Estate Planning Attorneys,  Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attor
Ev Law Group
218 N Jefferson St Suite 300
Chicago, IL 60661
(312) 474-6055
Bankruptcy Law Attorneys,  Attorneys,  Business Law Attorneys,  Bankruptcy Services,  Legal Service
Koclan Patrick W Atty
500 W Madison St
Chicago, IL 60661
(312) 715-5794
Attorneys
Pace Sarah E Atty
500 W Madison St
Chicago, IL 60661
(312) 715-5778
Attorneys
Wright Joseph
500 W Madison St
Chicago, IL 60661
(312) 715-5761
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US