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 Valparaiso, IN

Limitations of a Last Will and Testament in Valparaiso, IN


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 IN 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 Valparaiso, IN
Sherman Daniel W
2153 Ransom Rd
Valparaiso, IN 46385
(219) 462-9957
Attorneys
Baitup Joanne
1704 Calumet Ave
Valparaiso, IN 46383
(219) 464-9899
Attorneys, Family Law Attorneys, Divorce Attorneys, Business Bankruptcy Law Attorneys, General Pract
Baitup Inc Joanne
1704 Calumet Ave
Valparaiso, IN 46383
(219) 464-9899
Divorce Attorneys,  Elder Law Attorneys,  Bankruptcy Law Attorneys,  Attorneys,  Estate Planning Att
Foelber David A
504 Lincolnway
Valparaiso, IN 46383
(219) 464-9677
Attorneys,  Business Bankruptcy Law Attorneys,  Collection Law Attorneys,  Bankruptcy Law Attorneys
Harper Harold T
304 W US Highway 6
Valparaiso, IN 46385
(219) 762-9538
Malpractice Law Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
Harper Robert P
304 W US Highway 6
Valparaiso, IN 46385
(219) 762-9538
Malpractice Law Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans
Butterfield David A
11 Lincolnway
Valparaiso, IN 46383
(219) 464-9511
Accident & Property Damage Attorneys,  Attorneys,  Divorce Attorneys,  Real Estate Attorneys,  Famil
Brooks Law Office PC
354 West St
Valparaiso, IN 46383
(219) 462-9320
Social Security & Disability Law Attorneys,  Attorneys,  Family Law Attorneys,  Wills, Trusts & Est
Gloyeski Law Office
100 Lincolnway # 206
Valparaiso, IN 46383
(219) 465-9300
General Practice Attorneys, Attorneys
Douglas Mc Millan Law Office
57 Franklin St # 115
Valparaiso, IN 46383
(219) 464-9191
Attorneys,  Business Law Attorneys,  Arbitration Services,  Arbitration & Mediation Attorneys,  Medi
Canganelli Michael A
1404 Boca Lago Dr
Valparaiso, IN 46383
(219) 252-9089
Attorneys
De Boer David L
3506 Meadowlark Dr
Valparaiso, IN 46383
(219) 464-8862
Attorneys
Green William J
15 Franklin St # 235
Valparaiso, IN 46383
(219) 548-8787
Attorneys, General Practice Attorneys, Legal Service Plans
Betsy Walits Law Office
821 Lincolnway
Valparaiso, IN 46383
(219) 508-8607
General Practice Attorneys, Attorneys, Legal Service Plans
Brooks & Hine Pc
206 Lincolnway
Valparaiso, IN 46383
(219) 242-8550
Attorneys, Legal Service Plans
Heinold Elizabeth Attorney
205 Jefferson St
Valparaiso, IN 46383
(219) 462-8238
Attorneys
Soliday Matthew D
205 Jefferson St
Valparaiso, IN 46383
(219) 462-8238
Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Wills, Trusts & Estate Planning At
Etzler Gordon A
251 Indiana Ave
Valparaiso, IN 46383
(219) 531-7787
Corporation & Partnership Law Attorneys,  Attorneys,  Business Law Attorneys,  Legal Service Plans
Nightingale Charles G
701 Lincolnway
Valparaiso, IN 46383
(219) 465-7766
Attorneys, Criminal Law Attorneys, Legal Service Plans
Pluister Lynn
334 W 806 N
Valparaiso, IN 46385
(219) 762-7728
Attorneys, Family Law Attorneys, Legal Service Plans
Phillips David R
2803 Boilermaker Ave # 1D
Valparaiso, IN 46383
(219) 476-7557
General Practice Attorneys, Attorneys
Maas Christina L
601 Lincolnway # 2E
Valparaiso, IN 46383
(219) 465-7482
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  A
Costas H Jonathon
156 Washington St
Valparaiso, IN 46383
(219) 548-7300
General Practice Attorneys, Attorneys, Legal Service Plans
Holesinger Clark
334 W 806 N
Valparaiso, IN 46385
(219) 763-7246
Attorneys, Criminal Law Attorneys, Tax Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Plan
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US