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 01908

Limitations of a Last Will and Testament in Zip Code 01908


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 MA 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 01908
Howard Lee Schiff Law Offices Pc Attys
340 Main St
Worcester, MA 01608
(508) 753-9991
General Practice Attorneys, Attorneys, Legal Service Plans
Schribman Marshall M
11 Beacon St
Boston, MA 02108
(617) 367-9979
Attorneys, Legal Service Plans
Lovenberg & Associates, P.C.
11 Beacon St # 325
Boston, MA 02108
(617) 973-9950
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Legal Service Plans
Kerby Roberson
15 Court Sq # 350
Boston, MA 02108
(617) 918-9898
General Practice Attorneys, Attorneys
Cabral Michael B
6 Beacon St # 1115
Boston, MA 02108
(617) 248-9800
General Practice Attorneys, Attorneys, Legal Service Plans
O'Reilly Michael J
45 School St
Boston, MA 02108
(617) 227-9779
Attorneys, Legal Service Plans
Spears W Diane
45 School St
Boston, MA 02108
(617) 227-9713
Attorneys, Legal Service Plans
Michajlow Vadim Law Offices
340 Main St Ste 910-7
Worcester, MA 01608
(508) 791-9706
General Practice Attorneys, Attorneys, Legal Service Plans
Ornell Craig
51 Union St # 208
Worcester, MA 01608
(508) 797-9655
Bankruptcy Law Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
Reynolds Law Firm
340 Main St # 910
Worcester, MA 01608
(508) 791-9600
Attorneys, Business Law Attorneys, Patent, Trademark & Copyright Law Attorneys, Estate Planning Atto
Martin Lynne S
285 Main St
Worcester, MA 01608
(508) 754-9530
Attorneys, Legal Service Plans
White Veronica
101 Tremont St
Boston, MA 02108
(617) 338-9507
Attorneys, General Practice Attorneys, Legal Service Plans
Badger Legal Group
10 Mechanic St # 201
Worcester, MA 01608
(508) 753-9500
Attorneys, Legal Service Plans
Lerner & Holmes
2 Center Plz # 410
Boston, MA 02108
(617) 443-9470
Attorneys
Elikann Peter
80 Beacon St # 9
Boston, MA 02108
(617) 742-9462
Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys, Legal Service Plans
Peter Elikann
80 Beacon St
Boston, MA 02108
(617) 742-9462
DUI & DWI Attorneys, Attorneys, Criminal Law Attorneys, Legal Service Plans
Kimball Brousseau & Michon
1 Washington Mall # 7B
Boston, MA 02108
(617) 367-9449
Attorneys, Legal Service Plans
Robert E Daidone Law Offices
44 School St
Boston, MA 02108
(617) 722-9310
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Personal Injury Law Attorneys,  Crimi
Jane McGowan Esq.
306 Main St 3rd Floor
Worcester, MA 01608
(508) 281-9291
General Practice Attorneys,  Child Custody Attorneys,  Attorneys,  Family Law Attorneys,  Mediation
Kelly J Lawrence
101 Tremont St Ste 800
Boston, MA 02108
(617) 292-9220
Attorneys, General Practice Attorneys
Hren Gregory
101 Tremont St # 1015
Boston, MA 02108
(617) 426-9215
Attorneys
Saggese Alfred E Jr
2 Center Plz
Boston, MA 02108
(617) 742-9191
General Practice Attorneys, Legal Service Plans, Attorneys
First Security Pro Se Clinics
615 White St
Springfield, MA 01108
(860) 830-9187
Paralegals, Bankruptcy Services
Greene LLP
One Liberty Square, Suite 1200
Boston, MA 02108
(855) 809-9119
Personal Injury Law Attorneys, Employment Discrimination Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US