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 49005

Limitations of a Last Will and Testament in Zip Code 49005


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 MI 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 49005
F. Mark Hugger
2020 Hogback Rd Suite 13
Ann Arbor, MI 48105
(734) 975-9150
Criminal Law Attorneys, Attorneys
Rademaker Law PC
2920 Fuller Ave NE
Grand Rapids, MI 49505
(616) 364-8791
Divorce Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, DUI & DWI Attorneys
Rademaker & Kelley PC Law Group of
2920 Fuller Ave NE
Grand Rapids, MI 49505
(616) 364-8791
Accident & Property Damage Attorneys,  Family Law Attorneys,  Attorneys,  Criminal Law Attorneys,  D
Sevick Law PLLC
2002 Hogback Road, Suite #11
Ann Arbor, MI 48105
(888) 473-8425
Attorneys, Legal Service Plans, Elder Law Attorneys, General Practice Attorneys, Real Estate Attorne
Leah Gatch Tremonti
2020 Hogback Rd Ste 13
Ann Arbor, MI 48105
(734) 677-7900
Attorneys, Legal Service Plans
Park Soo
3055 Plymouth Rd
Ann Arbor, MI 48105
(734) 996-7777
General Practice Attorneys, Attorneys
Rabideau Christopher
2922 Fuller Ave NE # B118
Grand Rapids, MI 49505
(616) 364-6607
General Practice Attorneys, Attorneys
Mc Croskey Law Offices
2922 Fuller Ave NE Ste 118
Grand Rapids, MI 49505
(616) 364-6607
Insurance Attorneys,  Attorneys,  Social Security & Disability Law Attorneys,  Personal Injury Law A
Metasystems
3422 Autumn Ln
Ann Arbor, MI 48105
(734) 332-6115
Attorneys Support & Service Bureaus
C Frederick Robinson
2501 N Saginaw St
Flint, MI 48505
(810) 234-5856
Attorneys, Legal Service Plans
Fifelski Legal PLC
2002 Hogback Rd Ste 20
Ann Arbor, MI 48105
(734) 677-5825
Criminal Law Attorneys, Legal Service Plans
Irons, Joan L
2920 Fuller Ave NE
Grand Rapids, MI 49505
(616) 364-5490
Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Adoption Law Attorneys,  Child Custody Attorn
Sweeney Law Offices
2035 Hogback Rd Ste 207
Ann Arbor, MI 48105
(734) 926-5297
Attorneys,  General Practice Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys
Management Service For Pros
2243 Oakwood Ave NE
Grand Rapids, MI 49505
(616) 363-5200
Attorneys Support & Service Bureaus,  Attorneys Referral & Information Service,  Attorneys,  Legal S
McCroskey Law
2922 Fuller Ave NE
Grand Rapids, MI 49505
(616) 365-5179
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
Pear Sperling Eggan & Daniels PC
24 Frank Lloyd Wright Dr
Ann Arbor, MI 48105
(734) 665-4441
Family Law Attorneys,  Business Law Attorneys,  Arbitration & Mediation Attorneys,  Arbitration Serv
Kempner David E
24 Frank Lloyd Wright Dr # 1
Ann Arbor, MI 48105
(734) 665-4441
Attorneys, Legal Service Plans
Dellenbusch Caroline
2944 Fuller Ave NE
Grand Rapids, MI 49505
(616) 451-4242
Attorneys, Legal Service Plans
Hogan & Associates PC
2156 Plainfield Ave NE
Grand Rapids, MI 49505
(616) 214-3389
Bankruptcy Law Attorneys,  Attorneys,  Real Estate Attorneys,  Wills, Trusts & Estate Planning Atto
Total Attorneys - Bankruptcy
PO Box 271900
Afton, MI 49705
(231) 994-3277
Bankruptcy Law Attorneys,  Attorneys,  Banking & Mortgage Law Attorneys,  Bankruptcy Services,  Lega
Labell William & Karen
59897 Apple St
Allouez, MI 49805
(906) 337-2546
General Practice Attorneys
Phillips Linda A
2045 Hogback Rd
Ann Arbor, MI 48105
(734) 663-2443
Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys
Michael Nicholson
265 High Orchard Ln
Ann Arbor, MI 48105
(734) 213-1987
Attorneys, General Practice Attorneys
Hulswit David E PLC
2922 Fuller Ave NE # B211
Grand Rapids, MI 49505
(616) 464-1119
Attorneys,  Labor & Employment Law Attorneys,  Federal Law Attorneys,  Employee Benefits & Worker Co
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US