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 11949

Limitations of a Last Will and Testament in Zip Code 11949


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 NY 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 11949
Personal Injury and Accident Attorneys RGG&L
1355 Motor Pkwy
Islandia, NY 11749
(800) 734-9445
Attorneys Referral & Information Service, Malpractice Law Attorneys, Professional Liability & Negl
Mc Carl James R
18 Bridge St
Montgomery, NY 12549
(845) 457-9413
Attorneys, General Practice Attorneys, Criminal Law Attorneys, Personal Injury Law Attorneys
James R Mc Carl Law Firm
18 Bridge St
Montgomery, NY 12549
(845) 457-9413
Attorneys,  General Practice Attorneys,  Criminal Law Attorneys,  Personal Injury Law Attorneys
Schleimer Karen B
9 Timber Rdg
Mount Kisco, NY 10549
(212) 541-9330
Attorneys, Legal Service Plans
Shapiro Gettinger & Waldinger
118 N Bedford Rd
Mount Kisco, NY 10549
(914) 666-9277
Administrative & Governmental Law Attorneys,  Corporation & Partnership Law Attorneys,  Attorneys,  
Total Attorneys - Divorce
273837 Kent Ave
Brooklyn, NY 11249
(646) 741-8503
Attorneys,  Family Law Attorneys,  Legal Service Plans,  Divorce Attorneys
Pietrobono Rex M
2 Sarles St
Mount Kisco, NY 10549
(914) 666-8137
Attorneys, Legal Service Plans, Criminal Law Attorneys, Insurance Attorneys, Litigation & Tort Attor
Houslanger & Associates
45 Kensico Dr # 1
Mount Kisco, NY 10549
(914) 666-8100
Attorneys, Legal Service Plans
Marotta & Kristiansen
1324 Motor Pkwy # 100
Islandia, NY 11749
(631) 234-7272
Attorneys
Center For Collaborative Fmly
241 Lexington Ave # 2
Mount Kisco, NY 10549
(914) 242-7200
Mediation Services,  Attorneys,  Family Law Attorneys,  Arbitration Services
Rappaport, Glass, Levine & Zullo, LLP.
1355 Motor Pkwy
Islandia, NY 11749
(631) 209-7132
Personal Injury Law Attorneys,  Accident & Property Damage Attorneys,  Attorneys,  Malpractice Law A
Court Reporters
1355 Motor Parkway
Hauppauge, NY 11749
(877) 337-6968
Attorneys Referral & Information Service,  Business Litigation Attorneys,  Civil Litigation & Trial
Court Reporters
1355 Motor Parkway
Hauppauge, NY 11749
(877) 337-6968
Attorneys Referral & Information Service, Business Litigation Attorneys, Civil Litigation & Trial La
Ticknor & Ticknor Attys
19 N Moger Ave
Mount Kisco, NY 10549
(914) 666-6451
General Practice Attorneys, Attorneys
YourDivorceMediator, Inc.
100 South Bedford Road
Mount Kisco, NY 10549
(914) 588-6258
Divorce Attorneys, Divorce Assistance
Turley Redmond Rosasco Lip Attorneys
3760 Express Dr S
Islandia, NY 11749
(516) 745-5666
General Practice Attorneys, Attorneys
Hollis Iii, P Daniel - Shamberg Marwell Davis-Hollis
55 Smith Ave
Mount Kisco, NY 10549
(914) 666-5600
Estate Planning Attorneys, Attorneys, Real Estate Attorneys, Legal Service Plans
Haley Weinblatt & Calcagni
1601 Veterans Hwy Ste 425
Islandia, NY 11749
(631) 582-5151
Attorneys, Legal Service Plans
Bosshart, Karen Esq LLC
69 S Bedford Rd
Mount Kisco, NY 10549
(914) 218-4452
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Mediation Services,  Arbitration & Mediation
Tsunis Gasparis Lustig Ring & Kenney LLP
2929 Express Dr N Ste 103
Islandia, NY 11749
(631) 582-4081
Attorneys, Estate Planning, Probate, & Living Trusts, Real Estate Attorneys, General Practice Attorn
Coughlin & Gerhart LLP
176 Main St
Unadilla, NY 13849
(607) 369-3811
Attorneys, Estate Planning Attorneys, Legal Service Plans
Barouh Eaton Allen Corp
96 N 10th St
Brooklyn, NY 11249
(718) 486-3331
Attorneys, Legal Service Plans
Wright-Holmes Law List Inc
45 Kensico Dr Ste 3
Mount Kisco, NY 10549
(914) 241-3297
Attorneys Referral & Information Service, Attorneys, Legal Service Plans
Fogarty Dolores G
183 Main St
Unadilla, NY 13849
(607) 369-3000
Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US