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 Sparkill, NY

Limitations of a Last Will and Testament in Sparkill, NY


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 Sparkill, NY
Duckworth Iii, R Demarest - Meaders Duckworth & Moore
551 5th Ave Suite 1704
New York, NY 10176
(212) 883-9111
Estate Planning Attorneys, Attorneys, Legal Service Plans, Business Law Attorneys, Real Estate Attor
New York Paralegal Group Inc
4400 Nesconset Hwy
Port Jefferson Station, NY 11776
(888) 817-8575
Paralegals
Perlman & Assoc
551 5th Ave
New York, NY 10176
(212) 376-8310
Administrative & Governmental Law Attorneys, Attorneys
Greenberg & Greenberg
3 Sierks Lane
Roslyn, NY 11576
(516) 621-7717
Family Law Attorneys, Adoption Law Attorneys, Legal Service Plans
Kuhn Steven
310 Hallock Ave
Port Jefferson Station, NY 11776
(631) 928-7700
Divorce Attorneys
Steven P. Kuhn
310 Hallock Avenue # 25A
Port Jefferson Station, NY 11776
(631) 928-7700
Legal Service Plans, Divorce Attorneys, Estate Planning Attorneys, Family Law Attorneys, Attorneys
Steiner Bruce D
551 5th Ave
New York, NY 10176
(212) 986-6909
Attorneys, Legal Service Plans
King Matthew A
21 Market St
Potsdam, NY 13676
(315) 265-6740
Attorneys, Legal Service Plans
Rosen Robert
55 Bryant Ave # 300
Roslyn, NY 11576
(516) 626-6606
Insurance Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Legal Service Plans
Chonoles Andrew M
551 5th Ave # 18
New York, NY 10176
(212) 986-6000
Attorneys
Bortnick, Jeffrey S - Kleinberg Kaplan Wolff & Cohen
551 5th Ave
New York, NY 10176
(212) 986-6000
Attorneys,  Tax Attorneys,  Insurance Attorneys,  Estate Planning Attorneys,  Business Law Attorneys
Kleinberg Kaplan Wolff & Cohen
551 5th Ave Ste 18
New York, NY 10176
(212) 986-6000
Attorneys, Tax Attorneys, Business Law Attorneys, Real Estate Attorneys, Patent, Trademark & Copyrig
Gaynor Philip M
551 5th Ave # 222
New York, NY 10176
(212) 661-5667
Attorneys
Williams Law Office
551 5th Ave
New York, NY 10176
(212) 689-4769
General Practice Attorneys, Attorneys
Stein Sharon
551 5th Ave # 28
New York, NY 10176
(212) 697-4500
Attorneys
Cleared Credit Service
4747-28 Nesconset Hwy
Port Jefferson Station, NY 11776
(631) 509-4250
Financial Planners,  Collection Agencies,  Real Estate Agents,  Credit Repair Service,  Bankruptcy L
Matthew Sosnick Law Office
15 Reed Dr
Roslyn, NY 11576
(516) 535-3900
General Practice Attorneys, Attorneys
Cheaptraffictix.com
PO Box 221
Roslyn, NY 11576
(888) 816-3330
Corporation & Partnership Law Attorneys, Attorneys
Mary Ann Dibari Law Office
105 Cross Pond Rd
Pound Ridge, NY 10576
(914) 977-3317
General Practice Attorneys, Attorneys, Legal Service Plans
Leek Jerry C
107 S Canton Rd
Potsdam, NY 13676
(315) 265-2595
Personal Injury Law Attorneys, Attorneys, Criminal Law Attorneys
Blazer Frances E
4444 Peterboro St
Vernon, NY 13476
(315) 829-2525
Real Estate Attorneys, Attorneys, Legal Service Plans
Silver Andrew W
4 Elm St
Potsdam, NY 13676
(315) 265-2264
General Practice Attorneys, Attorneys, Legal Service Plans
Law Offices Albert J
551 5th Ave
New York, NY 10176
(212) 696-1873
General Practice Attorneys, Attorneys, Legal Service Plans
Tierney & Tierney
409 Patchogue Rd
Port Jefferson Station, NY 11776
(631) 928-1444
Divorce Assistance, Attorneys, Family Law Attorneys, General Practice Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US