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 74045

Limitations of a Last Will and Testament in Zip Code 74045


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 OK 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 74045
Tim T Ragland-Divorce & Family Law Attorney
119 N Central Ave
Idabel, OK 74745
(580) 286-9777
Attorneys,  Child Custody Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorn
Griffith Law Firm
113 N Central Ave
Idabel, OK 74745
(580) 286-9400
Attorneys, General Practice Attorneys, Legal Service Plans
Aaa Disability Advocates Pc
7906 E 55th St
Tulsa, OK 74145
(918) 492-9335
General Practice Attorneys, Attorneys, Legal Service Plans
Aaa Disability Advocates
7906 E 55th St
Tulsa, OK 74145
(918) 492-9335
Attorneys, General Practice Attorneys, Legal Service Plans
White Timothy M
7906 E 55th St
Tulsa, OK 74145
(918) 492-9335
Social Security & Disability Law Attorneys, Attorneys, Social Security Services, Legal Service Plans
Middleton Travis
8163 E 41st St
Tulsa, OK 74145
(918) 895-8778
Attorneys
Powers, Bruce N
4845 S Sheridan Rd Suite 501
Tulsa, OK 74145
(918) 663-8300
Attorneys, General Practice Attorneys, Legal Service Plans
Gray Stephen P
4530 S Sheridan Rd Ste 205
Tulsa, OK 74145
(918) 660-8118
Attorneys, Legal Service Plans
Accident Victims of Oklahoma
5802 S Memorial Dr
Tulsa, OK 74145
(918) 627-7142
Attorneys
Farley Kenneth R
121 N Central Ave # C
Idabel, OK 74745
(580) 286-6674
Social Security & Disability Law Attorneys, Attorneys, Social Security Services, Legal Service Plans
Maxwell Harro Emily
117 N Central Ave
Idabel, OK 74745
(580) 286-6636
Attorneys
Leforce & McComb PC
PO Box 59
Idabel, OK 74745
(580) 286-6636
Divorce Assistance, Attorneys, Notaries Public, General Practice Attorneys
Travis S. Crocker
117 N Central Ave
Idabel, OK 74745
(580) 286-6636
Social Security & Disability Law Attorneys,  Workers Compensation & Disability Insurance,  Accident
Steinmetz Roberta F
4247 S 76th East Ave
Tulsa, OK 74145
(918) 628-6600
General Practice Attorneys, Attorneys
Steinmetz Roberta
4247 S 76th East Ave
Tulsa, OK 74145
(918) 628-6600
Attorneys, General Practice Attorneys
Baker Law Firm
8301 E 51st St # 228
Tulsa, OK 74145
(918) 582-6550
General Practice Attorneys, Attorneys, Legal Service Plans
Dolphin Bay Films
5401 S Sheridan Rd Ste 401
Tulsa, OK 74145
(918) 749-6023
Attorneys, Legal Service Plans
Brownson, Richmond J PC
7906 E 55th St
Tulsa, OK 74145
(918) 481-6022
Attorneys, Social Security & Disability Law Attorneys, Legal Service Plans
Gibbs Gerald
8 NW Martin Luther King Ave
Idabel, OK 74745
(580) 286-4455
Attorneys, Legal Service Plans
Adibi Arya
4135 S Sheridan Rd
Tulsa, OK 74145
(918) 819-4126
Attorneys Referral & Information Service, Arbitration Services, Attorneys
Kevin T Sain
2100 SE Washington St
Idabel, OK 74745
(580) 208-2880
Attorneys
Sain Kevin
2100 SE Washington St # C
Idabel, OK 74745
(580) 208-2880
Attorneys
Terrry Nix
103 N Central Ave
Idabel, OK 74745
(580) 208-2787
Attorneys, Legal Service Plans
Thomas E. Baker
12315 East 86th Street North
Owasso, OK 74145
(918) 274-1818
Civil Litigation & Trial Law Attorneys, Attorneys, Insurance Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US