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 19423

Limitations of a Last Will and Testament in Zip Code 19423


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 PA 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 19423
Getsinger Bruce L
1243 Liberty St Ste 518
Franklin, PA 16323
(814) 432-9456
Social Security & Disability Law Attorneys, Attorneys, Corporation & Partnership Law Attorneys, Gene
Getsinger Bruce L
1243 Liberty St # 518
Franklin, PA 16323
(814) 432-9456
Attorneys,  Social Security & Disability Law Attorneys,  Corporation & Partnership Law Attorneys,  G
Lackatos John C
1040 Elk St
Franklin, PA 16323
(814) 437-9278
Criminal Law Attorneys, Attorneys
Wilson Lloyd
1243 Liberty St # 406
Franklin, PA 16323
(814) 677-9196
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Mt Royal Lawyers
1007 Mount Royal Blvd
Pittsburgh, PA 15223
(412) 492-8975
Mon. - Fri. 9am - 5pm, Sat. - Sun. CLOSED
Sheppard James P
85 E Main St
Elizabethville, PA 17023
(717) 362-8651
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Attorne
Mason H Denning
817 E Bishop St
Bellefonte, PA 16823
(814) 353-8600
Attorneys, Family Law Attorneys, Legal Service Plans
Stover Jeffrey W
122 E High St
Bellefonte, PA 16823
(814) 355-8235
General Practice Attorneys, Attorneys
Huber & Palsir, LLC.
201 Spring Garden St Ste 201
Philadelphia, PA 19123
(267) 773-6114
Legal Service Plans,  Accident & Property Damage Attorneys,  Corporation & Partnership Law Attorneys
Solle Randy P
506 9th St
Franklin, PA 16323
(814) 432-5955
General Practice Attorneys
Mc Intyre & Logsdon Law Office
1243 Liberty St # 403
Franklin, PA 16323
(814) 432-5616
Attorneys, Criminal Law Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service P
Logdsdon Sible, Pamela R Mc Intyre & Logsdon Law Office
1243 Liberty St # 403
Franklin, PA 16323
(814) 432-5616
Attorneys, Criminal Law Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service P
Brandt David P
1328 Liberty St # B
Franklin, PA 16323
(814) 432-5556
Wills, Trusts & Estate Planning Attorneys, Attorneys, Real Estate Attorneys, Legal Service Plans
Miller Kistler & Campbell Inc
124 N Allegheny St
Bellefonte, PA 16823
(814) 355-5474
Personal Injury Law Attorneys, Litigation & Tort Attorneys, Attorneys
Manchester R Bruce
124 W Bishop St
Bellefonte, PA 16823
(814) 355-5421
General Practice Attorneys, Attorneys, Legal Service Plans
Reiter Dennis O
115 E High St
Bellefonte, PA 16823
(814) 355-4769
Attorneys, Wills, Trusts & Estate Planning Attorneys, Corporation & Partnership Law Attorneys, Civil
Corbett III Patrick W
140 S Allegheny St
Bellefonte, PA 16823
(814) 353-4521
Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
E Kenneth Wall PC
644 Willowbank St
Bellefonte, PA 16823
(814) 355-4106
Tax Attorneys,  Attorneys,  Bookkeeping,  Financial Planning Consultants,  Taxes-Consultants & Repre
Foster Daniel
1320 Liberty St
Franklin, PA 16323
(814) 432-3290
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
Antkowiak Michael J
1149 Liberty St # 3
Franklin, PA 16323
(814) 432-3289
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Legal Service Plans
Kerwin, Terrence J Kerwin & Kerwin
4245 State Route 209
Elizabethville, PA 17023
(717) 362-3215
Elder Law Attorneys, Estate Planning Attorneys, Attorneys
Stover & McGlaughlin
122 E High St
Bellefonte, PA 16823
(855) 275-3154
Attorneys, Business Bankruptcy Law Attorneys, Bankruptcy Law Attorneys
Tressler William G
410 N Allegheny St
Bellefonte, PA 16823
(814) 355-3142
Attorneys, Legal Service Plans
Charles J Kroboth Jr Law Ofc
107 E High St
Bellefonte, PA 16823
(814) 355-2619
DUI & DWI Attorneys,  Legal Service Plans,  Attorneys,  Criminal Law Attorneys,  Family Law Attorney
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US