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 38488

Limitations of a Last Will and Testament in Zip Code 38488


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 TN 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 38488
Henry McCord Bean Miller Gabriel & LaBar PLLC
300 N Jackson St
Tullahoma, TN 37388
(931) 455-9301
Legal Service Plans,  Attorneys,  Business Law Attorneys,  Personal Injury Law Attorneys,  Family La
Northcott, Craig
923 N Washington St
Tullahoma, TN 37388
(931) 461-9139
Attorneys,  Family Law Attorneys,  Personal Injury Law Attorneys,  Wills, Trusts & Estate Planning
Northcott Craig
1301 E Carroll St
Tullahoma, TN 37388
(931) 461-9139
Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Atto
Robert Johnson Law Office
210 Stephanie DR
White House, TN 37188
(615) 672-7808
Attorneys, Legal Service Plans, Bankruptcy Law Attorneys
Conley, Cathy Grady
200 N Washington St
Tullahoma, TN 37388
(931) 455-6718
Attorneys
Attorney Jeff Schofill
105 NW Atlantic St
Tullahoma, TN 37388
(931) 455-5789
Criminal Law Attorneys, Attorneys, Family Law Attorneys, Divorce Attorneys, Legal Clinics, Legal Ser
Hull Ray Rieder Ewell Lane & Lynch PC
214 NE Atlantic St
Tullahoma, TN 37388
(931) 455-5478
Attorneys, Collection Law Attorneys
Robertson Worsham Gregory & Giffin PLLC
105 W Lincoln St
Tullahoma, TN 37388
(931) 455-5407
Bankruptcy Services,  Attorneys,  Business Bankruptcy Law Attorneys,  General Practice Attorneys,  L
Robert T Carter Atty
109 NW Atlantic St
Tullahoma, TN 37388
(931) 222-4010
Civil Litigation & Trial Law Attorneys, Attorneys
Bunn Jonathan R
414 Wilson Ave # 101
Tullahoma, TN 37388
(931) 393-3468
Attorneys,  General Practice Attorneys,  Bankruptcy Services,  Legal Service Plans,  Social Security
Chamberlain Legal Services, PLLC
108 Granda Flora Dr.
White House, TN 37188
(615) 788-3363
General Practice Attorneys, Patent, Trademark & Copyright Law Attorneys, Tax Attorneys
Kevin Askren
309 N Jackson St
Tullahoma, TN 37388
(931) 563-2338
Attorneys
Copeland Conley and Bell
111 W Grundy St
Tullahoma, TN 37388
(931) 455-1750
Attorneys, Civil Litigation & Trial Law Attorneys, General Practice Attorneys
Moore Hedges
105 NW Atlantic St
Tullahoma, TN 37388
(931) 588-0903
Attorneys,  Personal Injury Law Attorneys,  Employment Opportunities,  Divorce Attorneys,  Workers C
Webb Valerie
2784 Highway 31 W
White House, TN 37188
(615) 581-0803
General Practice Attorneys, Attorneys, Legal Service Plans
The Zanger Law Firm
135 Cliff Garrett Dr
White House, TN 37188
(615) 672-0511
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US