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 84058

Limitations of a Last Will and Testament in Zip Code 84058


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 UT 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 84058
Invictus Law, PC
703 S State St Ste 2
Orem, UT 84058
(801) 701-9321
Bankruptcy Law Attorneys, Attorneys
Bailey & Jennings
584 S State St
Orem, UT 84058
(801) 426-8600
Attorneys
Lorscheider Michael
75 E 2075 S
Orem, UT 84058
(801) 225-8100
Attorneys, Legal Service Plans
Johnson Austin
345 E University Pkwy
Orem, UT 84058
(801) 426-7900
Attorneys
Keen J C
491 S Orem Blvd
Orem, UT 84058
(801) 374-5336
Bird & Fugal
384 E 720 S
Orem, UT 84058
(801) 426-4700
Bankruptcy Law Attorneys, Estate Planning Attorneys, Attorneys
Jennings William
584 S State St
Orem, UT 84058
(801) 852-4116
Attorneys
Keen Law Offices
491 S Orem Blvd
Orem, UT 84058
(801) 495-2232
Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Federal Law Attorneys,
Blatter Gary
1113 S Orem Blvd
Orem, UT 84058
(801) 224-1441
Attorneys, Legal Service Plans
Sawyer George Marshall
1360 W 130 S
Orem, UT 84058
(801) 802-0888
Attorneys, Legal Service Plans
Parmley Legal, PLLC
276 E 950 S Ste 200
Orem, UT 84058
(801) 372-0689
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys,
Legal Answering Services
555 S. State Street
Orem, UT 84058
(800) 226-0568
Telecommunications Services,  Telephone Answering Systems & Equipment,  Telephone Communications Ser
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US