• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Wilcox Attorneys, PA

Wilcox Attorneys, PA an Arkansas Estate Planning & Trust Information Center

Northwest Arkansas Estate Planning Attorneys (479) 443-0062

Client Vault
  • Home
  • Our Firm
    • Our Firm
    • About the American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • News & Events
    • Speaker Connection
  • services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Secure Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Webinars
  • Practice Areas
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • Medicaid Planning
      • Pet Planning
      • Probate
      • Trust Administration & Probate
    • Newsletters
    • Pre Consultation Form
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog

What Your Will Cannot Do

October 8, 2010 by Deb Sexton Leave a Comment

A Last Will and Testament is a commonly used estate planning document. If you have a Will, you can use it to name your estate executor, state what property each heir will receive, and name a guardian for your children. There are several things your Last Will and Testament cannot do.

Deal with Certain Types of Property

Although your Will allows you to leave assets to chosen beneficiaries there are some types of property you cannot leave to your heirs. If own a piece of property with someone else either by joint tenancy or tenancy by the entirety you cannot pass your share of the property onto anyone besides the other property owner. Even if you do not state it in your Will, that person will inherit your share.

Any property that you have titled in the name of Trust cannot be distributed by dictate of your Last Will and Testament. You can only pass on property that is solely in your name.

If you have any payable on death accounts or life insurance policies, you cannot use your Will to state or change a beneficiary. You must use your beneficiary designation form to make changes.

Cover Special Circumstances

Although you can leave an inheritance to your loved ones with your Will, you cannot leave an inheritance to your pet. You may leave an inheritance to your pet’s caregiver to cover food and medical expenses.

You also cannot use your Will to create a plan for a Special Needs loved one. If that person is an adult, the inheritance will be directly handed over. If you would prefer to allow for a slow dissemination of inheritance funds, you may want to use a Special Needs Trust.

Lower Estate Taxes

Your Last Will and Testament cannot be used to lower the estate taxes your estate will owe after your passing. This is because all property included in your Will is fully owned by you and therefore is taxable.

Avoid Probate

Your Will cannot avoid probate. All property passed to heirs through a Will must endure probate in order to move the property into the name of the recipient.

Certain Conditional Gifts

Inheritances you leave in your Last Will and Testament cannot include some special conditions. For example, you cannot require a loved one to divorce in order to inherit. You may be able to leave funds with the stipulation that they be used for college, but there is no real way for this to be enforced.

  • Author
  • Recent Posts
Deb Sexton
Latest posts by Deb Sexton (see all)
  • Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
  • Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
  • The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Wilcox Attorneys, PA

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Subscribe to our blog for all the latest estate planning news and updates!

Office Address

Fayetteville
2766 Millennium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

Office Address

Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

( By Appointment Only )

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for office
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

footer-logo

© 2023 American Academy of Estate Planning Attorneys, Inc.