Sunday, February 3, 2013

US Law: Property you cannot dispose off in your will

By Yasser Latif Hamdani

(This information applies only to the US)

Through your will and testament you cannot dispose off the following:

1. Life Insurance Benefits

2. Pensions

3. US Government Savings Bonds

4. Jointly owned property with the right of survivorship.

5. Exempt property which by law go to your widow/widower and children.

6. Property you expect to inherit but do not inherit before your death.

7. Life tenancy for a house or an accommodation.

8. Income from a trust fund.

An exception to the rule governing the proceeds of a life insurance policy occurs when you name your estate as a beneficiary (one of the many reasons you ought to consult a real estate lawyer).

1 comment:

  1. This caught kaka's eye..

    Generally speaking, if you set up an estate as a beneficiary, everything you want to bequeath can 'flow' through it to the persons you desire.

    BTW, estate planning has nothing to do with a 'real estate' lawyer as the advice above recommends. Dunno about Lahore, but this is how it is in most US states.



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