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Wills & Estates Winter Term 2015 Lecture Notes No. 2 Advantages of a Willsubstitute rather than a Will? Estate administration taxes arising on death may be avoided; The asset can be shielded from.

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Common will substitutes include the following: Gift of assets, property or cash; IRA or other pension plans with a designated beneficiary; Life insurance; Joint checking/savings; Jointly owned house; Property assignments.

Will substitutes are functionally indistinguishable from a will because the death beneficiary receives assets at the death of the donor and will substitutes convey no lifetime benefits (personal enjoyment) to the death beneficiary during the lifetime of the donor.

Common alternatives to a will include living trusts, designating assets, and joint tenancies.

: a device (as a trust) used instead of a will to transfer property upon death.

Life insurance is considered a type of will substitute because it is functionally equivalent to a will, but the assets are transferred to the beneficiary within the donee's lifetime.

What are the Disadvantages of Using a Will Substitute? However, there are drawbacks to using a will substitute, such as potential additional costs and fees and negative tax consequences if not properly set up.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232