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!
 
 

What is a Last Will and Testament in Zip Code 60622

What is a Last Will and Testament in Zip Code 60622

A Last Will and Testament is the first building block of a good estate plan. Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death.

Option 1: Will-Based Estate Plan

All essential details of your Last Will and Testament will be outlined in the will-based estate plan. It will provide information including the person to be put in charge of settling your final affairs (the executor), the persons who will inherit your property (beneficiaries), and the provisions on how they will inherit it. Your last will and testament with a will-based estate plan will cover the following:

1. Who will serve as the personal representative/executor

2. What powers your personal representative/executor will have

3. Who will inherit your property

4. How and when your property will ultimately be transferred to your beneficiaries

5. Who will serve as guardian of your minor children until they become adults


Option 2: Trust-Based Estate Plan

In the trust-based estate plan a document called a revocable Living Trust will cover all the important points listed above in the will-based estate plan with one exception: the person in charge of settling your final affairs after you die is called an administrative or successor trustee instead of an executor. If you have a revocable living trust you will still need a Last Will and Testament so. Ideally, you will fund or move your assets into your trust before you die. If you fail to fund even one asset into your trust, then the last will and testament will be the necessary document that will "catch" the unfunded property and transfer it to your trust after you die. The last will and testament in this case will function as a pour over will that will cause the unfunded assets to "pour over" into your trust through a probate process.


A pour over will needs to cover:

1. Who will be in charge of your assets that were not funded into your trust as the personal representative/executor

2. What powers your personal representative/executor will have

3. Who will serve as guardian of your minor children until they become adults

4. What will happen in the absence of a Last Will and Testament?


In order for your property to go to the beneficiary of your choice after you are gone, a Last Will and Testament is recommended.


The absence of a will could result in the state providing a last will and testament on your behalf under the state's intestacy law. The laws of the state that your property is located in will prevail. This can get complicated if you own property in multiple states.

 
Personalize & Print a Free IL 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 60622
Total Attorneys - Personal Injury
274297 N Ashland Ave
Chicago, IL 60622
(312) 588-9942
Attorneys, Legal Service Plans
Total Attorneys - DUI
274014 N Ashland Ave
Chicago, IL 60622
(312) 588-9894
Attorneys, Legal Service Plans
Smith & Ortiz
2000 W Chicago Ave
Chicago, IL 60622
(312) 719-9001
Corporation & Partnership Law Attorneys, Attorneys, Labor & Employment Law Attorneys
Qiu Peter Y
2531 W Division St
Chicago, IL 60622
(773) 772-8644
General Practice Attorneys, Attorneys
Black Nandia P
1564 N Damen Ave
Chicago, IL 60622
(312) 283-7971
DUI & DWI Attorneys,  Attorneys,  Criminal Law Attorneys,  Traffic Law Attorneys
Ros Law Firm
2110 W Division St Ste 1
Chicago, IL 60622
(773) 252-7885
General Practice Attorneys, Attorneys
Cliffeside Grey
1520 N Damen Ave
Chicago, IL 60622
(312) 698-7553
Corporation & Partnership Law Attorneys, Attorneys
Raymond Figueroa
2508 W Division St
Chicago, IL 60622
(773) 698-7134
Attorneys, General Practice Attorneys
Lopez Pyrchalla & Kaufman
1117 N Ashland Ave Ste 1
Chicago, IL 60622
(773) 278-6979
General Practice Attorneys, Attorneys, Legal Service Plans
Law Ofc of Edgar A Vega
1133 N California Ave
Chicago, IL 60622
(773) 486-6261
General Practice Attorneys, Attorneys
Vega Edgar
2642 W Division St
Chicago, IL 60622
(773) 486-6261
General Practice Attorneys, Attorneys, Legal Service Plans
Vincenta A Luisi
1231 N Ashland Ave
Chicago, IL 60622
(773) 276-5541
Attorneys, General Practice Attorneys, Insurance, Tax Return Preparation, Legal Service Plans
Total Attorneys - Bankruptcy
271885 N Ashland Ave
Chicago, IL 60622
(312) 600-4458
Bankruptcy Law Attorneys,  Attorneys,  Banking & Mortgage Law Attorneys,  Bankruptcy Services,  Lega
Total Attorneys - Divorce
273919 N Ashland Ave
Chicago, IL 60622
(312) 600-3746
Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Legal Service Plans
Spalding Angela
2218 W Chicago Ave
Chicago, IL 60622
(773) 227-2218
Attorneys,  Debt Adjusters,  General Practice Attorneys,  Bankruptcy Services,  Bankruptcy Law Attor
Baltierres Law
831 N Ashland Ave
Chicago, IL 60622
(312) 942-1700
Attorneys, Legal Service Plans
Goldstone Jennifer
1819 W Grand Ave
Chicago, IL 60622
(312) 733-1170
Real Estate Attorneys, Attorneys
Gurfinkel Gus
1045 N Ashland Ave
Chicago, IL 60622
(773) 486-1088
Attorneys Referral & Information Service, Attorneys, General Practice Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US