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 61801

What is a Last Will and Testament in Zip Code 61801

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 61801
Mark Ingersoll
201 W Green St Ste C
Urbana, IL 61801
(217) 344-9906
Estate Planning Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Real Estate Att
Ryan Gregory L
123 W Main St # 210
Urbana, IL 61801
(217) 367-9801
General Practice Attorneys, Attorneys, Legal Service Plans
Bern's Law Office
135 W Main St
Urbana, IL 61801
(217) 367-9005
Criminal Law Attorneys, Attorneys, General Practice Attorneys
Parkinson Donald R
135 W Main St
Urbana, IL 61801
(217) 384-7111
Traffic Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Mediation Servic
Thomas P. Sweeney, Attorney
306 W Green St
Urbana, IL 61801
(217) 344-6414
Attorneys, Family Law Attorneys
Hanlon, Patrick J - Frederick & Hagle
129 W Main St
Urbana, IL 61801
(217) 367-6092
Attorneys,  Labor & Employment Law Attorneys,  Social Security & Disability Law Attorneys,  Personal
Frederick & Hagle
129 W Main St
Urbana, IL 61801
(217) 367-6092
Employee Benefits & Worker Compensation Attorneys,  Attorneys,  Accident & Property Damage Attorneys
Peak Philip W
129 W Main St
Urbana, IL 61801
(217) 367-6092
Insurance Attorneys, Attorneys, Legal Service Plans, Labor & Employment Law Attorneys, Personal Inju
Peak, Philip W - Frederick & Hagle
129 W Main St
Urbana, IL 61801
(217) 367-6092
Insurance Attorneys,  Attorneys,  Legal Service Plans,  Labor & Employment Law Attorneys,  Personal
Bruno Law Offices
301 W Green St
Urbana, IL 61801
(217) 328-6000
Attorneys,  Attorneys Referral & Information Service,  Legal Service Plans,  DUI & DWI Attorneys
Mc Gavran Jacqueline
2403 Burlison Dr
Urbana, IL 61801
(217) 337-5651
Real Estate Attorneys, Attorneys, Legal Service Plans
Patel Law PC
108 W University Ave
Urbana, IL 61801
(866) 699-5499
Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys
Bergstrom Andrea
301 W Green St
Urbana, IL 61801
(217) 344-5059
General Practice Attorneys, Attorneys
Cottrell James D
507 S Broadway Ave
Urbana, IL 61801
(217) 328-4300
Attorneys,  Tax Attorneys,  Elder Law Attorneys,  Accident & Property Damage Attorneys,  Corporation
Mann Arthur L
507 S Broadway Ave
Urbana, IL 61801
(217) 328-4300
Attorneys
Harvey C. Welch
401 W Elm St
Urbana, IL 61801
(217) 367-3200
Attorneys
Auler Law Offices
300 S Broadway Ave
Urbana, IL 61801
(217) 384-3080
General Practice Attorneys, Attorneys, Legal Service Plans
Tuggle, Schiro & Lichtenberger, P.C.
LINCOLN Square Mall, Suite 154B
Urbana, IL 61801
(217) 689-2763
Social Security & Disability Law Attorneys,  Attorneys,  Malpractice Law Attorneys,  Accident & Prop
Bryan George G
115 N Broadway Ave
Urbana, IL 61801
(217) 367-2500
Attorneys, Wills, Trusts & Estate Planning Attorneys, Corporation & Partnership Law Attorneys, Legal
Verchota Allen E III Atty
115 N Broadway Ave
Urbana, IL 61801
(217) 367-2500
Attorneys,  Accident & Property Damage Attorneys,  Real Estate Attorneys,  Legal Service Plans
Dobrovolny James L
306 W Green St
Urbana, IL 61801
(217) 344-2376
Tummelson Bryan & Knox
115 N Broadway Ave
Urbana, IL 61801
(866) 823-2022
Estate Planning Attorneys,  Attorneys,  Elder Law Attorneys,  Accident & Property Damage Attorneys,
Tuggle, Schiro & Lichtenberger, P.C.
201 Lincoln Sq Ste 154
Urbana, IL 61801
(888) 454-1721
Social Security & Disability Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Corp
Ruth E Wyman Law Office
202 S Broadway Ave
Urbana, IL 61801
(217) 239-1544
Child Custody Attorneys, Attorneys, Family Law Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US