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 Rio, IL

What is a Last Will and Testament in Rio, IL

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 Rio, IL
Raul Vallasuso Law Offices
400 Lake St
Roselle, IL 60172
(630) 893-9512
General Practice Attorneys, Attorneys, Legal Service Plans
Cook Jr Jack R
1116 Cannell Ct # 5
Rockton, IL 61072
(815) 624-8620
General Practice Attorneys, Attorneys, Legal Service Plans
Bongiovanni
108 N Bokelman St
Roselle, IL 60172
(630) 295-8555
General Practice Attorneys, Attorneys
Tumminaro Peter M
125 N Bokelman St
Roselle, IL 60172
(630) 924-8551
General Practice Attorneys, Attorneys
Martucci Greg
203 E Irving Park Rd
Roselle, IL 60172
(630) 923-7945
Attorneys, Bankruptcy Law Attorneys, DUI & DWI Attorneys
Lundeen Gary
806 E Nerge Rd
Roselle, IL 60172
(630) 351-6560
General Practice Attorneys, Attorneys
Meason James E
113 W Main St
Rockton, IL 61072
(815) 624-6517
Attorneys, Wills, Trusts & Estate Planning Attorneys, Environment & Natural Resources Law Attorneys,
Bryan E. Mraz & Associates
111 E Irving Park Rd
Roselle, IL 60172
(630) 529-2541
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Corporation & Partnership Law Attorneys,  R
Leasa J Baugher Law Offices
805 E Irving Park Rd Ste C
Roselle, IL 60172
(630) 529-2050
Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning Attorneys, General Practice Attorney
Kris Tsitsis
440 W Irving Park Rd
Roselle, IL 60172
(847) 524-1444
General Practice Attorneys, Attorneys
Gregory Martucci Attorney
203 E Irving Park Rd
Roselle, IL 60172
(630) 812-1318
Accident & Property Damage Attorneys, Attorneys, Bankruptcy Law Attorneys
Smith Michael T
440 W Irving Park Rd
Roselle, IL 60172
(847) 895-0626
Attorneys, Labor & Employment Law Attorneys, Corporation & Partnership Law Attorneys, Legal Service
Brian A Grady In Roselle
9 E Irving Park Rd
Roselle, IL 60172
(630) 924-0500
General Practice Attorneys, Attorneys
Villasuso Raul
400 Lake St Ste 302
Roselle, IL 60172
(630) 893-0200
Attorneys, General Practice Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US