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!
 
 

Overview of Estate Planning in Yates City, IL

Overview of Estate Planning in Yates City, IL


Death is not a tragedy to the one who dies; to have wasted the life before that death, that is the tragedy.
 
- Orson Scott Card


Estate planning is the process of getting your affairs in order so that if you pass away unexpectedly, things will be much easier for your loved ones.

Estate Planning doesn't have to be hard or expensive or intimidating. Just a few simple steps: Catalog what you own, make a will and create a few legal documents (with the help of 12Law.com) and review the beneficiaries on your retirement accounts. For most Americans, there's no need to worry about estate taxes or fancy trusts.

Do it for your family. You will feel so much better knowing that you've taken care of them.

• Write a will. State in this document the properties you want your beneficiaries to inherit. You can also indicate the guardian for your young children if something happens to you and your partner.

• Select a guardian for your children. Children who will inherit any money or property from you should be designated with an adult guardian to oversee their affairs.

• Update beneficiaries on retirement accounts. You can transfer to your beneficiaries your stocks, bonds and brokerage accounts if you were able to register them. If you have a bank account and retirement plans, naming a beneficiary to these documents can automatically make these accounts "payable on death". This can avoid the probate process.

• Sign up for life insurance. It would be a good investment to get a life insurance if you owe significant amount of estate tax or debts, have young children, and own a house.

• Determine of you will owe estate taxes. Estates taxes will be impose by the government upon your death if your taxable estate is more than the inclusive limits set by law.


• Determine if a Living Trust is right for you. Property placed in the living trust can be distributed to their designated beneficiaries without undergoing probate which can be expensive and time consuming.

• Define your health care directives . You also need to plan out for your medical care by doing a medical declaration or Living Will that can indicate the treatments you want or do not want and Power of Attorney for health care that can assign a trusted person who will make medical decisions for you if you are unable to make it yourself.

• Create a financial power of attorney . If you become incapacitated, handling your affairs can be a problem but not if you have a durable power of attorney for finances. A trusted person you have chosen yourself will be handling your finances and property if that time comes. This trusted person is called an agent or attorney-in-fact.


• Provide for funeral expenses. Payable-on-death bank account can be more reliable and easier to set-up as compared a funeral prepayment plan. This will cover your funeral and other related expenses.

• Make the final arrangements. This document will indicate your wishes for organ and body donations and also the disposition of your body through burial or cremation.

• Define the Succession Plan for your business. Make plans if you own a business by having a successor. If you have a partner in business, have a buyout agreement.

• File all estate planning documents. The person you choose in your will to administer your properties should be given access to your important documents like:

1. will

2. trusts

3. information on bank accounts, mutual funds, and safe deposit boxes

4. information on retirement plans, 401(k) accounts, or IRAs

5. insurance policies

6. real estate deeds

7. certificates for stocks, bonds, annuities

8. Information on debts: credit cards, mortgages and loans, utilities, and unpaid taxes

9. Information on funeral prepayment plans, and any final arrangements instructions you have made.

 
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
 
Personalize & Print a Free IL Living Trust Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Related Legal Services near Yates City, 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