Easy Questions  
Free Legal Documents

What is a Last Will and Testament in Alsip, IL

What is a Last Will and Testament in Alsip, IL

An important legal document, the 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. The estate is the assets or property. You may need to choose between either a will-based estate plan or a trust-based estate plan. Your last will and testament will largely depend on your overall estate planning strategy.

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 Download 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 Download 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 Alsip, IL
Anderson & Associates PC
1 S Dearborn St #2100
Chicago, IL 60603
(312) 345-9999
Attorneys, Divorce Attorneys, Family Law Attorneys
Lee Mark N Law Offices
400 NE Jefferson Ave
Peoria, IL 61603
(309) 677-9961
General Practice Attorneys, Attorneys
Meserow Alan
135 S La Salle St # 3300
Chicago, IL 60603
(312) 269-9922
General Practice Attorneys, Attorneys
Kelly John G The Law Offices
100 W Monroe St
Chicago, IL 60603
(312) 407-9900
General Practice Attorneys, Attorneys, Legal Service Plans
Zyb & Associates
10 S La Salle St
Chicago, IL 60603
(312) 750-9889
Immigration Law Attorneys, Attorneys
Amatore Roy P
120 S State St # 400
Chicago, IL 60603
(312) 236-9825
General Practice Attorneys, Attorneys
De St Phalle Alexandria
1227 S 7th St
Springfield, IL 62703
(217) 544-9823
Attorneys, Malpractice Law Attorneys, Legal Service Plans
Gault Gordon
55 W Monroe St # 3550
Chicago, IL 60603
(312) 641-9800
Corporation & Partnership Law Attorneys, Attorneys
Frank A. Tedesso
29 S La Salle St Ste 454
Chicago, IL 60603
(312) 578-9770
DUI & DWI Attorneys,  Domestic Violence Attorneys,  Attorneys,  Criminal Law Attorneys,  Traffic Law
Frank Tedesso
29 S La Salle St #454
Chicago, IL 60603
(312) 578-9770
Criminal Law Attorneys,  DUI & DWI Attorneys,  Business Law Attorneys,  Civil Litigation & Trial Law
Keogh Law Ltd.
55 W Monroe St Suite 3390
Chicago, IL 60603
(312) 620-9747
Attorneys, Consumer Law Attorneys, Product Liability Law Attorneys
Marc J. Shuman & Associates LTD
105 W Adams St
Chicago, IL 60603
(800) 722-9744
Accident & Property Damage Attorneys,  Attorneys,  Employee Benefits & Worker Compensation Attorneys
Goldstein Elliott H
39 S La Salle St
Chicago, IL 60603
(312) 444-9699
Attorneys
Kubasiak Fylstra Thorpe Rotunn
20 S Clark St Ste 2900
Chicago, IL 60603
(312) 630-9600
Mon. - Fri. 9am - 5pm, Sat. - Sun. CLOSED
Connelly Michael P
55 W Monroe St # 17
Chicago, IL 60603
(312) 251-9600
General Practice Attorneys, Attorneys
Locher Bruce
1212 S 7th St
Springfield, IL 62703
(217) 528-9546
Personal Injury Law Attorneys, Insurance Attorneys, Attorneys
Adam W Lasker
8 S Michigan Ave
Chicago, IL 60603
(312) 578-9500
General Practice Attorneys, Attorneys, Legal Service Plans
Bennett William E
55 W Monroe St Floor 12
Chicago, IL 60603
(312) 444-9411
Attorneys, Legal Service Plans, Family Law Attorneys, Divorce Attorneys
Schroeder Steven D
116 S Michigan Ave # 14
Chicago, IL 60603
(312) 781-9408
Attorneys
Gajewski Paul A
39 S La Salle St # 920
Chicago, IL 60603
(312) 236-9375
General Practice Attorneys, Attorneys
Schwartz Michael
19 S La Salle St
Chicago, IL 60603
(312) 422-9334
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Clark Anthony
36 S Wabash Ave # 1310
Chicago, IL 60603
(312) 419-9317
General Practice Attorneys, Attorneys, Legal Service Plans
Buchana David P Law Office
135 S La Salle St
Chicago, IL 60603
(312) 920-9312
General Practice Attorneys, Attorneys
Bandes Corey
19 S La Salle St # 707
Chicago, IL 60603
(312) 456-9309
Family Law Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US