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 Ava, IL

What is a Last Will and Testament in Ava, 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 Ava, IL
Timothy J Fitzgerald Law Ofc
901 W Jackson Blvd
Chicago, IL 60607
(312) 850-9583
General Practice Attorneys, Attorneys
Greenberg Steven
820 W Jackson Blvd # 310
Chicago, IL 60607
(312) 879-9500
Attorneys, Legal Service Plans
Hunter Steven R
820 W Jackson Blvd # 310
Chicago, IL 60607
(312) 466-9466
General Practice Attorneys, Attorneys, Legal Service Plans
A Crosby & Associates
475 Executive Pkwy
Rockford, IL 61107
(815) 209-9462
Employee Benefits & Worker Compensation Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law
Gene S Bobroff Attney At Law
1231 Springdale Ln
Elk Grove Village, IL 60007
(847) 995-9191
General Practice Attorneys, Attorneys, Legal Service Plans
John W Heiderscheidt
725 Wells
Chicago, IL 60607
(312) 431-9000
Attorneys,  Mediation Services,  DUI & DWI Attorneys,  Estate Planning Attorneys
Manchik Craig
900 W Jackson Blvd # 2E
Chicago, IL 60607
(312) 460-8888
General Practice Attorneys, Attorneys, Legal Service Plans
Connelly Michael E
910 W Jackson Blvd # 1W
Chicago, IL 60607
(312) 243-8639
General Practice Attorneys, Attorneys
Segal Law Offices
5573 Bellingham Rd
Rockford, IL 61107
(815) 877-8530
General Practice Attorneys, Attorneys, Legal Service Plans
Brunke Gary
1300 E Irving Park Rd Ste 201
Streamwood, IL 60107
(630) 289-8200
Traffic Law Attorneys, Attorneys
Andrew Gable
1450 W Randolph St
Chicago, IL 60607
(312) 502-7877
Criminal Law Attorneys
Drda Dennis P
7902 Conehill Cir
Rockford, IL 61107
(815) 978-7807
General Practice Attorneys, Attorneys
Gonsky Baum & Whittaker Ltd.
112 S Sangamon St
Chicago, IL 60607
(312) 733-7300
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
Gonsky Ronald M
112 S Sangamon St # 4
Chicago, IL 60607
(312) 733-7300
General Practice Attorneys, Attorneys
Garner Christine
185 Buckley Dr
Rockford, IL 61107
(815) 226-7110
General Practice Attorneys, Attorneys, Legal Service Plans
A About Bankruptcy
900 W Washington Blvd
Chicago, IL 60607
(312) 474-7000
Bankruptcy Law Attorneys,  Attorneys,  Credit & Debt Counseling,  Bankruptcy Services,  Legal Servic
Liou Law Firm
900 W Washington Blvd
Chicago, IL 60607
(312) 429-6970
Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Financial Services
Loop Lawyers
220 S Ashland Ave
Chicago, IL 60607
(312) 506-6771
Attorneys, General Practice Attorneys
Marneris Niko G
19 N Green St
Chicago, IL 60607
(312) 243-6700
General Practice Attorneys, Attorneys, Legal Service Plans
Clinton Laboratories Ltd
700 S Clinton St
Chicago, IL 60607
(312) 939-6677
Attorneys
Stiefel Reid A
1590 Louis Ave
Elk Grove Village, IL 60007
(847) 364-6660
General Practice Attorneys, Attorneys
David G Barts
1325 S Arlington Heights Rd
Elk Grove Village, IL 60007
(847) 807-6106
Attorneys,  Criminal Law Attorneys,  Real Estate Attorneys,  Wills, Trusts & Estate Planning Attorn
Loevy & Loevy Attorneys
312 N May St
Chicago, IL 60607
(312) 243-5900
General Practice Attorneys, Attorneys, Legal Service Plans
Nicolosi & Assoc
363 Financial Ct Ste 300
Rockford, IL 61107
(815) 229-5789
Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Atto
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US