Home Estate Planning FAQ
Estate Planning · FAQ
Answers to common questions about wills, trusts, powers of attorney, probate, and beneficiary designations from Pearson Bollman Law attorneys.
Getting started
General information only, not legal advice. Schedule a free consultation for advice about your situation.
Yes. Estate planning is about more than the value of your assets. It also lets you name trusted decision-makers, communicate your wishes, plan for incapacity, and nominate guardians for minor children.
State law decides how certain property is distributed, which may not reflect your wishes.
Every three to five years, and after a marriage, divorce, birth, death in the family, acquiring or selling property, or a significant change in your assets.
Iowa’s inheritance tax does not apply to deaths on or after January 1, 2025. Illinois has its own estate tax, with an exemption far lower than the federal exemption. Unlike the federal exemption, the Illinois exemption is not adjusted for inflation and is not portable between spouses. Kansas and Missouri do not currently impose a state estate or inheritance tax.
Wills and trusts
A document that directs how your property is distributed after death, names your executor, and nominates guardians for minor children. A will does not avoid probate. Learn more about wills.
An agreement in which you transfer property to a trust you control during your life, with a successor trustee who takes over at incapacity or death. Learn more about revocable living trusts.
Anyone who owns titled assets such as a home and wants to avoid probate or plan for incapacity.
Yes, but co-trustees generally must work together on decisions, which can slow administration.
Yes. Tools such as charitable remainder trusts can be built into a plan.
Incapacity
A document naming someone to handle your finances if you cannot. Learn more about powers of attorney.
A document stating your wishes about life-sustaining treatment if you are in a terminal condition and cannot speak for yourself.
Your family may need a court-supervised guardianship or conservatorship to act for you.
Special situations
Instructions on accounts and policies, such as life insurance and retirement accounts, that pass those assets directly to named people outside your will.
Without a contingent beneficiary, the asset may go to your estate or pass under state law.
Yes. A supplemental needs trust can provide for a loved one without replacing the public benefits they rely on.
Yes. A succession plan helps your business or farm continue as you intend.
Your plan can authorize someone to access online accounts and digital files, with instructions for where they are.
Related
Name who receives your property and who you’d nominate to raise your children.
Avoid probate, plan for incapacity, and control how your family inherits.
Choose who handles your finances and health care decisions if you can’t.
Planning for veterans and surviving spouses who may qualify for a VA pension.
Free resources
Free masterclass
Short classes on estate planning, long-term care, probate, and trust administration, presented by Pearson Bollman Law attorneys.
Free guide
A free guide to help you organize your information and prepare for a conversation about your plan.
Newsletter
Planning tips, law updates, and firm news delivered to your inbox. Unsubscribe anytime.
Whether you’re creating an estate plan for the first time or updating documents that no longer reflect your life, Pearson Bollman Law is here to provide clear guidance every step of the way. Your initial consultation is free.
