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Estate Planning- It is Not Just for Millionaires

What is Estate Planning?

Let’s start at the very beginning: Just what is estate planning? Estate planning is the process of preparing documents and asset allocation in order to avoid estate taxes, to make sure that assets go to the people you want them to, to avoid additional expenses, etc. 

What Makes a Will Legal and Valid?

Iowa law requires that in order for a will to be valid that it witnessed by 2 people who are not named in the will.  Failing to properly execute your will may result in it being found invalid and the assets passing to your heirs under Iowa law.  We also recommend that you have the signatures notarized so that the witnesses will not need to file affidavits at the time the will is admitted to probate.

A financial power of attorney gives another person the ability to pay bills, cash checks and handle other financial matters on behalf of the person.  If you do not have a power of attorney and you are no longer able to handle your financial affairs because of an injury or illness, then a friend or family member will have to petition the Court to open what is called a Conservatorship.  This takes time and costs money.  A power of attorney does not give the person you appoint as power of attorney the right to spend money or use assets for their own personal use.  A power of attorney can become effective immediately or can be what is called a “springing” power of attorney which would become effective upon certification by the person’s doctor that they are no longer able to make financial decisions. 

(WARNING: THESE ARE GENERAL STATEMENTS AND NOT INTENDED AS LEGAL ADVICE.   CHANGES IN THE LAW CONCERNING DAMAGES OCCUR FREQUENTLY.  YOU SHOULD CONSULT WITH AN ATTORNEY WITH RESPECT TO YOUR PARTICULAR CASE.)