So, you are an Iowa resident, you have some idea as to who you want to receive what when you pass on, and you think most of the hard decisions must surely be out of the way. There is still a critical component involved in finalizing your will, however, and that involves choosing the person you would like to name as your executor. The executor, who may also go by “personal representative,” is the person tasked with seeing that the provisions set forth in your will come to fruition after your passing. Therefore, the Huffington Post notes that selecting someone with whom you have a strong degree of trust is often a wise move.
If you pass away without creating a valid will or other statement indicating what should be done with your Iowa property, your estate is consider intestate. Intestacy is not a way to avoid probate; it simply means that your wishes will have no influence on the distribution of your estate. Furthermore, it creates confusion and frustration for your grieving friends and family. Here are a few good reasons to avoid leaving your property intestate.
Once you have determined what you want to have happen with your property in Iowa if you were to pass away or become incapacitated, your estate planning is still not finished. While the hardest part may be past, you will still need to perform periodic reviews to ensure that everything is up to date. There are also many changes that could happen and force you to adjust the terms and conditions. Here are some things we at Janssen Law recommend to keep in mind when it comes to modifying your estate plan.
If you have ever had surgery in Iowa, you have likely been asked if you have a living will or power of attorney. While they may sometimes sound like the same thing, there are actually major differences between the two documents. The Mayo Clinic explains both so you can determine which is best for you.