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Estate planning in Des Moines involves the creation of a strategic plan to manage a person's financial affairs after they die or become incapacitated. It usually includes matters such as the inheritance of property and assets, tax planning, making provisions for guardianship of minor children, and stipulating healthcare directives or power of attorney.
Legal guidance is often necessary for estate planning due to its complex nature. An estate planning lawyer can assist with creating or updating wills, setting up trusts to safeguard assets, and ensuring that the financial impact of estate taxes and probate costs are minimized. Lawyers can also provide advice on retirement plans, life insurance policies, and charitable contributions to ensure a comprehensive estate plan.
Iowa's estate planning laws permit the use of both wills and trusts for asset distribution. For a will to be considered valid, the person must be 18 years or older and of sound mind. The will should be written, signed by the testator and two credible witnesses. The laws also make provisions for intestate succession; that is, how an estate is divided when an individual dies without a valid will. Similarly, trusts can be living (created during the life of the individual) or testamentary (created after death).
While it is possible to create an estate plan by yourself, due to the legal intricacies and potential financial implications, it's often advised to hire a lawyer to ensure everything is accurately and legally documented.
If you die without a will in Iowa (known as dying "intestate"), the Iowa probate code determines how your estate will be distributed, typically among your closest relatives.
It's never too early to start estate planning. Regardless of your age, or the value of your assets, creating a plan for your estate will ensure that your loved ones are protected and your wishes are respected.
Yes, online wills are valid, provided they meet the legal requirements established by Iowa law. Always review such documents with a lawyer to ensure their validity.
Absolutely. It is advisable to review and update your estate plan regularly or after major life events such as marriage, divorce, birth of a child, or significant changes to your assets.
The Iowa State Bar Association offers various resources for estate planning. Non-profit organizations such as the Des Moines Estate Planning Council and the Community Foundation of Greater Des Moines provide helpful guidance and support to individuals seeking professional assistance for estate planning.
The first step in seeking legal assistance in estate planning is to find a reputable attorney who specializes in this field. It may be advisable to interview several attorneys to understand their approach, fees, and find a good fit for your specific needs and circumstances. Remember, it's important to review your estate plan periodically with your lawyer to ensure it reflects your current wishes and meets the necessary legal requirements.
