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Will & Testament law, also known as estate law, governs the division and distribution of an individual's asset after their demise. It grants the right to decide how your possessions like real estate, investments, savings, and personal items will be distributed. In Coralville, United States, the laws governing Wills & Testaments fall under the jurisdiction of Iowa state law.
Creating a Will or Testament is a significant action that can significantly influence your family's future financial situation. There are several reasons why you might require a lawyer for this, including drafting a will that accurately reflects your wishes, ensuring your will is legally binding and comprehensible, assisting in reducing the amount of estate taxes your beneficiaries may be subjected to, and guiding you through the probate process if required.
In Iowa law, a valid will must be written, signed, and witnessed by two individuals who are not beneficiaries. You must be 18 years or older and of sound mind to make a will. Furthermore, while you can disinherit a child in Iowa, disinheriting a spouse is usually not possible unless a prenuptial agreement stating otherwise exists. Estates are subject to probate in Coralville, although some assets can be transferred without probate through joint ownership or named beneficiaries.
Should you pass away without a will, known as dying 'intestate', the state laws of Iowa will determine how your property is distributed. This typically involves dividing your assets among your closest relatives.
Yes, you can modify your will at any time providing you are mentally competent. However, these changes must be made under the same formalities as the original will with witnesses.
'Sound mind' refers to an individual's ability to understand the nature and consequences of his or her acts. In this instance, the person making the Will should know the nature of their assets and their natural beneficiaries.
There are a few factors that can make a Will invalid, such as not meeting the age requirement, being forced or defrauded into creating the will, or not having it correctly witnessed.
A self-proving will include affidavits from witnesses affirming their witnessing the creation of the will, which helps the will pass through probate more smoothly.
Sources like the American Bar Association or Legal Services Corporation provide general valuable resources about Will & Testament law. For local government support, you can contact the Johnson County Clerk of Court or Iowa Legal Aid.
If you need legal assistance with your Will & Testament, it is recommended to consult with a Coralville-based lawyer specializing in estate law. Make sure to prepare all relevant financial records and list out your assets and beneficiaries. Also, have a preliminary idea about how you'd like to distribute your property to make the most out of your consultation.
