Do I need a Will?
Yes, having a will is beneficial in almost every circumstance. We may seem biased because we are in the business of preparing Wills, Trusts, and Powers of Attorney. Our answer, however, is supported by what we experience on the probate side of the practice. Probate is the legal procedure for transferring assets that require court supervision. In addition to saving money for your heirs, here are a few other reasons to have a Will.
Avoid the default (intestate) laws
The good news is that your assets aren’t transferred to the state if you don't have a Will. That is unless you don’t have any next of kin; that is called escheat and is very rare. If you don’t have a Will, the laws of the State of Iowa control who inherits your assets. The exception is when you have a named beneficiary listed with your asset. Suppose you have a bank account without a payable-on-death (POD) beneficiary. In that case, the legal ownership of that account is controlled by the intestate rules of inheritance in Iowa Code Section 633.
Make your own choices
When people learn about the default laws of the state, then they are motivated to take action. If a person is not married and doesn’t have kids, they often want to name a significant other, nieces and nephews, friends, and charitable organizations as beneficiaries of their assets. Those gifts can only happen with estate planning. Part of the process for estate planning is naming individuals as beneficiaries of a contract asset (life insurance, retirement, investment) and naming them in a Last Will and Testament.
Leave a positive legacy
You don’t have to own valuable assets to leave a legacy. A Will is a legally enforceable list of instructions for your executor to carry out after death. You may have items that don’t have a market value to sell but are significant to people you are close to. When you write in your Will, or the supplemental statement of distribution, who you want to inherit items, you leave a positive legacy on how your gifts were transferred. Your loved ones will remember how easy you made it for them to inherit the asset that you left to them.
Carry out your intent
Conversations about how you want your assets to transfer are not legally enforceable. As much as you want people to do the right thing after you die, you won’t know how they grieve and whether that grief will cause unreasonable actions. Others will also influence your survivors by telling them to look out for their best interests. A Will is a way to translate your conversations into legally binding actions.
Take action
In less than two hours, you can have a full estate plan prepared with Hope Wood JD. All legal services are a flat fee so you know your investment for your legacy. Schedule an in-person or virtual appointment to get started.
