Estate planning for all ages
People need a Will much sooner in life than they realize. Specifically if they want certain people or organizations to be the beneficiaries of their assets. Conversations about your wishes are not legally enforceable without a Will. Or your transfer of assets may not be set up to occur the way you intend.
When do I need a Will?
Home ownership: If you own a home (having a mortgage means you still own a home), you need a Will. Real estate owned by one person will transfer under your Will. The house is typically sold and the beneficiary named in your Will receives the proceeds.
Minor children: In your Will, you appoint a guardian to care for your children if they are under the age of eighteen. Without a Will, any interested person can petition the court to be appointed as guardian. Here are some FAQs about naming a guardian in your Will.
Marriage: When you are married, assets will go to your spouse if you don’t have children from another marriage, but if something happens to both of you, you will want to designate alternate beneficiaries. More information on marriage and estate planning here.
Combined families: When a marriage combines children from a former relationship it is important to have a Will. If there isn’t a Will, one-half of the assets will go to the surviving spouse and one-half will go to the children from your former relationship. This can make it difficult on your spouse to continue the lifestyle they had during your lifetime.
Sentimental or valuable tangible property: If you want a specific item of tangible property to go to a person, a Will makes that transfer legally enforceable.
Financial assets: If you have a retirement account, investment account, or life insurance, a Will names a beneficiary if you don’t have a surviving beneficiary named on that account. For example, when young professionals get a retirement account, they often name a parent as a beneficiary. If that parent doesn’t survive you and you didn’t change the beneficiary, the asset will transfer to the person named in your Will.
What happens if I don’t have a Will?
In Iowa, estate assets that don’t have a named beneficiary will transfer under the intestate laws of Iowa. Here is an example: Single with no children: Assets will transfer to your parents if living and if not then equally to your siblings. If you don’t have a strong relationship with your parents or with your siblings, a Will is important to designate who will receive your assets. As stated earlier, married with children from a former relationship transfers one-half to the surviving spouse and one-half to the children from the former relationship. If you want to create conflict for your family, not having a Will in this circumstance is a surefire way to do it.
A few more notes on real estate
In Iowa, if there is no surviving owner of the deed for real estate, then probate is required.
Side note: If you are married and you and your spouse are not both on the deed to the house, then your spouse will have to go through the court-supervised probate process to have the house transferred into their name. This situation comes up when one person owns the home before marriage and doesn’t update the deed to the house after marriage.
If there is no surviving owner on the deed, then the real estate transfers through your Last Will and Testament and requires court supervision. If you have a testamentary trust in your Will then the transfer or sale of the house should be directed to the testamentary trust. If you don’t have a Will, there is no surviving owner on the deed, and a child is a minor then the administrator of the estate will have to sell the house and place the proceeds in a court-supervised conservatorship. A conservatorship for a minor child lasts until they attain the age of eighteen (18). A conservatorship is expensive because it requires an annual reporting to the court each year and will require an attorney to help open the conservatorship with the court. It also allows the child to receive their inheritance at age 18.
Schedule your Will in a Day®
I created the Will in a Day® program for the busy person. The only choice to make is to book either (1) a 60-minute virtual meeting and a separate 10-minute in-person signing meeting; or (2) a 90-minute in-person meeting which includes the signing. You can go to the scheduling page now and book your time.
Commitment = relief with the Will in a Day®
Here is what parents are saying after their Will in a Day® experience.
Elise F. says “I was dreading getting my Will done because I thought it would entail a ton of work but Hope made the process not only painless, but enjoyable. I feel so much better having all of my affairs in order and would highly recommend her!”
Cate K. says “Hope helped me to create a will and trust, and was very quick and helpful with her replies when I had questions about the forms some of my financial institutions wanted me to fill in. I appreciated that she followed up to make sure that all of my concerns were addressed.”
Elaine W. says “Hope made the process of writing my will and establishing a revocable trust for me simple and easily completed. I feel confident with her work and highly recommend her to anyone needing these kinds of services.”
