Cedar Rapids Estate Planning Attorneys

In this video our Cedar Rapids estate attorneys explain the recent changes to Iowa state and probate. The Iowa State Legislature modified a Iowa Law as it relates to the transfer of real estate. A “transfer” under Iowa Law, for the purposes of real estate disclosures, is the transfer or conveyance by sale, exchange, real estate contract, or any other method by which real estate and improvements are purchased, if a property includes at least one but not more than four dwelling units. A written disclosure usually must be given by the transferor to the person interested in being transferred the real property.

The legislature created provisions for the creation of directed trusts. In traditional trusts, the trustee is the only party responsible for managing and diversifying investments. In directed trusts, the trustee is responsible for administrative duties, but another party manages the underlying assets and is responsible for how the investments perform. The new law creates methods for appointing trust directors and protectors through the creating instrument, who have fiduciary powers.

In this video, our Cedar Rapids probate attorneys explain how probate is the official manner in which an estate is settled under supervision of the court. When a person dies without an established will, an executor is appointed (typically a surviving spouse or adult child of the deceased) to gather and value owned assets, settle remaining debts, and distribute assets to heirs. Probate prevents fraud and theft after a death. Without it, debts could go unpaid and assets could be improperly distributed.

In this video, our Cedar Rapids estate attorneys explain how creating and executing an estate plan isn’t something many of us think of until we accumulate enough assets and/or have significant responsibility in the form of children or relatives. At some point, many people will ask themselves the question, “What happens to all my stuff if and when I die?” Well, the answer to that question is that it goes through probate, which can be a long and expensive process for your heirs. But having your assets pass outside of probate and go directly to those you designate as beneficiaries can be accomplished through a properly prepared estate plan. Furthermore, with the right Iowa estate planning attorney, the process is simple and takes little time:

• Designating a healthcare agent and financial agent in an estate plan;
• Making a list of all the assets you want to be protected under your estate plan;
• Designating beneficiaries;
• Decide what vehicle is best for transferring your estate;

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