Cedar Rapids Will & Trust Attorneys

In this video, our Cedar Rapids trust attorneys explain how a trust is where one person, called the trustee, holds the title to property on behalf of someone else, known as the beneficiary. This can be the same person, allowing for a person to maintain control of the property held in the trust.  Living trusts, specifically, are trusts created while the party creating it is still alive, rather than one that is created upon the person’s death under the terms of something like a well. The beneficiaries named in the living trust will receive the trust property upon your death. In Iowa, the main advantage of making a living trust is to avoid the potential family conflicts and delays of probate court proceedings following your death. Because Iowa doesn’t follow the Uniform Probate Code, a living trust can be a much easier solution than going through Iowa’s complex probate process.

In this video, our Cedar Rapids trust attorneys explain who is necessary for a will or trust dispute to move forward. A good probate attorney and a responsible trustee or fiduciary should know all the necessary parties that need to be involved in a trust or will dispute. A “necessary” party is defined by the following criteria:

• A party whose rights or interests will be affected by a court order involving the will or trust;
• A party whose power through litigation and actions under the will or trust will be affected by a court order involving the will or trust;
• A person who if not joined would likely result in a biased court order; or
• A person with a material connection to the will or trust dispute.

An “indispensable” party is one that has both an interest in the conflict and also a direct involvement in the management of the will or trust, such as the trustee or other type of fiduciary. Generally, regarding a will, the legatees and devisees are considered necessary parties. The legatee being an individual who will inherit personal property under the will, real (estate) or monetary, and the devisee being an individual who only inherits real property under the will. Other necessary parties include those involved with the management of the will (the executor) and any other parties who may be affected by a decision or modification involving the will

In this video, our Cedar Rapids trust attorneys explain how a trust​ in Iowa​ is both a document and a legal entity. A trust can be arranged in many ways, but its main purpose is to allow a third party, or trustee, to hold assets on behalf of a beneficiary. It is written and signed by the trustor, and can go into effect while the trustor is still living or when they die, depending on the trust type. A trust contest is a type of lawsuit that is filed to object a trust’s validity. If someone believes the trustor was mentally incapacitated, unduly influenced, or otherwise unable to comprehend the terms of a trust, they have the right to contest the document in Iowa.