Des Moines Elder Law Attorneys

In this video our Des Moines elder law 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 Des Moines elder law 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 Des Moines elder law 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.