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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.
October 31, 2024
Trusts are common tools used in estate planning, and other situations which require a third party to take control of an owner’s property to be distributed to a third party. While creation of trusts involve several unfamiliar legal terms, the basic idea of a trust is to allow someone else to hold onto your property for the benefit of a third person. For instance, you may have heard the term “trust fund baby” where wealthy parents have created a trust, managed by a bank or other financial professional, for their children to receive payments. Trusts are not only for the super wealthy, however. This article will discuss:
September 5, 2024
Our estate planning attorneys discuss living trusts, revocable and irrevocable trusts, and any changes that have been made to Iowa living trust laws in 2024.
September 5, 2024
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