Iowa estate owners should review opportunities that could protect their estate in the future. These concepts could prevent a lengthy duration in the probate process. It could also provide family members with clarity about how the estate owner wanted their estate distributed. A Wills And Trusts Attorney in Marion IA assists estate owners with this task.
A Living Will
A living will determine what measures the estate owner wants if they become incapacitated. These measures include life support and resuscitation. The estate owner could identify a specific duration in which these measures could be used to sustain their life. They can also identify a health care proxy who will make further decisions about the individual’s health care requirements.
The estate owner could also include a power of attorney for a family member. This authority allows them to use the estate owner’s assets to cover vital requirements for them. The estate owner reserves the right to impose limitations about how these assets are used. They may also include provisions that include accountability which requires receipts for all expenditures.
Creating a Will and Naming an Administrator
A will determines who receives the estate owner’s property and assets. The will may provide provisions that prevent access to certain accounts such as trust funds until the beneficiary reaches a specific age. They may also include provisions related to possible disputes about the will.
Reducing the Size and Value of the Estate
An irrevocable trust allows the estate owner to eliminate key properties and assets from their estate. These items are transferred into the trust. The estate owner identifies a successor to take over ownership of the trust once they die.
The estate owner has the right to make any changes at any time. This includes changing the name of the successor. However, they cannot remove the assets or property from the trust.
Iowa estate owners have the opportunity to take control over their final wishes and manage their estate. These opportunities allow them to prevent a long duration in the probate court and prevent unwanted delays. Estate owners who need to review these concepts should contact a Wills And Trusts Attorney in Marion IA by visit us website for more information today.
