Your will can do more than simply relay instructions on how to distribute your property after death. You can name relatives, friends, charities, or any other recipient you wish. You can also relay other instructions, such as specifying an executor for your estate or your preference of a legal guardian for your children. The executor is responsible for administering your estate and making sure that your instructions are followed. The executor also represents your estate if it must pass through probate court. Given these responsibilities and the large amount of time they require, you should give careful thought to your choice of executor.
You should never consider your will a final document. Laws and legal interpretations change, as does your personal, financial, and familial situation. You should periodically review and update your will with the help of an attorney. Your will can either be replaced by a new will or revised by drafting an amendment or “codicil”. Wills and codicils must be written using specific legal formulas in order to be valid. You should consult an experienced attorney when drafting or revising a will.
Contact an Iowa estate planning and probate lawyer representing clients in Forest City, Iowa today to schedule your initial consultation.
Estate planning, which includes the drafting of legal documents like wills, trusts, and powers of attorney, is the process of preparing instructions on how to manage your assets after your death. State and federal laws apply to estate planning, and so do taxes. In order to protect your assets, it may be necessary to create legal entities such as limited liability companies (LLCs) or family partnerships. The estate tax and other related issues are a hot political topic, and estate laws change often. It is vital to consult an experienced estate planning attorney, in order to protect your assets and meet the goals of your estate planning wishes.
Estate planning allows you to decide what will happen to your assets after your death. It allows you and your loved ones to save time and legal costs, and avoid financial and administrative hassles. Your estate plan should include, at a minimum, a Last Will and Testament and power of attorney documents.
Powers of attorney are legal documents that allow you to give directions to another person, who can then make legally binding decisions if you are unable to do so yourself or under other circumstances as you may need.