Having a say in how your hard earned assets are disposed off after your death starts with serious estate planning. In addition to planning for death estate planning can also help prepare your family in the event that you become disabled for long periods of time. When starting the estate planning process it is important that you do not forget your charities or foundations that you intend to leave money to.
Planning for the Future of your Heirs
One of the most important parts of estate planning is establishing a secure future for your heirs. This usually begins with deciding who you want to inherit. Heirs usually include blood relatives such as children or parents. If you are planning to leave money or property to friends or organization it is important that you start estate planning in Iowa as soon as possible. Without estate planning in Iowa married individuals assets will automatically go to their surviving spouse.
Prepare for Long Term Disability
Estate planning in Iowa can also cover planning for long term illnesses that can temporarily or permanently disable and incapacitate you. In these situations you want to be sure that your assets are used in a way that you approve of. Without proper planning not only will you not be able to control this, your own family may have difficulty caring for you if they are unable to make important decisions or manage your accounts.
In order to assist your family in this difficult time it is important that you take the time to prepare both a durable power of attorney and durable power attorney for health care. The state of Iowa encourages the use of both during estate planning since they allow an agent to act on your behalf. After choosing someone to be your agent it is extremely important that you keep them informed about your financial status.
Name Beneficiaries for All Accounts
In the state of Iowa life insurance policies and IRAs are both common alternatives for wills. Many individuals simply leave these funds to designated heirs. In order to avoid confusion in the future always keep track of who the beneficiaries are. After divorces, marriages, and child births it is important to make any changes to the beneficiary information as soon as possible.
Many accounts delay the change of information until they receive information to help them verify the change of status or other important data. Failing to make these changes could result in the wrong person inheriting your legacy leaving your intended heir out in the cold with no legal recourse.
