An estate plan usually contains a trust, last will and testament, power of attorney, healthcare proxies, beneficiary descriptions, account information, and many other entries dealing with assets and where they should end up. But not many people think about the nonmaterial aspect of their legacy that can be transferred through an ethical will.
In this article, we will discuss how to approach estate planning for singles with no children. We will answer the following questions: Is estate planning vastly different for singles with no children?, What elements of the estate plan should singles focus on?, How do singles handle inheritances in their estate planning?, and What should singles be aware of after finalizing their estate plan?
In some families, loans and monetary gifts are presented to the children and often times this may lead to dispute if not kept equal. If it's not clear whether the money is a loan or a gift, conflicts can arise if the parent dies and their estate enters probate. If it's not in writing, the beneficiaries are left to figure it out on their own, or the court must step in and decide.
Read here to learn about who can serve as an executor of an estate in Iowa
A person who wishes to have his or her assets distributed according to a certain “road map” may execute a will. A will provides a personal representative of the estate called an executor with instructions of how to distribute property after all claims (debts) against the estate are settled. If someone does not leave behind a will, the property will pass to heirs under a process set out in the law, called intestacy.
Probate cases are often troubling times for families. Not only is a person going through the loss of a loved one, but the probate process is often confusing and stressful. Sometimes, this process can go on for several years. The estate will usually be closed within three years. What happens if an issue relating to the estate happens after the estate is closed? What if new assets are discovered which need to be distributed? Iowa law allows estates to be reopened under certain circumstances.
An important part of the estate planning process is keeping the will in a safe, accessible location. Unfortunately, there may be instances when the will is lost, unintentionally destroyed, or otherwise not available for the probate process.
Probate court proceedings, where a deceased person’s assets are transferred to people, can be a costly, time consuming and sometimes hostile. In Iowa, there are a number of different things people can do prior to their passing to make the process easier and less costly for everyone involved.
Our team of friendly professionals are standing by to take your call now at (630)324-6666.
In some families, loans and monetary gifts are presented to the children and often times this may lead to dispute if not kept equal. If it's not clear whether the money is a loan or a gift, conflicts can arise if the parent dies and their estate enters probate. If it's not in writing, the beneficiaries are left to figure it out on their own, or the court must step in and decide.
In cases in which probate is required, the executor of the estate or the next of kin cannot take the actions necessary to administer the estate without the authority granted by the probate court. Probate is a complicated process that requires executors to prepare forms, meet deadlines, keep records, generate reports, submit filings to the court, and serve notices to creditors, heirs and local newspapers.
When a family member dies and the appropriate relatives begin to go through the probate process it’s normal to have a lot of questions. Confusion over first steps, what comes next and what the process entails can increase stress during an already stressful time. One question that can arise if the deceased person owned debt, often in the form of credit card debt, is whether the close relatives are personally responsible for that debt. It’s not uncommon for creditors to begin calling family members in an effort to collect on the deceased person’s debt.
An estate plan usually contains a trust, last will and testament, power of attorney, healthcare proxies, beneficiary descriptions, account information, and many other entries dealing with assets and where they should end up. But not many people think about the nonmaterial aspect of their legacy that can be transferred through an ethical will.
In some families, loans and monetary gifts are presented to the children and often times this may lead to dispute if not kept equal. If it's not clear whether the money is a loan or a gift, conflicts can arise if the parent dies and their estate enters probate. If it's not in writing, the beneficiaries are left to figure it out on their own, or the court must step in and decide.
In cases in which probate is required, the executor of the estate or the next of kin cannot take the actions necessary to administer the estate without the authority granted by the probate court. Probate is a complicated process that requires executors to prepare forms, meet deadlines, keep records, generate reports, submit filings to the court, and serve notices to creditors, heirs and local newspapers.
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Our team of friendly professionals are standing by to take your call now at (630) 324-6666.