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.
With the Biden administration officially starting their term, everyone should expect changes to estate planning law in 2021. In this article, we explain these changes and options like SLAT that can help with probate and estate planning.
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.
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 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.
Under Iowa Intestacy law, if a child dies without a spouse and without children, their parents will inherit everything. Iowa Chapter 633.222 says “under such circumstances (paternity established and father recognizes child), if the recognition has been mutual, and the child has not been adopted, the father may inherit from his biological child.” What happens if the child is illegitimate?
In Iowa, there are laws that allow some shortcuts through probate for small size estates. These rules make it easier for surviving family members to transfer property left by the deceased. In many circumstances, you may be able to transfer a majority of property using simple procedures, avoiding probate court all together, by using an affidavit. This saves everybody time, money and additional hassle.
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.
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.
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Our team of friendly professionals are standing by to take your call now at (630) 324-6666.