WILLS, TRUSTS & POWERS OF ATTORNEY

Wills, Trusts and Powers of Attorney are legal documents used by an attorney to create an estate plan for individuals and families. Creating these documents is part of the estate planning process to establish objectives relating to one’s property/assets.

What is a Will?

Almost every person you talk to knows that a person should have a will; also known as a “Last Will and Testament.” It is a legal document that states your final wishes regarding where your property goes.

A Will should outline, at a minimum, the following:

who will handle your estate when you pass, also known as the “Executor”
how taxes and debt (if any) are paid
the name of the Guardian(s) for your minor children
discuss asset allocation/distribution
what happens to your personal property & real property (if you own a house, condo or land)

Items that are very important to discuss with us, when writing your will are:

disinheritance of a spouse
disinheritance a child(ren)
possible challenges to your will
future care for your pets

After your death, you will/may be submitted to the court for probate. The court will oversee the process and ensure your final wishes are carried out.

What is a Trust?

A trust is created to keep your information private and to protect property and assets held within your estate during your lifetime. A trust is funded by assets that you possess, such as property, land, stocks, bonds, and bank accounts. It is a legal document that allows a trustee (which can be you or a third party), to hold assets on behalf of a beneficiary or beneficiaries.

When you pass, the assets in your trust are distributed in a time sensitive manner to your designated beneficiaries by your chosen Personal Representative.

What is a "Power of Attorney"?

A Power of Attorney (POA) is often established when a senior of sound mind, can appoint a person to act on their behalf, giving that person the “powers” to make decisions on his or her behalf. When a person grants another person the responsibility of being their Power of Attorney (POA) that person needs to find out what authorities were granted to them regarding the person’s medical and financial decisions.

The two types of Power of Attorney

Power of Attorney – is also known as a “durable” Power of Attorney because it does not terminate if you become disabled or incapacitated, is a written document that authorizes another person (grantor/principal) to represent or act on your behalf in private affairs, business matters, or other legal matters.
Health Care Power of Attorney – is a document that designates a representative or agent to advocate for you when you are unable to make or communicate health care decisions. The person you select should be someone you trust (family member relative, friend, co-worker, doctor, nurse) to act as your agent if you are unable to speak for yourself.

What happens if there is no Will?

If a will is in place, the executor will be given instructions on the wishes of the deceased, which will assist in moving the estate forward. If a will was never set up by your loved one, then they passed away “intestate” and it may be necessary to appoint an administrator. Please contact us so that we can assist you in navigating through the probate court process.

If you would like to find out more information on how we can help you and your family set up a Will, Trusts, or Power of Attorney, simply contact our offices to set up a meeting!

FREQUENTLY ASKED QUESTIONS REGARDING WILLS, TRUSTS, & POWERS OF ATTORNEY

What is the right age to make a will?

One can create a will when they are 18 and sound of mind. In today's world of uncertainty, it is wise to ensure your assets will go to the people you choose.

If I don’t have a will, who will inherit when I die?

Without a will, heirs are determined by Iowa law.

Does my spouse need a separate will? What if we both agree on practically everything in the will?

Your spouse should have a separate will. Joint wills are only prepared in unusual circumstances, if at all.

Austin Norden

austin@vinerlawfirm.com

HOMETOWN:
Bettendorf, IA

EDUCATION:
University of Iowa, B.A. 2015
University of Iowa, J.D. 2018
ADMITTED TO IOWA BAR 2018

AREAS OF PRACTICE:

Civil Dissolution of Marriage/Divorce
Custody, Child Support, Name Change
Criminal, OWI/DUI or DOT matters, Juvenile and Possession of a Controlled Substance

ASSOCIATIONS:

Iowa Bar Association