Why You Should Have A Will
If you die without a valid will, you have no control over where your property goes. Instead, the laws of the State of Iowa make that decision. According to these laws, your property will be distributed to your relatives in a certain manner based upon your relationship (blood or marriage) to those persons. Without a will, there is no method of giving your assets to a charity or to a friend, if you so choose.
If you own real property, dying without a will may complicate the transfer of that property, either to your family or by sale to another. Further, since the State decides who gets the land, it might not pass to the next generation in one parcel. Finally, if there is not a will, the court will select someone to take care of your affairs, called an “administrator or personal representative.” This person may be someone who would be unacceptable to you.
Some Basic Facts About Wills
A well prepared will is one way to make sure that your property, which is called your estate, passes as you wish to your family and others. A person may also use a revocable trust to direct the disposition of their assets.
Generally your estate consists of property and cash assets which you own at the time of your death. This includes bank accounts, land, furniture, buildings, cars, and stocks and bonds.
Many times people also own life insurance and retirement accounts. Retirement accounts and life insurance typically have a named beneficiary and pass directly to that named beneficiary and are not controlled by the will. In some rare instances, the estate is the named beneficiary and those assets become part of your estate. Similarly, any property held in joint tenancy with another person passes directly to that surviving joint tenant and is not controlled by your will.
Requirements For A Will
In Iowa, a valid will must comply with these requirements:
- The maker must be at least eighteen (18) years of age or married.
- The maker must be of “sound mind.”
- The will must be written and signed by the maker in the presence of at least two competent witnesses, at least 16 years of age, who also sign the will in the presence of the maker and each other.
- The maker must tell the witnesses that it is the maker's will.
To make certain that your will is validly executed and complies with Iowa law so that your wishes can be carried out, you should consult an attorney in making and signing the will. A self-proving will that verifies the signatures of the witnesses will also require an acknowledgment from a notary public.
You will need to name the executor of your will. The executor is the person you desire to carry out the provisions of your will. It is also a good idea to name an alternate executor as a substitute in case your first choice is unable to serve. If you do not name a person who is willing and able, the court will appoint a personal representative for you.
Restrictions On Property Distribution In A Will
Generally, Iowa law allows you to distribute your property as you wish. However, there are some significant restrictions. You may not exclude a spouse under your will. Iowa law guarantees the spouse to receive what is known as a statutory share. The statutory share is essentially one-third of the estate. Even if you attempt to cut your spouse out of the will, the law will allow your spouse to take a certain percentage of the assets. Likewise, if you hold property (such as real estate, bank accounts, cars and household goods) in joint tenancy with another person, that property cannot be distributed by will. The surviving joint tenant automatically becomes the sole owner of that property upon your death.
How Long Is A Will Valid?
A will that meets all of the requirements described earlier is good until it is changed or revoked by you. Changed circumstances may require an addition or correction. These changes may be reflected in a document called a codicil. This allows for the changes without redoing your entire will. The codicil must comply with the same requirements as the original will. However, you may need to completely redo the will if the changes are substantial ones.
What To Do When Someone Dies
When there is a death in the family, often the last thing the surviving relatives attend to is the legal distribution of the deceased’s property. When there is a will, the decedent is “testate,” meaning that the decedent had a will. The executor should be contacted. The executor should then get in touch with a lawyer as soon as possible. It may be possible to avoid probate or administration (the court system for handling estates). However, certain documents must be filed and taxes paid to properly finalize the deceased’s affairs. For these reasons, a lawyer should be consulted.
In the event that there is no will, the person is said to be “intestate.” In this case, the state of Iowa has laws which direct the payment of expenses and debts and a formula for the distribution of remaining property. The surviving family member should get in touch with a lawyer as soon as possible to determine if probate administration will be necessary, and if it is necessary, begin the process as promptly as possible.