LAST WILL AND TESTAMENT
The major benefit of a Last Will and Testament is that it gives you control to direct the distribution of your estate according to your wishes. Everyone should have this basic estate planning tool.
A Will gives you the right to determine who will receive your assets after your death. You can use your Will to nominate a guardian for minor children or direct that beneficiaries who are young will not receive their inheritance until they are experienced enough to handle the money.
Perhaps most importantly, you can also use your Will to direct your assets to beneficiaries whom you choose, instead of those who are chosen for you by statute.
If you have no estate plan at all, your property will be distributed according to the laws of intestacy, without regard to family needs or your desires. In Iowa, if you die without a Will, and if you have no children or children only from your current marriage, your entire estate will pass to your surviving spouse. However, if you have children from another marriage, your surviving spouse will receive either one-half of your estate or the first $50,000, whichever is greater. A Will allows you to manage your assets as you choose.
Our experienced attorneys can help you draft a Will that meets your needs.