In Humboldt, Iowa, "estate planning" refers to the process by which a person makes arrangements related to their property after their death. It can (and should) also include personal issues that might come up immediately before and after a person's death.
The creation of a will (the document laying out what is to be done with your property after your death) is an essential element of an estate plan, but it is usually not the only element. There are many other important things that most estate plans should include.
A clear estate plan will also contain instructions to your doctors about your preferences for end of life care, in case you become unable to express them. This is known as a "living will." It should also include instructions about funeral arrangements and organ donation.
For anyone who has children who are still minors, it is very critical to make arrangements for their custody and care, just in case the unthinkable occurs. You should think of a family member or extremely close friend who you know would be willing and able to take care of your children, and designate them as the person who would take custody. Of course, it's important to discuss this matter with that person before you actually do it.
What Type of Estate Plan Do I Need in Humboldt, Iowa?
The answer to this question varies on your individual needs, your priorities, your health, and the size and nature of your estate.
For instance, if you are in your 20's and unmarried, an estate plan likely does not need to be on your priorities, unless you are very ill, or independently wealthy.
There is one group of unmarried people for whom estate planning in Humboldt, Iowa is absolutely crucial: adults who are not married, but have a life partner who they'd like to provide for in the event of death. There are many rights that automatically attach with marriage, such as the right to inherit if a spouse dies without a will, the right to make medical decisions for the other spouse if they become incapacitated, etc. If you and your partner are, for whatever reason, unable or unwilling to get married, you will have to take several steps to secure these rights, such as authorizing power of attorney, and writing them into your will.
Other groups for whom estate planning is very important in Humboldt, Iowa are people who are elderly and/or have a lot of assets. This may be the time in one's life where estate planning is most important. While it's true that the process of making an estate plan requires a person to deal directly with the reality of their own mortality, it is very important if you value the security that comes with the knowledge that your family will be provided for.
Do I Need a Humboldt, Iowa Estate Planning Attorney?
In Humboldt, Iowa, estate planning is rarely simple, even if it's not the most perplexing thing in the world. Given the importance of what's at stake (the financial security of your loved ones), a good estate plan is essential, as is the help of an attorney who specializes in wills, trusts, and estates law.