Across the board, legal documents can be confusing. Just think about the paperwork needed to take out a mortgage – the legalese is overwhelming. And the same is true about trusts. Even the best document drafters can’t eliminate all the technical language in a trust document. Add to that all the different types of trusts – RLT, ILIT, IDGT, GRAT, … Read More
Watch Your Language: Beneficiary
The beneficiary is what it sounds like: the person who receives the benefit from a trust. [Read More]
Watch Your Language: Trustee
A trustee has legal title to assets subject to certain conditions and requirements that are spelled out in the trust document. [Read More]
Watch Your Language: Grantor
The grantor is the person who creates a trust. No matter what type of trust you have, the grantor is always in charge because they set the trust’s terms. [Read More]
A Young Parent’s Guide to Estate Planning
For many parents, estate planning is primarily about their relationship with their children. But it’s hard to know where to even start thinking through the many decisions you need to make to set up an effective plan. Never fear; we’re here to help! If you’re a young parent (or even if you’re not), read on to find a few thought-provoking … Read More
101 Death Hacks: A Cheat Sheet for Arranging Your Affairs Before You Die [Part Five]
Keeping it Current Update your fiduciaries’ contact information (see number 78) every time their information changes Your family and your estate planner (see #20) will need to find your executor and/or successor trustee, so make it easy by keeping your list of contact info current. Review your life insurance beneficiary designations every year Plans change. Family members change. Your life … Read More
101 Death Hacks: A Cheat Sheet for Arranging Your Affairs Before You Die – 21-40 [Part Two]
Thinking about your ultimate demise is probably on the bottom of your list of things you want to spend time on. Our death hacks today focus on how to make estate planning an enjoyable process, putting the right people in charge of your plan after you’re gone, and leaving the message you want to leave through well-thought out memorial planning. [Read More]
Estate Planning and Divorce in Northwest Iowa
A divorce—also called a dissolution of marriage—can take a fairly long time (months or even years) to complete. And when a divorce is imminent, meeting with an estate planning attorney in Northwest Iowa is likely not at the top of anyone’s list of things to do. But, it very well should be. [Read More]
The Proper Approach to Trust Administration in Iowa
There is a certain amount of responsibility that goes along with wills or trust administration in Iowa. For this reason, it is vital to choose someone very trustworthy to take on this important role. While some individuals will likely see it as an honor to be chosen, it can also be quite a burden, so it is highly recommended that the potential trustee be contacted in advance and asked if he or she is willing and able to take on the role.[Read More]
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