{"id":11427,"date":"2021-06-23T10:48:08","date_gmt":"2021-06-23T14:48:08","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=11427"},"modified":"2021-06-23T10:48:09","modified_gmt":"2021-06-23T14:48:09","slug":"3-misconceptions-about-estate-planning-in-iowa","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/3-misconceptions-about-estate-planning-in-iowa","title":{"rendered":"3 Misconceptions About Estate Planning in Iowa"},"content":{"rendered":"\n

Estate planning is meant to focus on organizing your estate in advance and managing disposal, in case the worst should happen. <\/strong><\/p>\n\n\n\n

When you hear the words “estate planning,” you could think of elaborate mansions, huge stock portfolios, rare art pieces, fine jewelry and other pricey possessions like cars – all left by elderly, wealthy family members when they pass. However, estate planning isn\u2019t just for the uber-rich. Anyone in Iowa can benefit from estate planning, so long as they have assets and people to leave those assets to. <\/p>\n\n\n\n

What is Estate Planning and Why is it Important?\u00a0<\/h4>\n\n\n\n

Do you want a say in what will happen to your possessions after you die? Do you want to prevent your family from fighting over your assets? If so, then you could benefit from an estate plan.<\/p>\n\n\n\n

Effective estate planning can help you to manage your affairs during your lifetime and control the distribution of your wealth after death. An effective estate strategy can spell out your healthcare wishes and help ensure that they\u2019re carried out \u2013 even if you are unable to communicate. It can even designate someone to help manage your financial affairs should you be unable to do so.<\/p>\n\n\n\n

Estate Planning Tips from Johnson Wealth and Income Management<\/h4>\n\n\n\n

Estate planning <\/a>is not just allocating your belongings: It is legacy planning, charitable distribution in case of future incapacity or death. When you are estate planning, you want to make sure everything is taken care of and nothing is left for the state to manage.  It is best to make sure that your estate is prepared and executed with the least amount of acrimony possible. <\/p>\n\n\n\n

A checklist for an estate plan can assist you, but in any event, should you and your loved ones like to begin the process, you should seek professional advice and assistance<\/a>. <\/p>\n\n\n\n

Several important documents should be considered when future estate planning. This list should include:<\/p>\n\n\n\n

  1. Will\/trust<\/li>
  2. Durable power of attorney<\/li>
  3. Beneficiary designations<\/li>
  4. Letter of intent<\/li>
  5. Healthcare power of attorney<\/li>
  6. Guardianship designations<\/li><\/ol>\n\n\n\n

    Even if you aren\u2019t familiar with all that needs to be done, working with our estate planning <\/a>experts could help that stress diminish. But, to get started, here are three common misconceptions when it comes to estate planning in Iowa: <\/p>\n\n\n\n

    1. You Need to Be Wealthy for an Estate Plan<\/strong><\/li><\/ol>\n\n\n\n

      Wealth does not determine the importance of estate planning. When something tragic happens in life, anyone needs to prepare their assets whether it includes high dollar value or simply a sentimental value. <\/p>\n\n\n\n

      1. Estate Planning is for Later in Life<\/strong><\/li><\/ol>\n\n\n\n

        \u201cEstate\u201d refers to anything you own at legal age. Anything from a car, home, retirement accounts, other bank accounts, etc, despite the size or value. It doesn\u2019t matter what age you are, because once you start your estate planning, you can make adjustments as your life and assets progress. No one wants to have to deal with the state deciding who receives your or your spouse’s assets. Your assets deserve your control.<\/p>\n\n\n\n

        1. Probate is Avoidable in Iowa<\/strong><\/li><\/ol>\n\n\n\n

          Probate is the official way that an estate gets settled under the supervision of the court. The purpose of probate is to prevent fraud after someone’s death.  The best way to avoid having an estate go to probate in Iowa is by planning ahead while you are still alive.<\/p>\n\n\n\n

          In Iowa, alternatives to probate include:<\/p>\n\n\n\n