High Stakes

Most people would rather not think about what would happen if they were to die.  We all suppose that we are somehow immortal. This is true in good times as well as unjust times. 

But, good times or unjust times, we all owe it to our family and those who care for us to ensure that when the inevitable happens, that we have taken at least the basic steps to ensure a smooth transition to the next generation.  

Even if you have little or no property, such planning is always important. In Iowa, as well as most states, there are at least four items that you should have a lawyer draft for you.  They are: (1) a will; (2) a living will and durable power of attorney for health care decisions; (3) a general power of attorney; and (4) a final disposition declaration. Depending on the nature of your estate, you may also want to consider utilizing a revocable living trust.  Although samples of these documents can be found on the internet, you should never undertake to put these into effect without at least consulting an attorney.  The stakes are simply too high to try to save a few dollars at the out set.  During my career I have seen too many cases where individuals tried to save money at the beginning only to have their family pay much more money at the end.

© Rod Powell