Estate plans should be catered to the specific needs and desires of each person. This can range from basic planning such as Last Will and Testaments and powers of attorney, to more advanced planning including Revocable Trusts, Irrevocable Trusts, and corporate entities, to name a few.

Lindsey and Jack both hold the Accredited Estate Planner (AEP) designation, which is awarded by the National Association of Estate Planners & Councils (NAEPC) to professionals who meet stringent experience and education qualifications. At your initial consultation, our attorneys will meet with you and get to know you and your estate planning goals. Together, we will develop a strategy that is best for your needs and answer all your questions along the way. We strive to explain all options to our clients in a way that is easy to understand, no matter how complex a clients’ situation is.

Why Plan?

It is essential to create an estate plan for several reasons:

Provide For Your Loved Ones

  • You, not the Court, decide who will care for your children.
  • You, not the State, direct how your assets will be distributed.
  • Provide care for a disabled individual without robbing him/her of public assistance benefits.

Prevent Family Conflict & Minimize Stress

  • Save your loved ones the agony of having to make difficult health care decisions if you become of unsound mind or are unconscious.
  • Reduce the likelihood of your loved ones fighting about the distribution of your assets.

Save Money and Maintain Privacy

  • Establish a Trust to avoid probate and save your beneficiaries time, money, and stress.
  • Keep your assets and debts private.
  • Minimize taxes.

Asset Protection

  • Protect assets from creditors, lawsuits, or divorce.
  • Protect assets in the event your spouse remarries after your death.
  • Minimize the possibility that your beneficiaries may abuse their inheritance.
Effective estate plans are as diverse as each individual. Contrary to what many people think, estate planning is not a form-based practice. Adequate estate planning does not need to cost an arm and a leg. Keep it simple, but ensure you’re getting the proper value.

Types of Estate Planning

Below is a list of common documents many clients consider. Please note this is a simplified list and brief explanations.

Last will and Testament

Last Will and Testament – A Will nominates an “executor” or “personal representative” (the person or entity in charge of administering the Will) and sets forth where and how the decedent’s property should be distributed. A Will may also nominate a guardian and a conservator for a minor child or a dependent with special needs.

Trust

A Trust – There are several types of Trusts. A Trust is a legal agreement detailing who will hold property for the benefit of another and how those assets will be distributed. There are three parties to a Trust: the person making the Trust (the “Grantor”); the person or entity responsible for administering the Trust (the “Trustee”); and the person or entity who receives the Trust’s assets (the “beneficiary”). A Trust can be testamentary, which means it takes effect upon the Grantor’s death, or a Living Trust, which takes effect during the Grantor’s life. Living Trusts are often established to avoid probate, the process by which an estate is administered, maintain privacy, minimize taxes, and/or protect assets from creditors.

Powers of attorney (POA)

Powers of attorney (POA) – All adults should have a power of attorney. Essentially, a POA is a legal document which takes effect during your life, but while you are incapacitated (e.g. in a coma, incoherent, have Alzheimer’s, etc.). The POA allows you to nominate who will act on your behalf – financially and medically – rather than State law dictating this very important power. Below are the most common types of powers of attorney:

  • General POA – A general power of attorney is a legal document wherein a person (the “principal”) names an agent to handle his/her financial affairs (sell real estate; invest funds; pay bills; make gifts; etc.). This power ends at the death of the principal, or at an earlier time if specified in the legal document. A POA can be durable, meaning it lasts throughout the person’s life so long as he/she is unable to act for him/herself, or limited for a certain period.
  • Living Will – A living will allows the principal to direct medical personnel to withhold life sustaining treatment if a doctor declares the principal in a permanent unconscious state. This takes the burden of such a difficult decision off family, and allows the principal to be in control of his/her medical care if put in this position.

Health Care POA

  • Health Care POA – A health care power of attorney allows a person to designate an agent to make medical decisions on the principal’s behalf. A health care POA can also be durable or limited. The health care POA should be notarized or witnessed by two uninterested people, and a copy of the POA should be given to the principal’s general physician and to the hospital so that medical personnel know who to contact if the POA takes effect.

Probate

What is probate?

Probate is the legal process of administering the estate of a deceased person, resolving all claims and liabilities, and distributing the deceased person’s assets. Probate requires a lot of paperwork (documents to open the probate; publication of the decedent’s probate; notice to creditors, heirs, and beneficiaries; reports and inventories to the Court; tax documents; closing documents, and so forth) and involves numerous significant deadlines by law.

How long does probate take?

On average, probate will take six to twelve months, and sometimes longer depending upon the facts of the case. Probate administration looks different in each state. Our firm has attorneys licensed in Iowa, Nebraska, and South Dakota, and will assist the Executor/Personal Representative throughout each step of this process.

Trust Administration

What is trust administration?

Trust administration is the management of property within a Trust. Administering a Trust is dependent upon the provisions in the Trust. In other words, because every Trust is different, the administration required of each Trust is unique. Whether a Trust requires Court oversight or not, our attorneys can guide the Trustee through the Trust administration.

A Settlor/Grantor might transfer assets into a Trust when he or she is living (a “Living Trust”) or upon his/her death (a “Testamentary Trust”). In either case, when the Settlor/Grantor dies, the Trustee is off to the races to administer the terms of the Trust.

You may find yourself as the beneficiary or Trustee of a Trust. The provisions of the Trust will dictate how the Trustee is to handle the property (for example, pay out the funds immediately or invest the funds within the Trust and pay out the funds over time or when a beneficiary reaches a certain age). Lindsey, Jack, and Sandy are here to guide the Trustee through the process, ensure the terms of the Trust are fulfilled, communicate with the beneficiaries, and help ensure the Trust is fully and properly administered.