Legal Advice
Legal Advice
After a death, there are many legal details to work out. While it is not necessary to work with a lawyer, it is recommended. The time following a death of a loved one is extremely emotional, and even the closest family may have disagreements. To ensure lasting peace in the family, it is sometimes helpful to have a third party involved.
Before getting in touch with a lawyer, there are several important documents that you need to gather. Those include:
- Any wills that you are aware of
- Deeds
- Bank Statements
- Insurance Policies
- Vehicle and Boat titles
- Tax Documents
Bank Accounts
Bank account procedures following death can vary depending on the region. In some areas, bank accounts may be automatically frozen upon the death of the account holder. To prevent any complications, it's essential to notify the bank immediately. Bank staff will then assist you in navigating the next steps.
For joint accounts, it's advisable to keep the account open for at least six months to accommodate the deposit of any checks made out to the deceased. To remove a name from a joint bank account, banks typically require a certified copy of the death certificate.
If the deceased had a safety deposit box at the bank, its contents may be sealed following their passing. To access the contents, a certified copy of the death certificate will be necessary. It's crucial to follow the bank's specific procedures in such cases to ensure a smooth process.
Death Certificates
Once the doctor has signed the death certificate, certified copies can be ordered through the funeral home. The State of Iowa currently charges $15 per copy. You may find you will need a certified copy for the following reasons: setting up an estate, life insurance policies, changing a title on a deed, investments and retirement funds. We recommend ordering what you know you need at the time and additional certified copies can be ordered at any time.
Before any actions can be taken following a death, a Certified Death Certificate is essential. This document can typically be obtained through a Funeral Director. It's advisable to obtain multiple copies of the death certificate, as many agencies require a certified version rather than a photocopy.
Having multiple copies ensures that you have the necessary documentation to navigate various administrative processes smoothly. Therefore, it's wise to consider obtaining several copies to streamline the handling of affairs after a loved one's passing.
Wills
While the importance of having a will is widely recognized, the majority of individuals, approximately 70%, do not have one. However, drafting a will is a straightforward and affordable process. Once completed, you can have peace of mind knowing that your hard-earned assets and property will be distributed according to your wishes. Additionally, if you have children, you can designate a guardian, thus avoiding leaving this decision to the courts.
Creating a will is a relatively simple task. You must be at least 18 years old and of sound mind when drafting it. To ensure its legality, a will must:
- Expressly state that it is your will.
- Be computer generated or typewritten.
- Be signed and dated.
- Be signed by 2-3 witnesses. Witnesses must be people who don’t stand to inherit anything in the will.
While it's not mandatory to involve a lawyer in drafting your will, it's advisable to do so to prevent potential legal complications after your passing. Once your will is finalized, it's prudent to store it in a secure location outside your home. If you opt to prepare your will with a lawyer, many law firms offer complimentary storage services.
Although some individuals choose to keep their wills in a safety deposit box at a bank, this practice is discouraged due to the possibility of the contents being sealed upon death. It's crucial for the executor of your will to be informed of its location for smooth execution when the time comes.
Probate
Probate is the legal procedure through which the ownership of property is transferred from the estate of the deceased to their beneficiaries. Throughout this process, the executor named in the will appears before the courts to identify all assets owned by the deceased, assess their value, settle outstanding debts and taxes, validate the legality of the will, and finally, distribute the assets in accordance with the instructions laid out in the will.
Executors
An executor serves as the personal representative of your estate, responsible for managing your assets, settling debts, and distributing assets to beneficiaries according to the terms of your will. While you have the freedom to select anyone as your executor, it's advisable to choose someone who is both competent and trustworthy. This individual should be explicitly designated in your will.
It's important to note that the person you appoint as executor has the right to decline the role. Therefore, it's wise to designate a backup executor in your will as a precautionary measure. This ensures that there's a contingency plan in place in case the primary executor is unable or unwilling to fulfill their duties.
