​Last will and testament- A Will nominates an “executor” (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 is a legal agreement detailing who will hold property for the benefit of another and how those assets will be distributed.  There are 3 parties to a Trust: the person making the trust (“grantor”); the person or entity responsible for administering the trust (“trustee”); and the person or entity who receives the Trust’s assets (“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.

For a trust to be valid, it must involve specific property, detail the grantor’s intent, and be produced for a lawful purpose. The Trustee may hold and manage the assets for the benefit of a minor until the child is an adult, has reached certain ages, or obtained certain achievements such as sobriety or a college degree.

Powers of attorney (POA) are relatively simple and inexpensive, but the use of an attorney is advised to ensure the document is properly executed and meets the requirements under Iowa law.  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, Alzheimer’s, etc.).  The POA allows you to nominate who will act on your behalf – financially and medically – rather than the State law dictating this very important power.

• 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 of time.

• 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 of family, and allows the principal to be in control of his/her medical care if put in this position.

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 and when the POA takes effect.​