It’s the season for everything pumpkin, Hocus Pocus reruns, and “accidentally” eating all the trick-or-treat candy before the actual trick-or-treaters arrive. It’s the time when I’m reminded that the scariest notion of all is not Dracula, ghosts, or even the overpriced costumes, but rather the downright terrifying reality that nearly every six out of 10 Americans do not have estate planning documents in place. Yikes. Despite the numerous benefits, advantages, and financial savings that comes with a proper estate plan, it’s all too common to push the process off. It’s like the equivalent of the dusty, cobwebby attic of your to-do list. Here are five scary excuses I’ve heard as to why people procrastinate creating an estate plan:
I’ll be dead, so I won’t be around to care.
Downright hair-raising!
A friend’s mother said this when my friend brought up estate planning. The mother has a point…I guess. Yes, after she dies she won’t be able to “care” about where her assets go. However, most of us would like to have a set plan of where our hard-earned money and personal property will go and to whom. Why? Because we care while we’re living and like to think we’re taking care of the ones we love even after we’re gone. So, why wouldn’t she (even as an act of love) take a simple measure to save her loved ones money (and time) instead of dealing with the sluggish probate process that would occur if she were to die intestate (without a will)?
I don’t own enough assets to need an estate plan.
I hear this one all the time and it’s terrifying to think someone would sacrifice their right to pass along their estate (as small or as big as it may be) as they choose. The fact is that having a (small) bank account, minor children, owning a home (of any size), or even having a pet is enough to necessitate estate planning…if even just to be prepared. Of course, the larger and more complex the estate, the more tools and documents may be needed, but that’s why you need to have an experienced estate planner to help determine the tools you need.
I don’t have time right now to do estate planning.
Unnerving and chilling. Sure, estate planning doesn’t sound like the most fun thing to deal with on top of everything else you have going on in your life. But, the time it takes to create an estate plan will be significantly less than the time it will cost your family if your estate goes through probate. Additionally, most (good) estate planning attorneys will work around YOUR schedule. They are willing to make house calls and conduct conversations essential to crafting your individualized estate plan over the phone or email—whatever works best for you.
Eerily wrong. It will almost certainly be more expensive for your family and loved ones if you die intestate (without a will). It will not only cost them monetarily, but also emotionally as the process can be shockingly slow, tedious, and can create unnecessary conflict. Part of living is loving, so show your family, children, friends, and favorite charities the love by taking the time to craft a quality estate plan.
I don’t even know where to start, so I’m not going to.
Getting started on your estate plan is actually incredibly easy, so continuing to make this excuse is alarmingly unnerving! Use my free (without obligation) Estate Plan Questionnaire. It’s an excellent tool for organizing all the essential information you (and your spouse, if applicable) and your estate planner need to have on hand in order to reach your estate planning goals.
Do any of these sound like you? Fear is for werewolves and zombies, not estate planning! Break the procrastination cycle and contact me via email or phone to discuss your situation.
In the spirit of Halloween this month, let’s take a break from scary estate planning excuses, probate fees, and haunting nonprofit actions and have some fun. Whether you’re an attorney, work with the law in other ways, or are just a fan of legal puns, these last-minute Halloween costumes are for you!
Exhibit A
This costume goes in the “oh shoot I just got invited to a Halloween party tonight” category. Be an evidence exhibit by simply donning a white shirt, and pinning a piece of red paper with “Exhibit A” in large black letters on it! It’s old-school (pre-Internet filing days) and excessively easy.
Law-suit
Similar to the exhibit A costume, you can totally fashion this more formal look out of a suit you already have. Wear a suit, write the word “law” on a piece of paper and hang it around your neck. Get it? Law-suit! Word of caution: you may get eye rolls, smiles, and chuckles at your look.
A salt & battery
In need of a couples costume? Take on a couple of classic tort claims of assault and battery that are often paired together. Throw together a salt shaker look by wearing a white shirt with a black “s” on the front and a tin foil hat. Pair it with your crafty partner who can create something that looks like a battery and voila!
Voir deer
Animals tend to be a safe pick for adult Halloween costumes, but this one puts a legal spin on a deer costume. Assemble an assortment of brown clothing and get some cute ears that make you look like a woodland deer. Have a friend write the word “voir” on your forehead. Boom. You’re voir dire! You’ll have a great time explaining jury selection to everyone who is confused by your choice of apparel.
What law-related Halloween costumes have you imagined? Share them in the comments with GFLF on Facebook, Instagram, and Twitter.
What makes a will valid? To begin, you are asking the entirely wrong question! [Cue evil sounding mwahahahaha.]
You must ask a more specific question what makes a will valid in Iowa. After all, every state can and does have different laws for a will’s validity, as well as for probate, trusts, and so on.
Iowa law has several requirements (sometimes called formalities) which must be present for a will to be legal and binding. If you miss even one formality–yes, even one!–you run the risk of your will being declared “dead.” Forever dead and invalid…which sounds like a nightmare for your loved ones.
In Writing (Can Be Blood or Ink)
Iowa law requires a will to be in writing. That means any oral statement of the decedent doesn’t count. This is true even if the oral statement(s) relate(s) directly to naming people who should inherit specific property. (Note that there’s a slight, teeny tiny exception to this for gifts causa mortis. But, these are super specific, situational, limited, and rare.)
Even a statement about passing of property recorded by audio or video cannot constitute a valid will.
Two witnesses to the will’s signing are also required. The person making the will, in the presence of the two people acting as witnesses, must declare the document is his/her will and request the two people to sign the document as witnesses. Then the witnesses must sign in the presence of each other, and in the presence of the testator/testatrix.
A will is valid only if the person making the will has sufficient competency at the time the will is made. In this situation, “competency” has two prongs: the testator must be of full age AND sound mind.
Full age simply means legal majority, which is age 18 (or 17 and married).
Is your mind sound?
All I can imagine with the phrase “sound mind” is the mad scientist saying “brainssss, brainsss!” But, is “sound mind” a real thing? Yes!
A testator must indeed be of sound mind. The testator/testatrix has sufficient mental capacity if s/he:
understands the nature of the instrument s/he is executing;
knows and understands the nature and extent of his or her property;
remembers the natural objects of his or her bounty; and
knows the distribution s/he wants to make.
If s/he is unable to meet any one of these tests she cannot make a valid will. The mental capacity must exist at the actual time of the making of the will.
Did you say “natural objects of bounty?”
The natural objects of his or her bounty is a fancy legal phrase. Essentially this refers to a spouse and children, if any, or other close family members; the maker of the will should generally know and recognize his or her natural heirs.
Low Standards
This test of mental capacity is not a particularly high standard to meet. The Iowa Supreme Court declared:
“Ability to transact business, generally, is not essential to testamentary capacity. Advanced age, failure of memory, senile dementia not shown to render the testatrix of insufficient mental capacity to understand the nature of the act, to recollect the extent of her property and the natural objects of her bounty and their claims upon her, and to comprehend the manner in which she wishes her property distributed, childishness, mental weakness, and old age are not, of themselves, sufficient to deprive her of testamentary capacity.” Walters v. Heaton, 271 N.W. 310, 313 (Iowa 1937). (Note that the court’s decision was related to a female, hence the she/her, but, this standard undoubtedly applies to all will-makers in Iowa!)
Are you frightened to death of making a mistake with your will? Never fear! A qualified attorney can help guide you around the sticky spiderwebs and swamps of estate law. Email me at gordon@gordonfischerlawfirm.com or call me on my cell at 515-371-6077. I’d be happy to offer you a one-hour free consultation!
https://www.gordonfischerlawfirm.com/wp-content/uploads/2017/11/element5-digital-383919-e1509541786768.jpg22492980Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2019-10-08 20:26:392020-05-18 11:28:43The Scary Tale of What Makes a Will Valid
5 Scary Estate Planning Excuses
Estates & Estate Planning, Wills, Trusts & EstatesIt’s the season for everything pumpkin, Hocus Pocus reruns, and “accidentally” eating all the trick-or-treat candy before the actual trick-or-treaters arrive. It’s the time when I’m reminded that the scariest notion of all is not Dracula, ghosts, or even the overpriced costumes, but rather the downright terrifying reality that nearly every six out of 10 Americans do not have estate planning documents in place. Yikes. Despite the numerous benefits, advantages, and financial savings that comes with a proper estate plan, it’s all too common to push the process off. It’s like the equivalent of the dusty, cobwebby attic of your to-do list. Here are five scary excuses I’ve heard as to why people procrastinate creating an estate plan:
I’ll be dead, so I won’t be around to care.
Downright hair-raising!
A friend’s mother said this when my friend brought up estate planning. The mother has a point…I guess. Yes, after she dies she won’t be able to “care” about where her assets go. However, most of us would like to have a set plan of where our hard-earned money and personal property will go and to whom. Why? Because we care while we’re living and like to think we’re taking care of the ones we love even after we’re gone. So, why wouldn’t she (even as an act of love) take a simple measure to save her loved ones money (and time) instead of dealing with the sluggish probate process that would occur if she were to die intestate (without a will)?
I don’t own enough assets to need an estate plan.
I hear this one all the time and it’s terrifying to think someone would sacrifice their right to pass along their estate (as small or as big as it may be) as they choose. The fact is that having a (small) bank account, minor children, owning a home (of any size), or even having a pet is enough to necessitate estate planning…if even just to be prepared. Of course, the larger and more complex the estate, the more tools and documents may be needed, but that’s why you need to have an experienced estate planner to help determine the tools you need.
I don’t have time right now to do estate planning.
Unnerving and chilling. Sure, estate planning doesn’t sound like the most fun thing to deal with on top of everything else you have going on in your life. But, the time it takes to create an estate plan will be significantly less than the time it will cost your family if your estate goes through probate. Additionally, most (good) estate planning attorneys will work around YOUR schedule. They are willing to make house calls and conduct conversations essential to crafting your individualized estate plan over the phone or email—whatever works best for you.
It’s too expensive to make an estate plan.
Eerily wrong. It will almost certainly be more expensive for your family and loved ones if you die intestate (without a will). It will not only cost them monetarily, but also emotionally as the process can be shockingly slow, tedious, and can create unnecessary conflict. Part of living is loving, so show your family, children, friends, and favorite charities the love by taking the time to craft a quality estate plan.
I don’t even know where to start, so I’m not going to.
Getting started on your estate plan is actually incredibly easy, so continuing to make this excuse is alarmingly unnerving! Use my free (without obligation) Estate Plan Questionnaire. It’s an excellent tool for organizing all the essential information you (and your spouse, if applicable) and your estate planner need to have on hand in order to reach your estate planning goals.
Do any of these sound like you? Fear is for werewolves and zombies, not estate planning! Break the procrastination cycle and contact me via email or phone to discuss your situation.
4 Punny Legal Halloween Costumes
Events, From Gordon's Desk...In the spirit of Halloween this month, let’s take a break from scary estate planning excuses, probate fees, and haunting nonprofit actions and have some fun. Whether you’re an attorney, work with the law in other ways, or are just a fan of legal puns, these last-minute Halloween costumes are for you!
Exhibit A
This costume goes in the “oh shoot I just got invited to a Halloween party tonight” category. Be an evidence exhibit by simply donning a white shirt, and pinning a piece of red paper with “Exhibit A” in large black letters on it! It’s old-school (pre-Internet filing days) and excessively easy.
Similar to the exhibit A costume, you can totally fashion this more formal look out of a suit you already have. Wear a suit, write the word “law” on a piece of paper and hang it around your neck. Get it? Law-suit! Word of caution: you may get eye rolls, smiles, and chuckles at your look.
A salt & battery
In need of a couples costume? Take on a couple of classic tort claims of assault and battery that are often paired together. Throw together a salt shaker look by wearing a white shirt with a black “s” on the front and a tin foil hat. Pair it with your crafty partner who can create something that looks like a battery and voila!
Voir deer
Animals tend to be a safe pick for adult Halloween costumes, but this one puts a legal spin on a deer costume. Assemble an assortment of brown clothing and get some cute ears that make you look like a woodland deer. Have a friend write the word “voir” on your forehead. Boom. You’re voir dire! You’ll have a great time explaining jury selection to everyone who is confused by your choice of apparel.
What law-related Halloween costumes have you imagined? Share them in the comments with GFLF on Facebook, Instagram, and Twitter.
The Scary Tale of What Makes a Will Valid
Wills, Wills, Trusts & EstatesWhat makes a will valid? To begin, you are asking the entirely wrong question! [Cue evil sounding mwahahahaha.]
You must ask a more specific question what makes a will valid in Iowa. After all, every state can and does have different laws for a will’s validity, as well as for probate, trusts, and so on.
Iowa law has several requirements (sometimes called formalities) which must be present for a will to be legal and binding. If you miss even one formality–yes, even one!–you run the risk of your will being declared “dead.” Forever dead and invalid…which sounds like a nightmare for your loved ones.
In Writing (Can Be Blood or Ink)
Iowa law requires a will to be in writing. That means any oral statement of the decedent doesn’t count. This is true even if the oral statement(s) relate(s) directly to naming people who should inherit specific property. (Note that there’s a slight, teeny tiny exception to this for gifts causa mortis. But, these are super specific, situational, limited, and rare.)
Even a statement about passing of property recorded by audio or video cannot constitute a valid will.
Testatrix or Treat?
The person making the will must sign it, or direct some other person to sign the will in his or her presence. Lawyers call the person who makes the will either a testator (male) or testatrix (female).
Two Witnesses to Tell the Tale
Two witnesses to the will’s signing are also required. The person making the will, in the presence of the two people acting as witnesses, must declare the document is his/her will and request the two people to sign the document as witnesses. Then the witnesses must sign in the presence of each other, and in the presence of the testator/testatrix.
Bearing Witness
There are also standards for being a qualified witness. A witness must be at least 16 years old and be mentally competent. A person who receives property under terms of the will may be a witness, but that person will have to forfeit any amount in excess of what s/he would receive if there were no will.
Are You Competent?
A will is valid only if the person making the will has sufficient competency at the time the will is made. In this situation, “competency” has two prongs: the testator must be of full age AND sound mind.
Full age simply means legal majority, which is age 18 (or 17 and married).
Is your mind sound?
All I can imagine with the phrase “sound mind” is the mad scientist saying “brainssss, brainsss!” But, is “sound mind” a real thing? Yes!
A testator must indeed be of sound mind. The testator/testatrix has sufficient mental capacity if s/he:
If s/he is unable to meet any one of these tests she cannot make a valid will. The mental capacity must exist at the actual time of the making of the will.
Did you say “natural objects of bounty?”
The natural objects of his or her bounty is a fancy legal phrase. Essentially this refers to a spouse and children, if any, or other close family members; the maker of the will should generally know and recognize his or her natural heirs.
Low Standards
This test of mental capacity is not a particularly high standard to meet. The Iowa Supreme Court declared:
“Ability to transact business, generally, is not essential to testamentary capacity. Advanced age, failure of memory, senile dementia not shown to render the testatrix of insufficient mental capacity to understand the nature of the act, to recollect the extent of her property and the natural objects of her bounty and their claims upon her, and to comprehend the manner in which she wishes her property distributed, childishness, mental weakness, and old age are not, of themselves, sufficient to deprive her of testamentary capacity.” Walters v. Heaton, 271 N.W. 310, 313 (Iowa 1937). (Note that the court’s decision was related to a female, hence the she/her, but, this standard undoubtedly applies to all will-makers in Iowa!)
Are you frightened to death of making a mistake with your will? Never fear! A qualified attorney can help guide you around the sticky spiderwebs and swamps of estate law. Email me at gordon@gordonfischerlawfirm.com or call me on my cell at 515-371-6077. I’d be happy to offer you a one-hour free consultation!