Many people view writing a will as a task reserved for the distant future—something to be handled "eventually." However, a will is one of the most vital financial documents you will ever create. It is the legal voice that speaks for you when you can no longer speak for yourself, ensuring your assets are distributed according to your wishes and your loved ones are protected.

At BankIowa, we believe that estate planning isn't just about wealth; it’s about peace of mind. Here is what you need to know about the importance of a will and how to get started.

When is the Right Time to Write a Will?

The short answer is now. If you are over the age of 18 and own assets (whether it’s a home, a savings account, or sentimental property) you should have a will. However, certain "life triggers" make the process urgent:

  • Marriage or Divorce: Major changes in your domestic status should immediately prompt a review of your beneficiaries.
  • The Birth of a Child: This is perhaps the most critical time. A will allows you to legally designate a guardian for your minor children, ensuring they are cared for by people you trust.
  • Purchasing Real Estate: Owning land or a home adds complexity to an estate that simple beneficiary designations on bank accounts cannot solve.
  • Health Changes: A sudden diagnosis or reaching a milestone age often serves as a reminder to get your affairs in order.

Why is a Will So Important?

Without a will, you die "intestate." In Iowa, this means the state’s probate laws determine who receives your assets, which may not align with your intentions. A formal will provides three primary benefits:

  1. Asset Control: You decide exactly who receives what, preventing family disputes and ensuring that specific heirlooms or accounts go to the intended individuals.
  2. Streamlined Probate: While most estates go through probate, having a clear will significantly speeds up the process, reducing legal fees and stress for your grieving family.
  3. Tax Minimization: Strategic estate planning can help reduce the tax burden on your heirs, preserving more of your hard-earned legacy for the next generation.

Steps to Writing a Will

Writing a will doesn't have to be overwhelming. Following a structured path can make the process manageable:

  • Inventory Your Assets: Make a list of your significant assets, including real estate, investments, retirement accounts, bank accounts, and personal property.
  • Choose Your Beneficiaries: Decide who will inherit your assets. You may also want to include charitable organizations that are close to your heart.
  • Appoint an Executor: This person will be responsible for carrying out the terms of your will. It should be someone organized, trustworthy, and capable of handling administrative tasks.
  • Designate Guardians: If you have minor children, clearly state who should be their legal guardian.
  • Draft and Sign: Work with a legal professional to ensure your document meets Iowa’s specific legal requirements, including proper witnessing and notarization.
  • Securely Store the Will: Keep your will in a safe place where it can be easily accessed after your death. Inform your Executor and a few trusted individuals about the location of your will. Also consider storing a copy of your will with an attorney or in a secure, online document storage service.

Review and Update the Will Regularly

Life circumstances change, and your will should reflect these changes. Review the will periodically and update it as necessary, especially after major life changes as covered above or any significant changes in your financial situation.

Conclusion

Estate planning is a multi-faceted journey that involves legal, emotional, and financial considerations. You don’t have to do it alone. The BankIowa Trust Management and Investment Advisors are dedicated to supporting you through every stage of this process.

Our experts can work alongside your attorney to help synchronize your financial plan and your estate plan. From managing trusts to providing investment oversight, we strive to handle your assets with the same care and excellence you put into building them.

Don’t wait for "someday." Contact the BankIowa Trust Management and Investment Advisors today to start the conversation about your future.

*BankIowa’s Investment Team is dedicated to aligning each client’s investment strategy with their goals and objectives. We emphasize understanding and clarity, helping clients feel confident that their investment approach reflects their needs and long-term priorities.

Securities and Advisory Services offered through Nations Financial Group, Inc. (NFGI), member FINRA/SIPC, a Registered Investment Adviser. Kyle Winter, Ryan Ruffcorn, Mark Geertsma, Angie Roth, and Heather Cox are Registered Representatives of NFGI. BankIowa is a separate entity and not affiliated with NFGI. Click here to view the firm's Form CRS.

The opinions expressed in this blog article are those of the author(s) and are not necessarily those of NFGI. Any information provided is general in nature and is not tailored to your individual investment objectives, or needs, or relate to any specific investments. Availability of investment services subject to applicable licensing requirements

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