If you don’t draft an estate plan or will, all of your assets will pass according to state law. In most states, your entire estate will be distributed to your spouse or, where there is no spouse, to children and other close relatives.
There is no “right time” to consider estate planning; it depends on you and your situation. We always advise anyone in adulthood to prepare for the unexpected, no matter how young. However, estate planning becomes more important the older you get, the more significant assets you own, and the more children and family members you have depending on you.
Writing and executing an estate plan with the help of a Iowa estate planning attorney is the best thing you can do to help protect your assets. It is also helpful to make a list of all assets and debts and inform your executor of the list’s location. You’ll also want to set up a durable power of attorney for someone who can make decisions on your behalf when you become incapable of doing so.