When you write out a will and make a plan for how you want to pass on your assets to your loved ones, you probably want to keep your plans mostly private. This is possible when you are alive, but this document does become part of the public record at a certain point. There are ways to safeguard your privacy though, and a Des Moines wills lawyer from our firm may be able to help you do that.
Can Wills Be Found in the Public Record at Any Point?
While the testator, the person who wrote the will, is alive, the state of Iowa keeps that will private. However, once you pass away and your last wishes are being enacted, that will becomes public record. Anyone can ask for a copy of it if they know how to request such documents.
This is often a necessary step because the will gets filed in probate court. Your beneficiaries are notified and your property goes through the probate process before it gets distributed to the people you have chosen to inherit your assets. Not all property needs to go through the probate process though, and there may be other ways to protect your privacy and make it harder for other people to figure out exactly what you did with your assets.
Do All of My Assets Get Mentioned in the Public Record?
Some things do not need to go through probate and would not be mentioned in any kind of public record as a result. Assets that may not have to go through this process can include:
Your home: If you outlive your spouse, you can establish a “joint tenancy” with them and ensure that your home passes onto them with minimal fanfare or hassle.
Certain bank accounts: Many types of bank accounts, including savings and retirement accounts, do not need to be a part of the probate process. Instead, you can name a beneficiary and have these assets passed on to them when you die.
Life insurance: A life insurance policy can just go to the named beneficiaries, no probate required.
Can a Trust Help Me Maintain More Privacy?
If you want even more privacy, establishing a trust could be the way to go. A trust helps you avoid probate and releasing too much information into the public record. These arrangements are not just for the super-wealthy either. If you have assets you want to pass down, you may benefit from setting up a trust. A lawyer from our firm can tell you more about trusts and other options available to you during the estate planning process.
Talk to an Estate Planning Lawyer
So when you’re ready to make an estate plan and take advantage of any tools that can offer you and your family privacy, we want to talk to you. Schedule a consultation today and learn more about how the attorneys here at Herting Law, PLLC can be of assistance.
