Here is what you should know about making a Will in the Sioux City Metro.
(1) Death Taxes: Nebraska and Iowa have them (and they go by the name Inheritance Taxes); South Dakota does not. In Iowa, an inheritance tax will be due if you pass the property on to someone other than a spouse or descendant. In Nebraska, a county inheritance tax will be due if you pass your property on to anyone other than a surviving spouse.
(2) Can you disinherit a spouse? No, not in any of the three states. Unless the surviving spouse consents, they will always have a right to a certain portion of your estate. It varies from Iowa to Nebraska to South Dakota. Disinheriting a spouse is not always malicious, and there are fair reasons to do so. Perhaps there is disabled child, or maybe this is a second marriage and both spouses are financially independent. Regardless, if it’s something you want to do, the planning needs to be carefully and thoughtfully done.
(3) Careful with Your Witnesses: State laws are very particular about how a Will is made, and if you do one yourself, you need to make sure the individuals getting property under your Will are not also the witnesses. Otherwise, part, if not all, of what you plan on passing to them will be revoked.
Have any questions? Call Goosmann Trust Law Counsel today at (712) 226-4000.
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