Heidman Law Firm

Vos And Natwick Address “Protecting Beneficiaries Who Are Poor Money Mangers From Themselves And Others” And “The New Iowa Uniform Power Of Attorney Act”

June 1, 2015

Joel Vos and Jake Natwick presented at a joint seminar in coordination with EFS Wealth Management on May 21, 2015 in Sioux City.

Joel Vos presented on strategies to protect beneficiaries who may be poor money managers. The presentation discussed trust provisions that can be included in an estate plan to control the manner of distributing assets from a trust established for the beneficiary. Joel recommended that these provisions be incorporated into wills or revocable trusts to give trustees discretion to manage the timing and manner of distributions for beneficiaries who would not benefit from an outright distribution of assets.

Jake Natwick presented on the new Iowa Uniform Power of Attorney Act. The new act became effective on July 1, 2014. He provided a summary of changes to the act, including more protection from abuse by agents acting under a power of attorney and additional flexibility in the power of attorney form. The new power of attorney form allows an individual more options when deciding what powers to grant to their agent and also allows them to name a guardian and/or conservator. Jake recommended that individuals review their power of attorney documents in light of these changes to determine whether a new power of attorney should be executed.  

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