Definitions

• Wills are documents created during your life that state what you wish to happen to your property upon your death. A living trust is created during your life and is a contract between you and a trustee to transfer property to the trust and have the trustee manage it.
  
  

Iowa Requirements

• In Iowa, wills and living trusts can be created by individuals of sound mind and 18 years of age or older with the intent to the create reasonably ascertainable beneficiaries as long as both documents are executed according to law.
  
  

Benefits of Each

• A will is often probated and all payable debts are paid. The will document may easily be changed with the help of an attorney depending on your circumstances. Assets transferred into a living trust during lifetime are not subject to probate, therefore, the cost of settling an estate with a living trust is low.