This FAQ explains how Iowa law handles the identification, inventory, and distribution of real and personal assets when someone dies without a will. Disclaimer: This is not legal advice. For guidance specific to your situation, contact a qualified attorney.
Detailed Answer
1. Identifying Estate Assets
Under Iowa Code Chapter 633, an estate administrator must identify all assets owned by the decedent at the time of death. Real property includes land, homes, and buildings. Personal property covers items like vehicles, jewelry, bank accounts, investments, and personal effects. To compile a complete list, the administrator reviews deeds, bank statements, title certificates, account summaries, and insurance policies.
2. Filing an Inventory
The administrator must file an inventory with the clerk of court within 30 days of appointment. See Iowa Code §633.172. The inventory lists each asset, its estimated fair market value, and any related liens or encumbrances. This process ensures the court and heirs know the full scope of the estate’s holdings.
3. Appraisal and Valuation
If the court or heirs dispute the values, the clerk may require formal appraisals. Real property often needs a certified appraisal. Valuation establishes fair market values for tax calculations and equitable distribution.
4. Distribution Under Intestacy
When a person dies intestate (without a valid will), Iowa Code Chapter 633 sets the order of distribution:
- Surviving spouse: Iowa Code §633.207 specifies the spouse’s share.
- Descendants: Under Iowa Code §633.215, children inherit equal shares per stirpes.
- Parents: If no spouse or descendants, Iowa Code §633.218 grants assets to surviving parents.
- Siblings and their descendants: Iowa Code §633.219 covers distribution to siblings.
- Grandparents and their descendants: Section 633.220 applies if no closer relatives exist.
- Escheat to State: If no heirs qualify, the estate escheats to Iowa under Iowa Code §633.414.
Helpful Hints
- Gather key documents early: deeds, titles, account statements, policies.
- Use digital inventories for online accounts and electronic assets.
- Note deadlines: inventory due within 30 days of appointment.
- Consult a probate or estate attorney to navigate complex assets.
- Keep heirs and beneficiaries informed throughout the process.
- Maintain organized records of appraisals and valuations.