Detailed Answer

When a person dies in Iowa, their estate and any related corporation established by a family member remain separate legal entities. Iowa law treats an estate as the legal “wrapper” holding the decedent’s assets at the moment of death. A corporation, on the other hand, is a separate artificial person that owns its own property and enters into contracts in its own name.

1. Understand the Estate’s Scope
Under Iowa Code § 633.301, the executor (or administrator) must prepare an inventory listing all real and personal property owned by the decedent at death. This includes:

• Real estate titled in the decedent’s name alone.
• Bank and investment accounts solely in the decedent’s name.
• Personal property (vehicles, jewelry, art) owned outright.
• Proceeds from life insurance or retirement accounts payable to the estate.

Link: Iowa Code § 633.301

2. Recognize Corporate Ownership
Iowa corporations are governed by Chapter 490. Under Iowa Code § 490.14, a corporation holds its own assets and liabilities, separate from shareholders or relatives. Corporate property typically shows up in:

• Deeds or titles naming the corporation as owner.
• Bank or brokerage accounts registered in the corporate name and accompanied by an EIN.
• Corporate financial statements and minutes approving purchases.
• Tax returns filed under the corporation’s EIN.

Link: Iowa Code Chapter 490

3. Comparing Records and Titles
To distinguish assets, compare title documents, account statements, and corporate records against the estate inventory. Key steps include:

1. Request certified copies of deeds and titles from county recorder’s offices.
2. Review bank statements—look for corporate account numbers and EINs.
3. Examine corporate meeting minutes or resolutions authorizing asset purchases.
4. Consult tax returns (Form 1041 for the estate vs. corporate returns such as Form 1120).

4. Confirm Through Legal Filings
If ownership remains unclear, review filings with the Iowa Secretary of State. Corporate annual reports list major assets and addresses. Estates may file probate petitions in district court, which are public records describing asset categories.

By systematically tracing title, identification numbers, and legal documents, you can reliably separate estate assets from those held by a relative’s corporation.

Helpful Hints

• Keep a master checklist of all decedent-titled assets before reviewing corporate records.
• Look for employer identification numbers (EIN) to flag corporate accounts.
• Compare signature cards at banks—corporate accounts require officer signatures.
• Search county recorder and secretary of state databases by entity name.
• Consult a probate attorney if asset ownership remains in dispute.