Detailed Answer
Under Iowa law (Chapter 633 of the Iowa Code), a personal representative—sometimes called an executor or administrator—must inventory the deceased’s estate, settle debts, and distribute remaining assets to heirs or beneficiaries. Below is an overview of the typical steps:
- Appointment of Personal Representative: A probate court appoints a personal representative after a petition and the original will (if any) are filed. See Iowa Code § 633.33.
- Gathering and Securing Assets: The representative locates bank accounts, real estate, investments, personal property, and digital assets. They secure physical property and notify financial institutions.
- Inventory and Appraisal: Within 60 days of appointment, the representative must file an inventory and appraisal with the clerk of court. This requirement appears in Iowa Code § 633.104. The inventory lists all assets; appraisals establish fair market value as of the date of death.
- Payment of Debts and Expenses: After public notice to creditors, the representative pays valid claims, taxes, and administrative costs. Distribution only occurs after obligations are satisfied. See Iowa Code § 633.316.
- Final Report and Petition for Distribution: The representative submits a detailed accounting and asks the court to approve the report and authorize distribution. Heirs review the report and may object.
- Court Order of Distribution: Once the court approves, it issues an order directing how assets pass. If the decedent left a valid will, assets pass under its terms. If there is no will, assets pass under Iowa’s intestacy laws (Chapter 635). For example, Iowa Code § 635.2 explains the order of heirs.
- Distribution to Heirs: The representative transfers titled property, issues checks, or distributes personal items according to the court’s order. Records of all transfers and receipts complete the process.
Helpful Hints
- Maintain clear, dated records of every transaction and communication.
- Use a licensed appraiser for real estate, antiques, or collectibles.
- Notify all potential heirs promptly and answer questions to reduce disputes.
- Track probate deadlines: inventory due in 60 days; final report generally due within nine months.
- Consider mediation or a neutral third party if heirs disagree on distribution.
Disclaimer: This article offers general information only and does not constitute legal advice. Laws change over time. For guidance tailored to your circumstances, consult a licensed Iowa attorney.