Detailed Answer
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult an attorney for guidance on your specific situation.
Managing a deceased person’s estate in Iowa involves several key steps. This FAQ-style guide explains how to locate, inventory, distribute assets, and settle debts under Iowa’s probate law.
Step 1: Appoint a Personal Representative
Under Iowa Code §633.310, the court appoints a personal representative (executor or administrator) to manage the estate. If a will names an executor, the court typically honors that choice. Otherwise, the court selects an administrator from qualified heirs.
Step 2: Locate and Secure Estate Assets
The personal representative must identify all assets owned by the decedent at death. Common assets include real estate, bank and investment accounts, personal property, life insurance policies, and retirement accounts. Secure tangible assets by changing locks on real property, safeguarding valuables, and notifying financial institutions.
Step 3: Inventory and Appraisal of Assets
Iowa Code requires filing an inventory within 90 days. Under Iowa Code §633.350, the inventory lists each asset and its appraised value. The court may demand professional appraisals for real estate or unique items to ensure accurate valuation.
Step 4: Notify Creditors and Settle Debts
Per Iowa Code §633.36, the representative must mail notice to known creditors and publish a notice in a local newspaper to alert unknown creditors. Creditors have four months from notice to file claims. Review each claim and pay allowed debts from estate funds. Priority rules under Iowa Code §633.458 determine payment order for taxes, funeral expenses, secured debts, and other claims.
Step 5: File a Final Inventory and Accounting
After settling debts, the representative files a final accounting with the court. This report details assets received, creditor claims paid, expenses incurred, and remaining estate value. The court reviews the accounting before approving distributions.
Step 6: Distribute Remaining Assets to Beneficiaries
Once the court approves the final accounting, distribute the remaining estate property to beneficiaries according to the will or Iowa’s intestacy rules under Iowa Code §633.270. Ensure proper deeds transfer real estate and titles transfer vehicles or other titled property.
Step 7: Close the Estate
After distribution, file a petition to close the estate. The court issues an order discharging the personal representative from further liability, officially ending the probate process.
Helpful Hints
- Keep a master checklist of all probate tasks and deadlines to avoid missed filings.
- Send creditor notices by certified mail to document compliance with Iowa Code requirements.
- Hire a qualified appraiser for complex assets like real estate or antiques.
- Consult a tax professional for estate and income tax filings.
- Maintain clear communication with beneficiaries to manage expectations and reduce disputes.