Probate is a common step to take after the passing of a loved one, allowing the state to account for each of their assets and validate the details of the will. However, for those who have never undergone such a process, it’s difficult to know where to start or what to expect. Here’s a closer look at the basics of Iowa’s estate law to help you better prepare. 

How Does Iowa Settle an Estate?

The family files the will and a request for probate with the county court along with the death certificate of the deceased. The court then verifies the legality of the documents and hands them over to the executor of the estate. After publishing a probate notice in the newspaper, the executor calculates the assets and liquidates valuables to satisfy debts, including unpaid taxes. 

Once they pay off what's owed, the executor then disperses the remaining amounts to the beneficiaries who are listed in the will. The court will approve the closure of the process when the division of the estate is complete. 

What Happens When There Isn’t a Will?

The court will select an administrator to manage the estate. They’ll use the assets to eliminate the debt and transfer the rest to your closest living relative. If you have a surviving spouse, then they will receive the entirety of the estate. 

If you have children who are not related to the surviving spouse, then the spouse will receive $50,000 plus half of the balance on the remaining property. The court will then divide the other half among your heirs. 

Is it Possible to Avoid Probate? 

The probate process includes additional court costs and can take up to five years to complete. The best way to avoid the process and ensure a faster transition is to create a living trust. It takes the money out of your possession and has a third party manage the investments for your beneficiaries.

You could also name loved ones as joint owners of a savings account or property. Upon your passing, the court will recognize their rights and complete an automatic transfer. 

If you’re at the start of setting up an estate plan, reach out to Shelton Law Firm in Chariton, IA. They’re a family-owned law firm with more than 50 years of experience in estate law. They recognize the value in quality customer service and offer the guidance their clients need to make informed decisions. Their attorneys keep up to date on developments at both the state and local level and approach each case with the respect that it deserves. Call (641) 774-5956 to schedule a consultation or visit their website for a complete list of services.