If youre an Iowa resident looking to plan your estate, you may be curious about how the probate process works. If youre leaving many of your assets to your loved ones with the use of a will, your assets will be subject to probate.
Its best to have an idea of how the probate process works. Take a look at the following guide to learn how probate is handled in the state of Iowa. If you have any questions about probate or if youd like to create your estate plan, meet with an estate planning process.
This is how probate works in the state of Iowa:
- The executor will first file documents in order to start the probate process. This allows the will to be entered into the court. The executor who you name in your will is responsible for handling all of your affairs throughout the process. If your executor is unable or unwell to serve, the court will appoint another executor or administrator.
- The executor will give notice to the public as well as beneficiaries. This includes posting an ad in the newspaper to inform individuals of the estate. This serves as a way for creditors to be informed of the individuals death.
- The executor will need to wait a certain time period before proceeding with financial activities regarding the estate. This allows individuals to file a will contest, if needed. It also allows beneficiaries to make claims.
- The executor will next file a report and inventory all of the assets. He or she must properly locate the assets so that theyre able to be distributed. The executor will also handle financial affairs such as tax payments and debt payments during this time period. Assets are not able to be distributed until these affairs are handled.
- The executor will then distribute the assets to the beneficiaries according to the wills instructions. The court will facilitate this process. Once the executor has completed all duties, he or she will be discharged from serving as an executor of the estate.
Its important to carefully discuss this process with the executor of your will. You want to make sure that he or she is able to handle the entire process. If you have any questions about the probate process or if you need help with your estate plan, consult with a qualified estate planning attorney.