Probate Process in Iowa

Losing a family member can be one of the most challenging times in your life. This period of grief is made increasingly difficult by the added responsibilities that come with caring for your loved one’s home, pets, payment obligations, and any other assets they accumulated throughout their life. 

Although it is the last thing you want to do during this time, there are several responsibilities which must be dealt with immediately. In Iowa, one of those responsibilities is navigating the legal process known as probate. 

Every state handles the administration of a person’s estate in its own way. In Iowa, a person’s estate is generally required to go through probate anytime its “probatable assets” exceed $50,000. But beware that not all assets are considered “probatable” – there are many circumstances in which probate is not required. For example, transferring assets into a  professionally crafted revocable living trust is an inexpensive way to avoid thousands of dollars in probate costs. If someone you love has recently passed away and you have questions about whether probate is necessary for their estate, clicking here will allow you to schedule a free consultation with an attorney who can help you determine whether probate is required. 

Because the threshold for probate is $50,000, most estates which have not received proper planning will be forced to navigate the probate process. However, with the help of an estate planning professional, there are several techniques that can help you avoid the time and costs associated with probate.

The first – and usually best – method is setting up a revocable living trust. If properly drafted, you can transfer your assets into the trust while retaining full control over them during your lifetime. Once you pass, a revocable living trust will allow a trustee, appointed by you during your lifetime, to oversee the process of making sure your loved ones can benefit from your wealth in a speedy and inexpensive manner. If professionally crafted, a revocable living trust can help you simplify (or even avoid completely) the probate process, protecting your loved ones and saving them time and money in the process. 

If you have a house, young children, or elderly parents and have not yet set up a revocable living trust, or have questions about whether a revocable living trust could save your loved ones time, stress, and money, please click here to schedule your 100% FREE 15-minute consultation. If you decide that your family needs a comprehensive estate plan, you can claim your $1 One-Dollar-Will and Complimentary Estate Protection Plan by scheduling your free consultation today!

Although a will is one of the essential estate planning documents for every Iowan, in most cases, having a will is not enough to avoid probate. A will is a useful document for determining who gets what, and who will look after your children when you’re gone. But wills must be submitted to the county court, or in Polk County Iowa, the probate court, and assets distributed by the will alone will still need to go through probate. However, if some assets are set up with pay on death beneficiaries, they may not be considered “probatable assets”. If the probatable assets distributed by the will are less than $50,000, probate may not be necessary.

When determining whether or not an estate will require probate, it is extremely important to consult with an attorney familiar with the probate process. Determining which assets the court will consider can save your family thousands of dollars, and often more than a year of dealing with the judicial system by avoiding probate if at all possible. Before making any decisions on how best to administer an estate, you should always consult with an attorney to get their professional opinion. If you have 60-seconds, you can schedule your free consultation whenever it works with your schedule.