Should you enter probate alone?
Probate is a court-supervised procedure for transferring assets of a deceased person.
Certain assets must go through probate under Iowa law. Typically the assets are a house, bank accounts and personal property of value.
Probate can be a good thing if there is concern among family members that a will will not be followed or real estate may be sold at less than market value.
What does an attorney do?
An attorney represents the executor for the estate. The attorney files a petition with the court to open the estate, approve the will, and appoint an executor. The attorney publishes notice of probate in the paper and mails notice to creditors. The attorney is responsible for applying for clearance from Iowa Medicaid and the Iowa Department of Revenue. The attorney files an inventory of the estate and gives notice to benefiaries if there is a will, or to heirs if there is not a will. The attorney oversees the accounting of the estate like payment to valid creditors and receipt of liquidated assets.
Why is probate necessary if there is a will?
If real estate is only in the deceased person's name, probate is required to transfer the real estate to the beneficiary in the will. This may change in the future as the Iowa legislature, in 2017, proposed a bill to provide a transfer on death deed for real estate. If a bank account is named only in the deceased person's name and it is valued at over $25,000, probate is necessary. If there is a safety deposit box that does not authorize an indivdual access, the bank will require an appointment of an executor to access the safety deposit box.
How much will probate cost?
The court costs are calculated based on the value of the estate. The larger the assets, the larger the estate. The court costs do not consider the debts of the deceased. The attorney is paid from the estate assets and Iowa law allows up to 2% of the estate for payment. The executor may receive up to 2% of the estate for his or her administration of the estate.