When someone passes away without having an estate plan, their estate may have to go through probate. This is a court overseen process that transfers the assets and settles the debts of someone after they have passed away. This process may change based on a number of factors. Some estates will follow the expressed wishes of the deceased if they left behind a will that is accepted as valid by the probate court. However, if there is no will present, the court is likely to handle assets based on the rules of inheritance. There are many steps involved in the probate process and we can help make sure that these are successfully done. If you are creating an estate plan and want to make sure that your assets avoid probate, our Ames, IA probate lawyer can assist you. Contact us at the Law Group of Iowa to learn more!
How The Probate Process Works
To initiate the probate process, a petition has to be filed to probate court. In the state of Iowa, this court will usually be in the county in which the person lived at the time of their passing. After a probate estate is opened, the executor or personal percentage will be appointed. If there is a valid will, our Ames probate lawyer can check to see if someone was chosen by the deceased to serve as their executor. But our probate attorney knows that the probate court will make the final choice on whether a will is valid and if the chosen executor has the ability to serve this role. The next step entails notifying creditors that the person has passed away. Creditors only have a set period of time to make a claim with the estate. If you have questions about this process, reach out to our probate attorney at your next convenience.
The appointed executor or personal representative has to file an inventory of the estate with the probate court that lists what belonged to the deceased person. As our probate attorney explains, if they have property on this inventory list, an appraisal may be required to assess the value. Along with the filings required by the court, a tax return must also be filed for the person who passed away, and possibly for the estate in itself. After these debts have been resolved, the assets are transferred to rightful heirs based on state law. A final report is submitted to probate court that shows all of the actions have been taken and the estate can finally be closed.
Our Team At The Law Group Of Iowa
The probate process can be expensive and time-consuming. Many people prefer to develop estate plans that prevent their assets from undergoing probate. But if you need assistance as a probate matter is proceeding, we can offer guidance. At the Law Group of Iowa, we can use our legal knowledge for your ultimate benefit. We have your best of interest in mind at all times. If you want to learn more about our estate planning services, contact our Ames probate lawyer today for a consultation appointment! We hope to hear from you soon.
