A Will sets out what you would like to do with your debts and property, and addresses other aspects of your after-death plans. However, many people die without a Will. What happens to their belongings in Iowa?
The Iowa code addresses that situation with its intestate laws. These laws spell out exactly who gets what when a Will is not present, or if the Court determines that it is invalid.
Who Gets What If You Don’t Have a Will?
Iowa code sets out a specific line of individuals who will receive your property after you pass. Your debts (including court costs), administrative expenses, and burial costs will be paid first. Then, any remaining property is divided up.
If you have a surviving spouse, your property will first go to him or her. This includes all of your property—but, it will be adjusted depending on whether or not you have minor children at the time of your death.
If you passed away leaving children, part of your estate will go to them, even if your spouse survives you. If all of your children are also your surviving spouse’s children, then your spouse will get your entire estate. However, if your children are not also the children of your spouse, then your spouse will receive the first $50,000 of your estate, plus one-half of the balance. The remaining half will be divided among your children in equal shares. Iowa code is set up this way because it assumes that your spouse will use the estate funds, at least in part, to care for your children if they are all also your spouse’s children.
If you pass away with no surviving spouse, your children will receive your entire estate in equal parts. If you have any child that predeceased you, then their share of the estate will pass to their children in equal shares.
If you pass away without any children or spouse, then your parents will take your entire estate.
- No children, no spouse, no parents
If your parents pass away before you, then your estate will go to your brother and sisters. If any of your siblings passed away before you, then their share of your estate will go to their children.
The line of individuals who could inherit your property continues under Iowa code. Ultimately, the Iowa code will dig through several layers to find your heirs. If heirs do not exist, then the money left in your estate will be forfeited to the State of Iowa.
The Logistics of Not Having a Will
When you create your own Will, you can name whomever you would like to not only receive your property, but also dictate who will administer your estate. This person is called an “executor.” The executor will pay bills, take inventory, and distribute your property.
If you pass without a Will, you have no say in who will take on this role. The Court will assign someone, called an “administrator.” Often, this person is a family member, but not always. The Court can appoint whomever it would like to go through your property and make distributions.
The Benefits of Having a Will
When you create your own Will, you can specifically set out who will get what, how much, and how they receive funds or property. If you do not have a Will, chances are that your property will be sold outright, with the funds distributed to your spouse or heirs.
You have the most control now, to decide and direct how your estate is passed to others or who administers your estate. Let Danilson Law help you with this process. Contact us today to schedule an appointment.
