Iowa Probate Explained

Views:
 
Category: Education
     
 

Presentation Description

This presentation talks about the probate process in Iowa.

Comments

Presentation Transcript

Iowa Probate Explained:

Iowa Probate Explained

PowerPoint Presentation:

The Myth

PowerPoint Presentation:

You have certainly seen this scene in movies,

PowerPoint Presentation:

Someone passes away

PowerPoint Presentation:

After the funeral, there is a “reading of the will”

PowerPoint Presentation:

The assumption is that the person who read the will is going to distribute inheritances right away

PowerPoint Presentation:

The Reality

PowerPoint Presentation:

In reality, there is no reading of the will

PowerPoint Presentation:

When you create a will you name an executor or executrix to administer the estate

PowerPoint Presentation:

After you pass away, this representative must admit the will to the probate court

PowerPoint Presentation:

A Waiting Game

PowerPoint Presentation:

During probate the business of the estate is conducted

PowerPoint Presentation:

This can include paying final debts, including taxes

PowerPoint Presentation:

Property liquidation is often necessary as well

PowerPoint Presentation:

CHALLENGES TO THE WILL can be presented during probate

PowerPoint Presentation:

Given everything that must be accomplished, the process of estate administration can take a good bit of time

PowerPoint Presentation:

No one is going to receive an inheritance UNTIL THE ESTATE HAS BEEN PROBATED AND CLOSED

PowerPoint Presentation:

How Long?

PowerPoint Presentation:

Exactly how long the process of probate will take depends on the circumstances

PowerPoint Presentation:

Simple cases can be resolved in a matter of months

PowerPoint Presentation:

Some complicated cases are stalled in probate for multiple years

PowerPoint Presentation:

Smaller Estates

PowerPoint Presentation:

In the state of Iowa smaller estates can potentially be administered outside of the full probate process

PowerPoint Presentation:

If the estate is worth less than $25,000 it may be possible to claim property through the execution of a simple affidavit

PowerPoint Presentation:

A simplified probate process may be available if the estate in question is valued at $100,000 or less

PowerPoint Presentation:

Can Probate Be Avoided?

PowerPoint Presentation:

When you learn about the process you may wonder if it is possible to arrange for asset transfers outside of probate

PowerPoint Presentation:

THE ANSWER IS YES, probate avoidance strategies are routinely implemented by licensed estate planning attorneys

PowerPoint Presentation:

Can Probate Be Avoided? Davenport , Iowa Estate Planning Attorneys

PowerPoint Presentation:

Our firm has a comprehensive understanding of the Iowa probate process

PowerPoint Presentation:

We also assist clients who would like to avoid probate

PowerPoint Presentation:

If you would like to discuss your situation with a licensed professional contact us to schedule a free consultation

PowerPoint Presentation:

Click to visit: www.DuffyLawOffice.com You can reach us by phone at (563) 445-7400 or contact us through our website

authorStream Live Help