Detailed Answer
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a qualified attorney for guidance on your specific situation.
Under Iowa law, the executor or administrator must set aside a year’s allowance for the surviving spouse and minor children out of the estate’s assets. Iowa Code section 633.402 grants a surviving spouse (and minor children, if any) a year’s support from the decedent’s personal and real property. To determine what assets will satisfy this allowance, you need to identify and value those assets.
Specifically, Iowa Code section 633.260 requires the personal representative to file an inventory of all estate assets—including cash, bank accounts, household items, vehicles, jewelry, and other personal property—within three months of appointment. This inventory provides the baseline for calculating the estate’s total value and ensuring the year’s allowance is properly funded.
When listing personal property for the year’s allowance:
- You must reference the original inventory items to avoid duplication.
- Assign fair market values to each personal property item you propose for the allowance.
- If the surviving spouse or minor children prefer certain items (for example, furniture or a family heirloom), list those items explicitly and include their values.
- File an amended inventory or a separate schedule of assets allocated to the year’s allowance, if required by the court or local rules.
Failing to list personal property accurately may lead to disputes among heirs or court intervention. Proper listing ensures transparency and compliance with Iowa Code §633.402 and §633.260.
Relevant Statutes:
- Iowa Code §633.260 (Inventory — Personal and real estate): legis.iowa.gov/docs/code/633.260.html
- Iowa Code §633.402 (Allowance for spouse and minor children): legis.iowa.gov/docs/code/633.402.html
Helpful Hints
- Start the inventory early: Gather receipts, bank statements, and appraisals before filing.
- Use photographs: Photograph items to document condition and support assigned values.
- Get professional appraisals: For high-value personal property (antiques, artwork), hire a certified appraiser.
- Keep detailed records: Maintain a chronological list of when and how each item’s value was determined.
- Consult local rules: Probate procedures vary by county; local court clerks can provide guidance on filing amended inventories or schedules.