How to Distinguish Estate Assets from Corporate Assets in Iowa
How to Distinguish Estate Assets from Corporate Assets in Iowa Detailed Answer When a person dies in Iowa, their estate and any related corporation established by a family member remain separate legal entities. Iowa law treats an estate as the legal “wrapper” holding the decedent’s assets at the moment of death. A corporation, on the […]
Read article →What options exist for selling or auctioning personal property to reimburse estate expenses and equalize distributions among heirs?
What options exist for selling or auctioning personal property to reimburse estate expenses and equalize distributions among heirs? Detailed Answer Under Iowa probate law, a personal representative—called an executor (if named in the will) or administrator (if appointed by the court)—has authority to sell or auction estate personal property to pay valid claims, cover administration […]
Read article →Who Is Eligible to Receive Surplus Proceeds When the Property Was Solely in the Deceased Spouse’s Name? (IA)
Detailed Answer When a foreclosed property was titled solely in a deceased spouse’s name, any excess sale proceeds pass to the decedent’s estate. Iowa law directs the sheriff to collect bids at the sale and pay off liens. If the sale brings more than the total debt, the surplus remains on deposit with the county […]
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