Iowa Agreement Between Widow and Heirs as to Division of Estate

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State:
Multi-State
Control #:
US-01110BG
Format:
Word; 
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Instant download

Description

Agreements among family members for the settlement of an intestate's estate will be upheld in the absence of fraud and when the rights of creditors are met. Intestate means that the decedent died without a valid will. The termination of any family controversy or the release of a reasonable, bona fide claim in an intestate estate have been held to be sufficient consideration for a family settlement.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

Elective share rules under Iowa Code § 633.238 conveys all exempt personal property to the surviving spouse and 1/3 of all real property and 1/3 of remaining personal property after settling debts. Instead of accepting the real estate, a spouse may subsequently choose to occupy the late spouse's homestead for life.

Your spouse will receive all your property if you either have no children or all of your children are also your spouse's children. If you have children from a previous marriage, your spouse will receive a portion of your property with the rest to be divided equally among your children from the previous marriage.

Though dividing funds equally is optimal, there are certain situations that may warrant leaving more to one of your heirs. Having frank discussions with your heirs about your gifting decisions can make things easier for them.

Generally, once an individual has passed, a process known as Probate must be completed to distribute their estate. Once the Court has granted probate, the Executor can finalise the estate by paying any debts and expenses, before allocating any gifts to beneficiaries.

Iowa law provides that a surviving spouse is entitled to receive a minimum amount of the estate known as the "elective share." Essentially, the surviving spouse is entitled to one-third the value of certain property owned by the deceased spouse, which may include personal property, real estate, financial instruments, ...

Unless the courts grant you an extension, Iowa Probate Code 633.361 affirms you'll have you three months starting from the day the court appoints you as executor to appraise, report, and inventory the deceased's estate accurately.

If you have no descendants, your spouse will inherit everything. If you only have descendants from your relationship with your spouse, your spouse will still inherit everything.

If you die without a will in Iowa, your children will receive an "intestate share" of your property. The size of each child's share depends on how many children you have, whether or not you are married, and whether your spouse is also their parent (See the table above.)

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Iowa Agreement Between Widow and Heirs as to Division of Estate