By Hannah Rodgers, Assistant Vice President, Trust Officer
In the State of Iowa, dying without a Will (known as dying “intestate”), comes with certain guidelines on how your assets will be distributed. Jointly titled assets will become the property of the joint owner. Pay-On-Death accounts (such as select retirement accounts) can be paid upon death with a designation. Any assets titled to a Trust can be distributed through the trust. However, what about everything else? The Iowa Probate Code might have the answer.
As directed by the State of Iowa, debtors will be first in line, and the Courts will be the final authority on the distribution of assets. For someone with a spouse and no children, the spouse stands to inherit. With a spouse and children with that spouse, the spouse will inherit. If someone has children and no spouse, the children will inherit equally. With a spouse and children from a prior relationship, the spouse is entitled to half of real property and half of the personal property; the children will divide the other half.
For questions about the role Northwest Bank and Trust can play in your estate plan, call us at 563-388-2631.