tag:blogger.com,1999:blog-29683660.post5537365908609590913..comments2024-03-22T17:29:06.434-05:00Comments on Iowa Estate Plan: Compensation for Executor in Iowa Probatematthewgardnerhttp://www.blogger.com/profile/03654388170870329353noreply@blogger.comBlogger48125tag:blogger.com,1999:blog-29683660.post-90954017432193966292016-10-23T09:33:20.162-05:002016-10-23T09:33:20.162-05:00Worst thing? Steal the money and move to a country...Worst thing? Steal the money and move to a country without an extradition treaty with US. However, as a beneficiary, the executor basically needs your blessing to approve the handling of the estate in order to close it out. (Well, sort of - the court has the final say, but you can object to the court and have the court make a determination.) Potentially, the executor controls how and when the property is sold, who handles it, etc. But they have to do it in a fair and reasonable manner, but it may be several months before you get all of the information.<br /><br />Given the dynamics, it may be better to have an independent executor (like a bank) involved as the executor. While they will charge a fee (as may your sibling) it may keep you and your sibling on equal footing and less likely to be at each other's throats. Banks can also give regular updates/accountings to the beneficiaries, whereas the sibling may not.<br /><br />If you don't go that direction, then you can just request to keep updated on the status of the estate administration with the attorney.matthewgardnerhttps://www.blogger.com/profile/03654388170870329353noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-81210720843586326082016-10-22T11:21:44.851-05:002016-10-22T11:21:44.851-05:00I have one sibling, who is currently designated as...I have one sibling, who is currently designated as Executor in the will of our only living parent, whose health is not at all good. Our sibling relationship is somewhat strained and the sibling is already making comments that he/she "will be in total control of all the assets" when our parent dies, to the extent I'm quite concerned about his/her plans to be trustworthy. The estate includes a house, farmland, and cash in the bank, as well as many items that have emotional value to both of us. If the will names us as equal beneficiaries, yet he/she is the executor, what is the worst thing he/she could do to me? How can I avoid being taken advantage of and best prepare for what lies ahead? The living parent has made it quite clear he wants things to be fair, and no hanky panky, so if the will can be modified in a way that could avoid trouble, I'd like to know it now. Thanks in advance for your assistance!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-29683660.post-84698154343351761972016-09-05T20:15:59.995-05:002016-09-05T20:15:59.995-05:00If the decedent owned an interest, then that asset...If the decedent owned an interest, then that asset is included. If the decedent was only a beneficiary of a trust, then no. Thus, it depends on several factors (who set up the trust, the types of interests, etc.) If it is included, then yes, date of death value is used.matthewgardnerhttps://www.blogger.com/profile/03654388170870329353noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-13490833570650561642016-09-05T20:05:59.806-05:002016-09-05T20:05:59.806-05:00Does real property in the form of a percentage of ...Does real property in the form of a percentage of a Farm Trust go into the estate valuation?<br /><br />And if so, does that valuation need to be based on the date of the decedent's death?<br /><br />I am struggling with the idea of why a percentage ownership in a trust, especially since the trust is farm property/rental income should go into an estate valuation, when the whole estate will not be greater than $2,000,000. It appears that will only benefit the lawyer and the executor.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-29683660.post-43523854083602158212015-08-31T08:22:14.722-05:002015-08-31T08:22:14.722-05:00Seeking answers-
I'm a little confused as to ...Seeking answers-<br /><br />I'm a little confused as to who is executor. I'm guessing from your question that the younger brother was actually appointed as executor, but that your husband thought he was or at one time was named. Unless there was any kind of agreement, it may be difficult for your husband to be compensated. He could always file a claim in the estate to seek reimbursement, but it may be difficult to demonstrate how much he should be entitled and the contractual basis for the reimbursement. Worth a shot, but it may be an uphill battle. Some judges may take the position that the services were done as a child for a parent and should not be compensated.matthewgardnerhttps://www.blogger.com/profile/03654388170870329353noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-61627232847872189902015-08-30T11:22:07.519-05:002015-08-30T11:22:07.519-05:00My husband was named executor of his parents estat...My husband was named executor of his parents estate. Father died 10 years ago & mother passed away recently. In past few months younger brother who is on the farm was named executor but my husband was not notified. In the meanwhile my husband shouldered the expense & physical labor & missed income in sales (his self-employment)while getting mothers house prepped for sale plus limited meetings with an attorney for proper guidance to protect mothers assets while in nursing home. He felt this was the responsibility of the executor & compensation for actual out of pocket expenses would eventually balance out with executor compensation. That won't happen now. Is there any recourse at this point for my husband? <br />Seeking answersnoreply@blogger.comtag:blogger.com,1999:blog-29683660.post-24967147581809328792015-06-11T21:32:56.261-05:002015-06-11T21:32:56.261-05:00Anonymous - sorry about your loss. First step woul...Anonymous - sorry about your loss. First step would be to establish title in your husbands name. Challenge may be that your brother-in-law has paid expenses but also no sharing of profit or rent. Next is to handle your husbands estate to transfer his interest to you. Fairly involved process to get title issues addressed, so get knowledgeable counsel. If the relationship between you and bother-in-law is not good, could be challenging. matthewgardnerhttps://www.blogger.com/profile/03654388170870329353noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-30119553409234025452015-06-11T19:59:03.150-05:002015-06-11T19:59:03.150-05:00Anonymous:my husband recently passed. His father ...Anonymous:my husband recently passed. His father died in1977 and the deed to the property his father owned was never changed into my husbands name. He has a younger brother. There was no will of the fathers estate. No probate. I need to know if the order for succession transfer to me as I was married to the oldest of the two brothers. What is the thing to do? The younger is living on the property and paying yearly taxes which are still recorded on county documents as being owned by the father. The tax bill is being sent to the fathers name in care of the younger brother, then he pays the tax.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-29683660.post-75703174298175998212014-11-13T21:14:19.529-06:002014-11-13T21:14:19.529-06:00It isn't mandatory that the attorney or execut...It isn't mandatory that the attorney or executor take the maximum fee (which would include those assets). Thus, potentially, the attorney/executor could take a lower fee. However, assuming that they do not desire to take a lesser fee, it would be included. The statutue was amended following a court case that gives that result. matthewgardnerhttps://www.blogger.com/profile/03654388170870329353noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-66197769759639349582014-11-13T20:45:25.107-06:002014-11-13T20:45:25.107-06:00When you say "potentially", is there eve...When you say "potentially", is there ever a scenario where an IRA, 401k, etc. would not be included in the calculation? And if so, what qualifies it to be excluded from the calculation.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-29683660.post-76892701812156598722014-11-12T22:04:59.146-06:002014-11-12T22:04:59.146-06:00Anonymous -
Yes and no. Yes: all assets (insuran...Anonymous -<br /><br />Yes and no. Yes: all assets (insurance, 401k, IRA, etc.) need to be disclosed as an asset. No: with the exception of life insurance payable to an individual, they can be included in the 2% fee calculation. (Thus, IRA, 401k, etc. are all included, potentially, in the fee calculation.)matthewgardnerhttps://www.blogger.com/profile/03654388170870329353noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-90644145664857056062014-11-12T21:22:21.622-06:002014-11-12T21:22:21.622-06:00If any insurance policy, 401k, IRA or bank account...If any insurance policy, 401k, IRA or bank accounts are stipulated to be to paid out to the beneficiaries at the time of death. We have been told that you still need to disclose it as an asset but will not be considered in the total for the 2% that the attorney recieves. Is the his correct? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-29683660.post-22397049981265661552014-08-01T08:55:13.489-05:002014-08-01T08:55:13.489-05:00To challenge the fees for an executor, you would n...To challenge the fees for an executor, you would need to do the following: (1) Don't sign a release and consent if offered to you; (2) either file an objection or attend the hearing on the final report to note your concerns/objections. You should have some rational basis for objecting.matthewgardnerhttps://www.blogger.com/profile/03654388170870329353noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-56063206970997380062014-07-31T18:56:55.287-05:002014-07-31T18:56:55.287-05:00How does one go about challenging the executor fee...How does one go about challenging the executor fees? My husbands family was never told how much the executor fees would be and didn't find out until they saw it on the Final Report from the attorney's office. They have not signed the report yet.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-29683660.post-41229724801643029742014-04-18T20:47:02.509-05:002014-04-18T20:47:02.509-05:002 of 3 beneficiaries asked the designated executor...2 of 3 beneficiaries asked the designated executors of their fathers Will to decline. The executors signed the paper of declination and then 1 of the 2 beneficiaries appointed them self executor and the court approved. The third beneficiary was not notified of any of this. Is this legal in Iowa? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-29683660.post-13719253753813260852013-10-01T22:38:31.007-05:002013-10-01T22:38:31.007-05:00The 2% fee is a separately allowable fee for the a...The 2% fee is a separately allowable fee for the attorney *and* the executor.matthewgardnerhttps://www.blogger.com/profile/03654388170870329353noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-82796941928076217882013-09-30T16:57:24.479-05:002013-09-30T16:57:24.479-05:00Is the 2% compensation over the first $5,000.00 a ...Is the 2% compensation over the first $5,000.00 a combined amount for the executor and the estate attorney or is this an amount that can be collected by each?<br /><br /><br /><br /><br /><br /><br /><br />gdollyhttps://www.blogger.com/profile/16033153304485449935noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-47244110674825598192013-05-10T17:37:58.570-05:002013-05-10T17:37:58.570-05:00Anonymous executor- You are correct. POD property...Anonymous executor- You are correct. POD property is your's. Few exceptions, but that is the general rule.<br /><br />There are also some applicable laws about property that is bequeathed but no longer part of the deceased's estate. (Today's word is "ademption").<br /><br />You should consult with your attorney for specific application of these issues. Unless you need an Iowa attorney...matthewgardnerhttps://www.blogger.com/profile/03654388170870329353noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-24821031945902605292013-05-10T08:03:54.066-05:002013-05-10T08:03:54.066-05:00I was made Executor of my mothers estate and she p...I was made Executor of my mothers estate and she passed last spring. In the will she left a farm to my sisters that was sold while she was alive to pay for her nursing home care and listed me as the POD of the account that was set up. I planed to split up the account to my sisters after death not even taking an executor fee because I felt it was what she would want. Sisters lawyer is asking for full amount of farm sale without deductions for nursing home. Hows that possible when I was POD of the account and didn't have to give them a dime. will states that I am to have all cash account even though I had no intent on keeping it. I"m lost....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-29683660.post-35207084770853288662013-05-06T16:19:34.765-05:002013-05-06T16:19:34.765-05:00False. The executor can live wherever they would l...False. The executor can live wherever they would like to live. However, the Iowa code provides that if there is an out of state executor serving, an Iowa resident may be required to be appointed as co-executor. However, that requirement is frequently waived by the court under certain conditions. (For example, keeping the assets in Iowa.)matthewgardnerhttps://www.blogger.com/profile/03654388170870329353noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-62252945942328616492013-05-06T15:17:54.606-05:002013-05-06T15:17:54.606-05:00Matthew
Recently my mother set up a will and was ...Matthew<br /><br />Recently my mother set up a will and was told the executor could not live out of the state of Iowa. Is this true?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-29683660.post-75881079898351137472013-03-06T17:09:39.561-06:002013-03-06T17:09:39.561-06:00Sorry about the passing of your mother.
You won...Sorry about the passing of your mother. <br /><br />You won't need to go through probate. The credit card company will likely just wipe out the debt, although it is possible they could open the estate and get assets (but not for $6,000). They may try to get you to pay for it. (Don't) Matthew Gardnerhttps://www.blogger.com/profile/02709579276760129807noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-62940791909303647222013-03-05T14:13:04.311-06:002013-03-05T14:13:04.311-06:00My mother passed recently and I am executor of her...My mother passed recently and I am executor of her estate, such as it is. She has no property, vehicles, savings, annuities etc. She has left over $6000 in credit card debt. Her income tax refund will be less than $2000. Do I have to file probate for this? What do I do about the CC debt? Do they just right this off?Anonymoushttps://www.blogger.com/profile/17824724885905244238noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-65687880926716735392013-02-08T16:55:13.602-06:002013-02-08T16:55:13.602-06:00Yes, there are rules to follow for "extraordi...Yes, there are rules to follow for "extraordinary fees" for attorneys and executors. Iowa Code ยง 633.199 sets out the conditions. Also, extraordinary fees, per the probate rules, need to be itemized and notice given to all interested parties.Matthew Gardnerhttps://www.blogger.com/profile/02709579276760129807noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-86949447927197659682013-02-08T16:28:08.795-06:002013-02-08T16:28:08.795-06:00Isn't there rules the executor have to follow ...Isn't there rules the executor have to follow in order to get more than the standard estate fee? Don't they have to request that to the court a certain way?Anonymousnoreply@blogger.com