tag:blogger.com,1999:blog-29683660.post8217765411443090287..comments2024-03-22T17:29:06.434-05:00Comments on Iowa Estate Plan: Too Embarrassed to Ask "What is Probate"?: Fear No More: Probate in Iowamatthewgardnerhttp://www.blogger.com/profile/03654388170870329353noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-29683660.post-46129363758437474562014-09-25T10:46:10.272-05:002014-09-25T10:46:10.272-05:00Dr. Lloyd-
No, you don't need to wait 7 month...Dr. Lloyd-<br /><br />No, you don't need to wait 7 months to sell. Once you are appointed, you can sell immediately. However, you can't make distributions or pay creditors until after a certain period of time. (You can pay the mortgage out of closing on the sale of the house, but other creditors have to wait.)matthewgardnerhttps://www.blogger.com/profile/03654388170870329353noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-30750966043499869452014-09-25T10:39:19.593-05:002014-09-25T10:39:19.593-05:00The whole probate thing is scaring the hell out of...The whole probate thing is scaring the hell out of me, personally. I'm in Iowa, and my mother passed away on Sept. 10th. She had her will done at Drake Legal Clinic, so it's a student handling things. I'm the only beneficiary, and I'm going to be executor since my cousin signed a paper saying she didn't want to do it, and nominated me. Which I'm cool with, I guess.<br /><br />My cousins were at the meeting and asked how long until I can sell the house. The student replied with "probate will probably take 5-7 months." I think what he heard from the cousins was "how long until *insert my name* gets his money?" There's really not going to be much money to be made, anyway, and here's why: The only real asset she had was her house, which is worth around $60,000. Her total debts, including the mortgage, come up to about $45,000. Obviously the only way I can pay these creditors is going to be with the sale of the house. Do I REALLY have to wait 7 months to sell the house and pay her debts? If so, it's all a moot point anyway, because waiting that long will put the house into foreclosure and no one but the mortgage company will get paid in that case! I was under the impression that the executor can sell any assets necessary to pay off debts? That was exactly what she put in her will.Dr. Mongo Lloydhttps://www.blogger.com/profile/09351344829632811877noreply@blogger.comtag:blogger.com,1999:blog-29683660.post-23931350365061227942014-04-01T19:19:48.895-05:002014-04-01T19:19:48.895-05:00This post answered some of the questions that I ha...This post answered some of the questions that I have in mind regarding wills and trusts. I often deal with second thoughts to inquire about matters related to these even if I know that this is something that must be planned and well thought of. <br />Thanks for sharing these data. Looking forward to more posts like this one.Louise | Philadelphia Estate Planning Attorneyhttp://www.petrellilaw.com/philadelphia-estate-planning/noreply@blogger.com