Liquidating assets before nursing home

The benefits and perils of using nonprobate assets as part of an estate plan will be the subject of upcoming blog posts.

There is no set or standard time for the length of probate administration.

It also happens when a life insurance policy or investment account designates a beneficiary other than the estate.

In Iowa the beneficiary designation takes precedence over the terms of the will.

As often happens with the law, there is an exception to this rule for special circumstances.

the agent does not have actual knowledge of the death, he or she may transact business and bind the estate and heirs by doing so in good faith.

So death terminates the agent’s power to act for the deceased.People have all kinds of questions about probate in Iowa.There are too many aspects to Iowa probate administration and alternatives to cover in one blog post. I’ll be adding more posts about the probate process and issues in probate in the future.The administration process also gives parties who believe they should be beneficiaries of the decedent’s estate an opportunity to have their claims heard.I am often asked by family members of a deceased person or potential clients if the person holding a power of attorney from a decedent can use that document to transact business after the death.

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