What an Iowa Executor Does

Being named as an executor is an honor that arrives with a job attached. In Iowa the executor is appointed by the court and then becomes personally responsible for protecting the estate, following the will, paying the right debts and keeping records that would satisfy a judge. Most of the work is ordinary diligence, done in a fixed order. What gets executors into trouble is not complexity but delay, commingling and paperwork that nobody kept.

Before the appointment: first tasks

The first duty is to find the will and deliver it to the clerk of the district court in the county where the deceased person lived. Until the court appoints you, you have no authority to act for the estate, so do not pay estate bills from your own account and do not promise the family anything about the money. At the same time, secure what can be secured. Lock the house, collect the mail, locate the keys and the vehicle titles, and photograph the contents before anything is moved. If the deceased person rented, tell the landlord. These small steps prevent the disputes that later cost far more than they save.

Get the letters and open the estate accounts

Once the court issues your letters, you can act. Apply for an estate tax identification number, open an estate bank account, and move estate funds into it. Keep estate money strictly separate from your own. Commingling, even briefly and even with the best intentions, is the mistake that most often turns a simple administration into an accusation. Tell the bank, the insurer, the pension administrator and Social Security that the person has died. Redirect the mail. Cancel services that are no longer needed and keep a note of each call, because the final accounting will ask what happened to every account.

Inventory the property

The court will require an inventory of the estate and its value at the date of death. Walk the house and the farm, list every account, policy, vehicle, tool, and share, and arrange appraisals where value is not obvious. Real estate, a business interest and valuable personal property all need a defensible number. The inventory is not a private note. It is a court filing, and it sets the base for the executor's fee and the attorney's fee. Accuracy protects you and the heirs alike.

Notify creditors and handle claims

You must publish notice to creditors and mail notice to the ones you know about, including the Iowa Department of Revenue and, where relevant, Medicaid. Creditors then have a window to present claims. Do not pay unsecured debts early, even when a collector is pressing, because the order of payment is set by law and early payments can leave you personally liable if the estate cannot cover a higher-priority claim. Keep every bill, every payment and every rejection. If a claim is doubtful, the court can decide whether it is valid rather than you.

Manage the assets while the estate is open

An estate can stay open for many months, and the property must be maintained in the meantime. Insurance must be kept current on a vacant house, which sometimes requires a different policy. A farm needs a tenant or a caretaker. A business may need to keep operating, which can require a court order. Investment accounts should be managed prudently, not gambled with. You are a steward, not an owner. When in doubt, ask the court for instructions rather than guessing, and put the question in writing.

File the returns and pay the taxes

You must file the deceased person's final income tax returns and, if the estate earns income, returns for the estate. Where the estate is large enough, an estate tax return may be due, and a portability election can preserve a deceased spouse's unused federal exemption for the survivor. Those deadlines are not forgiving, so involve an accountant early.

Distribute and close the estate

When the debts are paid and the taxes are filed, distribute the remaining property as the will directs, or as Iowa law directs if there is no will. Get receipts from every heir, transfer real estate by deed, and then file a final report with the court asking it to close the estate. The closing order discharges you, which is the protection you want at the end of the job.

Records, fees and honesty

Keep a single ledger of every receipt and every payment, with the date, the amount and the reason. The executor's fee is set by a schedule tied to the value of the estate, and you may be entitled to it, but only if the work was done and documented. A family member serving as executor is held to the same standard as a stranger, and the court expects the same honesty from both.

When to hire a lawyer

An executor can serve without a lawyer in a very simple estate, but most estates benefit from one, and a few cannot be run safely without one. Hire a lawyer licensed in Iowa if the will is unclear, if an heir objects, if the estate owns real estate or a business, if there is a tax question, or if a creditor disputes a claim. The lawyer's fee is part of the cost of administration and is usually paid from the estate, subject to the court's schedule. Asking early is cheaper than repairing a mistake later. If the estate is contested, if an heir is uncooperative, or if a question of law arises, get a lawyer licensed in Iowa. The guide to Iowa probate shows where your tasks sit in the wider process, and the probate section covers the alternatives that keep an estate out of court altogether.

The role described here follows Iowa Judicial Branch information and Iowa Legal Aid's public guides. It is an explanation of the job, not advice for a particular estate.