Listing of Iowa Assets in Probate
Did you ever want to know how much your neighbor or a family member had when they died? Were they the "millionaire next door"? Did so-and-so blow through all that money? Well, in Iowa, as in many states, a complete listing of a deceased person's assets are listed in the public court records. The Report and Inventory, as it is called in Iowa, is a filing that the personal representative (either the executor or the administrator) is obligated to file with the court which breaks down the assets into real estate, stocks, bank accounts, life insurance, miscellaneous property, and annuities (retirement). The itemized assets also show the value as of the date of death.
To get this information, all you need to do is go down to the courthouse and look up the file number for the deceased individual, have the courthouse personnel pull the file, and then review the information. Pretty easy to review someone's financial life!
For most people, keeping financial information confidential is very important. Now, you might say, "what do I care, I'm dead?'" True, but as far as your family members are concerned, your financial information soon becomes their financial information.
If your estate does not go through the probate process, then this listing of a report and inventory is not necessary. To avoid probate in Iowa (& most other states) you can use a revocable trust plan. A properly created trust, that is properly funded,skips the probate process and helps maintain your privacy.
