Iowa State Specific Information

Will, Trust, Power of Attorney, and Estate Planning

Official state laws:

Minimum age requirement to:

Holographic will NOT recognized (No Section exists)

State taxes:

Estate tax: Equal to federal credit for state death taxes minus amount paid to state inheritance tax (Section 450.10 and 451.2)
State gift tax:Inheritance tax: Up to 15% (Section 450.10 and 451.2)
- No state gift tax (Section 450.10 and 451.2)
- Anatomical Gift Act (Section 142C)
Inheritance tax: Up to 15% (Section 450.10 and 451.2)

Default rules: How property is distributed if there is no will, i.e. laws of intestate succession: (Sections 633.211 to 633.212, and 633.219)

No surviving spouse, but there are surviving children:
- All of the estate goes to the surviving children split equally among them or to their children in accordance to their per stirpes share
Surviving spouse and
- Children of surviving spouse:
  - All of your estate will pass to your spouse
  - Children not of the surviving spouse (for example your children from a previous marriage):
    - $50,000 and one-half (1/2) of your estate to the surviving spouse, and
    - The other one-half (1/2), split equally among the surviving children or to their children according to their per stirpes share
    - No children and both of your parents of deceased:
      - All of your estate will pass to your spouse
    - No children, but at least one of your parents survives you:
      - All of your estate will pass to your spouse
At least one parent survives you, but no surviving spouse or children:
- All of your estate will pass to your surviving parents equally
No spouse, children, or parents:
- Siblings (brothers and sisters) equally or to their children according to their per stirpes share. If none, then to ancestors or to their children according to their per stirpes share. If none, then to your spouse or to their children according to their per stirpes share

Who must be named as a beneficiary in your will:

Surviving spouse (Section 633.267)Children, born or adopted (Section 633.236)
- Surviving spouse must be given:
  - One-third (1/3) of your estate (Section 633.238)
Children, born or adopted (Section 633.236)

Effects of changes in your marital status on your will:

You are divorced from the surviving spouse:
- Revokes will as to divorced surviving spouse, unless the surviving spouse remarries (Section 633.271)
You get married without changing your will that does not provide for your new spouse:
- Revokes will as to spouse, unless will expressly provides for spouse, but spouse may still be entitled to shares under state intestate law (Section 633.236)

Out of state executors: Must appoint resident co-executor, or unless court allows out of state executor to serve alone (Section 633.64)

Witnesses:

Minimum number of witnesses required: Two (Section 633.279)
Are witnesses allowed to be beneficiaries?: Yes; however, any beneficiary named in the will who is also a witness, then the portion of the will to the witness beneficiary will be void, unless there are two other disinterested witnesses, but witness beneficiary still may be entitled to shares under state intestate laws (Section 633.281)
Requirements to be a witness, witnesses must:
- Be at least 18 years of age or a notary public, and
- Cannot be your healthcare provider or any employee of your healthcare provider

Property ownership (Sections 534.302 and 557.15):

Common law state
Jointly held property is presumed to be held as tenancy in common, unless title expressly and clearly creates a joint tenancy with right of survivorship
Bank account deposits held jointly are payable to any survivor named in the bank account
Tenancy by the entirety is not recognized in this state

Other types of wills:

Self-proving wills recognized: Yes, recognized (Section 633.279)
Living will: Iowa Declaration (Section 144A.3) requires two physicians to certify in writing that you are in a terminal condition and death will occur within a reasonable short period of time without the use of life-sustaining medical care
Durable Power of Attorney for Health Care (Section 144B.2)
Durable Power of Attorney (Section 633.705)