Iowa Code 633.224 – Advancements — in general
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Terms Used In Iowa Code 633.224
- Estate: means the real and personal property of either a decedent or a ward, and may also refer to the real and personal property of a trust described in section 633. See Iowa Code 633.3
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Heir: means any person, except the surviving spouse, who is entitled to property of a decedent under the statutes of intestate succession. See Iowa Code 633.3
- Inter vivos: Transfer of property from one living person to another living person.
- Intestate: Dying without leaving a will.
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, or government; governmental subdivision, agency, or instrumentality; or any other legal or commercial entity. See Iowa Code 633.701
- Property: includes both real and personal property. See Iowa Code 633.3
When the owner of property transfers it as an advancement to a person who would be an heir of such transferor were the latter to die at that time, and the transferor dies intestate, then the property thus advanced shall be counted toward the share of the transferee in the estate, which for this purpose only shall be increased by the value of the advancement at the time the advancement was made. The transferee shall have no liability to the estate for such part, if any, of the advancement as may be in excess of the transferee’s share in the estate as thus determined. Every gratuitous inter vivos transfer is presumed to be an absolute gift, and not an advancement. Such presumption is rebuttable.