Iowa Code 633.240 – Election to receive homestead
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Terms Used In Iowa Code 633.240
- Conservator: means a person appointed by the court to have the custody and control of the property of an adult under the provisions of this chapter. See Iowa Code 633.701
- Decedent: A deceased person.
- 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
- Intestate: Dying without leaving a will.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Iowa Code 633.701
- Surviving spouse: means the surviving wife or husband, as the case may be. See Iowa Code 633.3
In estates in which the surviving spouse has filed an election and in all intestate estates, whether an election is filed or not, the surviving spouse or the spouse’s conservator, if applicable, may, in lieu of the spouse’s share in the real property possessed by the decedent at any time during the marriage, which has not been sold on execution or other judicial sale, and to which the surviving spouse has made no express written relinquishment of right, elect to receive a life estate in the homestead. Such election shall be made and entered of record as provided in section 633.245. In making such election, the surviving spouse shall have all the rights as to the personal property provided in section 633.238, subsection 1, paragraphs “b”, “c”, and “d”. In case of failure to make such election, the right to receive the life estate in the homestead shall be waived.