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When a person in Iowa dies and the size of the estate is less than $100,000, the estate may qualify for a simplified process for administering small estates. This process requires much less documentation and time.
This procedure involves the use of an Iowa Small Estate Affidavit. An Iowa Small Estate Affidavit is a sworn statement signed under oath by an heir or heirs of an estate attesting that the estate’s value is worth less than $100,000.
An Iowa Small Estate Affidavit is a device used to distribute assets that belonged to a Decedent in a summary distribution manner to survivors without full probate administration.
The Iowa Affidavit of Small Estate is extremely useful when heirs need quick access to the deceased’s bank accounts and securities to make funeral arrangements.
The Iowa Small Estate Affidavit should be prepared by the executor of the deceased’s will or the person with the most knowledge of the deceased’s assets. If the Decedent dies without a will, then the spouse and heirs must prepare the Iowa Affidavit of Small Estate.
Information and documentation needed when drafting a Iowa Small Estate Affidavit:
- An itemized list of the fair market value of the assets.
- Copies of the Death Certificate and social security card.
- Confirmation that the deceased is a former resident of the county in Iowa.
- The status at death, intestate or testate.
- List of all heirs and addresses for each.
- A list of all unpaid expenses and debts of the Decedent, including funeral costs.
The Iowa Small Estate Affidavit is used to inform a probate court that a particular estate meets the requirements of Iowa Small Estate laws. Iowa caps the value of a small estate at $100,000 in real and personal property.
An Iowa Small Estate Affidavit is filed in the Iowa Court where the Decedent lived at the time of death. It can also be filed in any county in Iowa where the Decedent owned property. The Iowa Affidavit of Small Estate informs the Court of the value of the deceased’s assets.
Once the Iowa Affidavit of Small Estate is filed, the Iowa Court issues an order approving the Affidavit and transferring the property to the heirs.