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A small estate in Iowa refers to an estate with a total value of $200,000 or less, excluding exemptions and allowances.
To qualify for Iowa small estate procedures, the value of the estate must be $200,000 or less, and there should be an affidavit signed by the rightful heir(s) or legatee(s).
An affidavit is a written statement signed under oath that confirms certain facts. In the case of small estates, it serves as proof to legally distribute the estate's assets without the need for formal probate proceedings.
The value of an estate in Iowa includes the fair market value of all real and personal property owned by the decedent on the date of death, excluding exemptions and allowances.
No, certain assets are excluded when determining the value of a small estate. Exempt assets may include life insurance proceeds, retirement accounts, joint tenancy properties, and assets held in a revocable trust.
If the value of the estate exceeds $200,000, it does not qualify as a small estate and may require more complex probate procedures.
Yes, creditors can still make claims against assets in a small estate. The rightful heir(s) or legatee(s) should handle the claims and ensure proper payment from the estate before distributing the remaining assets.
The timeframe for settling a small estate in Iowa can vary depending on several factors. However, the process generally takes a few months to complete.
If someone contests a small estate affidavit, the case may be referred to a probate court, which can extend the settling process and require additional legal proceedings.
While it is not mandatory to hire an attorney for a small estate in Iowa, seeking legal assistance can be helpful to ensure proper execution of the necessary paperwork and to navigate any complexities that may arise.
Small Estates General Summary: Small Estate laws were enacted in order to enable heirs to obtain property of the deceased without probate, or with shortened probate proceedings, provided certain conditions are met. Small estates can be administered with less time and cost. If the deceased had conveyed most property to a trust but there remains some property, small estate laws may also be available. Small Estate procedures may generally be used regardless of whether there was a Will. In general, the two forms of small estate procedures are recognized:
1. Small Estate Affidavit -Some States allow an affidavit to be executed by the spouse and/or heirs of the deceased and present the affidavit to the holder of property such as a bank to obtain property of the deceased. Other states require that the affidavit be filed with the Court. The main requirement before you may use an affidavit is that the value of the personal and/or real property of the estate not exceed a certain value.Iowa Summary:
Under Iowa statute, where as estate is valued at no more than $100,000, an interested party may issue a small estate affidavit to collect any debts owed to the decedent.
Iowa Requirements:
Iowa requirements are set forth in the statutes below.
635.1 When applicable.
When the gross value of the probate assets of a decedent subject to the jurisdiction of this state does not exceed one hundred thousand dollars, and upon a petition as provided in section 635.2 of an authorized petitioner in accordance with section 633.227, 633.228, or 633.290, the clerk shall issue letters of appointment for administration to the proposed personal representative named in the petition, if qualified to serve. Unless otherwise provided in this chapter, the provisions of chapter 633 apply to an estate probated pursuant to this chapter.
635.2 Petition requirements.
The petition for administration of a small estate must contain the following:
1. The name, domicile, and date of death of the decedent.635.7 Report and inventory value and conversion.
1. The personal representative is required to file the report and inventory for which provision is made in section 633.361, including all probate and nonprobate assets. This chapter does not exempt the personal representative from complying with the requirements of section 422.27, 450.22, 450.58, 633.480, or 633.481, and the administration of an estate whether converted to or from a small estate shall be considered one proceeding pursuant to section 633.330.[C75, 77, 79, 81, 635.7
81 Acts, ch 199, 8
635.8 Closing by sworn statement
1. The personal representative shall file with the court a closing statement and proof of service thereof within a reasonable time from the date of issuance of the letters of appointment. The closing statement shall be verified or affirmed under penalty of perjury stating all of the following:[C75, 77, 79, 81, 635.8; 81 Acts, ch 199, 9] 89 Acts, ch 25, 4; 2007 Acts, ch 134, 24, 28; 2008 Acts, ch 1119, 36; 2009 Acts, ch 52, 11, 14; 2012 Acts, ch 1123, 31
635.13 Notice claims.
If a petition for administration of a small estate is granted, the notice as provided in section 633.237, and either sections 633.230 and 633.231 or sections 633.304 and 633.304A shall be given. Creditors having claims against the estate must file them with the clerk within the applicable time periods provided in such notices. The notice has the same force and effect as in chapter 633. Claimants of the estate shall be interested parties of the estate as long as the claims are pending in the estate.
[81 Acts, ch 199, 12] 84 Acts, ch 1080, 15; 89 Acts, ch 25, 6; 2007 Acts, ch 134, 25, 28
Small Estates General Summary: Small Estate laws were enacted in order to enable heirs to obtain property of the deceased without probate, or with shortened probate proceedings, provided certain conditions are met. Small estates can be administered with less time and cost. If the deceased had conveyed most property to a trust but there remains some property, small estate laws may also be available. Small Estate procedures may generally be used regardless of whether there was a Will. In general, the two forms of small estate procedures are recognized:
1. Small Estate Affidavit -Some States allow an affidavit to be executed by the spouse and/or heirs of the deceased and present the affidavit to the holder of property such as a bank to obtain property of the deceased. Other states require that the affidavit be filed with the Court. The main requirement before you may use an affidavit is that the value of the personal and/or real property of the estate not exceed a certain value.Iowa Summary:
Under Iowa statute, where as estate is valued at no more than $100,000, an interested party may issue a small estate affidavit to collect any debts owed to the decedent.
Iowa Requirements:
Iowa requirements are set forth in the statutes below.
635.1 When applicable.
When the gross value of the probate assets of a decedent subject to the jurisdiction of this state does not exceed one hundred thousand dollars, and upon a petition as provided in section 635.2 of an authorized petitioner in accordance with section 633.227, 633.228, or 633.290, the clerk shall issue letters of appointment for administration to the proposed personal representative named in the petition, if qualified to serve. Unless otherwise provided in this chapter, the provisions of chapter 633 apply to an estate probated pursuant to this chapter.
635.2 Petition requirements.
The petition for administration of a small estate must contain the following:
1. The name, domicile, and date of death of the decedent.635.7 Report and inventory value and conversion.
1. The personal representative is required to file the report and inventory for which provision is made in section 633.361, including all probate and nonprobate assets. This chapter does not exempt the personal representative from complying with the requirements of section 422.27, 450.22, 450.58, 633.480, or 633.481, and the administration of an estate whether converted to or from a small estate shall be considered one proceeding pursuant to section 633.330.[C75, 77, 79, 81, 635.7
81 Acts, ch 199, 8
635.8 Closing by sworn statement
1. The personal representative shall file with the court a closing statement and proof of service thereof within a reasonable time from the date of issuance of the letters of appointment. The closing statement shall be verified or affirmed under penalty of perjury stating all of the following:[C75, 77, 79, 81, 635.8; 81 Acts, ch 199, 9] 89 Acts, ch 25, 4; 2007 Acts, ch 134, 24, 28; 2008 Acts, ch 1119, 36; 2009 Acts, ch 52, 11, 14; 2012 Acts, ch 1123, 31
635.13 Notice claims.
If a petition for administration of a small estate is granted, the notice as provided in section 633.237, and either sections 633.230 and 633.231 or sections 633.304 and 633.304A shall be given. Creditors having claims against the estate must file them with the clerk within the applicable time periods provided in such notices. The notice has the same force and effect as in chapter 633. Claimants of the estate shall be interested parties of the estate as long as the claims are pending in the estate.
[81 Acts, ch 199, 12] 84 Acts, ch 1080, 15; 89 Acts, ch 25, 6; 2007 Acts, ch 134, 25, 28