Small Estate Affidavit in Iowa

If the gross value of the decedent's personal property that would pass by will or intestacy is $50,000 or less and there is no real property, a successor can collect the property by affidavit after 40 days have passed since the death, without opening an estate. The affidavit (under penalty of perjury) is given to the holder of the property with a certified copy of the death certificate, and covers tangible personal property, debts, accounts, securities and similar rights, and insurance or other property with no named beneficiary. It cannot be used while an estate administration is pending, and it does not transfer real estate. Medicaid repayment, taxes and creditors must be paid from what is received.

Small estate administration: when the gross value of the probate assets subject to Iowa jurisdiction is $200,000 or less, the clerk issues letters to the proposed personal representative on a petition, and the estate can be closed by a sworn closing statement served on interested parties (who have 30 days to object) instead of a formal final report. The personal representative's fee is capped at 3% of the gross probate assets unless services are itemized. An estate can be converted to or from a small estate if its value changes.

Claims must be filed with the clerk within four months after the second publication of the notice to creditors or, for a creditor whose identity is reasonably ascertainable, one month after notice is mailed to them, whichever is later; otherwise they are barred. State Medicaid recovery claims have six months after electronic notice.