Add Required Field Legal Iowa Small Estates Forms For Free

Though the affiant is not legally required to have a lawyer, it is wise for the affiant to hire one. It may seem wasteful to hire a lawyer when an estate is small, but many of the same rules that govern the full blown Illinois probate process apply to the affidavit.

Required information includes the decedent's name, date of death, residence, and a detailed list of personal assets. Additionally, a list of beneficiaries or heirs and their relationship to the decedent must be provided. The affidavit must be completed accurately and notarized by an heir or executor.

In Illinois, estates that do not include real estate, do not have debts or claims, and are worth $100,000 or less do not have to go through probate court.

You must adhere to restrictions before the courts accept your request. In addition, when you use a small estate affidavit you run the risk of being personally liable to return any property or funds to the estate should there be any creditors or other heirs to the estate.

Iowa law requires that an estate be closed within 3 years after the second publication of the notice to creditors, unless a court grants an extension. Even while the estate is still in probate, however, beneficiaries may be able to receive part of their inheritance.

For example, joint tenancy property, gifts made within three years of death, annuities and certain retirement plans, retained life interests, and trusts are not subject to probate administration but are subject to inheritance tax.

To be classified as a small estate, the gross value of the probate assets of a decedent must be $200,000 or less. The administration of a small estate has less requirements, lower court costs, and often is a quicker process than a regular probate administration.

IOWA CODE § 635.1. Where there is no will, a petition for small estate administration may be made by a surviving spouse, heirs of the decedent, creditors of the decedent, or any other persons showing good grounds therefor; if there is a will, such a petition may be filed by any interested person.

Probate in Iowa involves administering estates, settling debts, and distributing assets post-death, under court supervision. Small estates under $50,000 and specific assets may avoid probate; a will directs asset distribution and minimizes taxes.