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RayAnswers
RayAnswers, Attorney
Category: Estate Law
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Experience:  Texas lawyer for 29 years in Estate law
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I need to open a small estate executor exectrix to beable to

Customer Question

I need to open a small estate executor exectrix to beable to get funds from my deceased husbands small mutual fund. How do I do this?
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.

Thanks for your question and good morning.My sympathy for your loss of loved one and your situation.

You can do this with a small estate affidavit.The site below has the forms that you need along with instrutctions.If you click on free preview you can preview before you download.

http://www.uslegalforms.com/ia/IA-ET10.htm

Here is the applicable law on the small estate process.

 

In Iowa it is possible for heirs or beneficiaries to inherit property by the use of an affidavit. The heirs or beneficiaries prepare the affidavit identifying the assets they are entitled to inherit. This option may be used when the decedent's estate does not exceed $100,000. The decedent's heirs or beneficiaries may collect the property with an affidavit after a waiting period of 40 days from the decedent's death.

Iowa Summary:
Under Iowa law below, where the 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.

 

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.

2. The name and address of the surviving spouse, if any.

3. Whether the decedent died intestate or testate, and, if testate, the date the will was executed.

4. A statement that the probate property of the decedent subject to the jurisdiction of this state does not have an aggregate gross value of more than the amount permitted under the provisions of section 635.1.

5. The name and address of the proposed personal representative.

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.

2. If the inventory and report shows the gross value of probate assets subject to the jurisdiction of this state which exceed the amount permitted a small estate under section 635.1, the estate shall be administered as provided in chapter 633.

3. If the inventory report in an estate probated pursuant to chapter 633 indicates the gross value of the probate assets subject to the jurisdiction of this state does not exceed the amount permitted under section 635.1, the estate shall be administered as a small estate upon the filing of a statement by the personal representative that the estate is a small estate.

4. Other interested parties may convert proceedings from a small estate to a regular estate or from a regular estate to a small estate only upon good cause shown with approval from the court.

635.8 Closing by sworn statement

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, and the closing statement shall be verified or affirmed under penalty of perjury, stating all of the following: a. To the best knowledge of the personal representative, the gross value of the probate assets subject to the jurisdiction of this state does not exceed the amount permitted under section 635.1.

b. The estate has been fully administered and will be disbursed and distributed to persons entitled to the estate if no objection is filed to the closing statement after the requisite time period has expired as provided in subsection 2.

c. A description of the disbursement and distribution of the estate including an accurate description of all the real estate of which the decedent died seized, stating the nature and extent of the interest in the real estate and its disposition.

d. A copy of the closing statement and an opportunity to object and request a hearing has been sent by proper notice, as provided in section 633.40, to all interested parties.

e. The personal representative has complied with all statutory requirements pertaining to taxes, including whether federal estate tax was paid or a return was filed, whether Iowa inheritance tax was paid or a return was filed, whether the decedent’s final personal income taxes were filed, whether fiduciary income tax returns for the estate were filed, and whether a lien continues to exist for any federal or state tax.

2. If no actions or proceedings involving the estate are pending in the court thirty days after notice of the closing statement is filed, the estate shall close after distribution and the personal representative shall be discharged.

3. The closing statement shall include a statement as to the amount of fees to be paid for services rendered by the personal representative and the personal representative’s attorney in administration of the estate. The fees for the personal representative shall not exceed three percent of the gross value of the probate assets of the estate, unless the personal representative itemizes the personal representative’s services to the estate. The personal representative’s attorney shall be paid reasonable fees as agreed to in writing by the personal representative at or before the time of filing the probate inventory or as approved by the court. All interested parties shall have the opportunity to object and request a hearing as to all fees reported in the closing statement.

4. If a closing statement is not filed within twelve months of the date of issuance of a letter of appointment, an interlocutory report shall be filed within such time period. Such report shall be provided to all interested parties at least once every six months until the closing statement has been filed unless excused by the court for good cause shown. A closing statement filed under this section has the same effect as final settlement of the estate under chapter 633.




It has been my pleasure to help you today.If you have more follow up please just ask.
Thanks again.

I hope that you will be so kind as to leave a positive rating. If you do have any additional questions about my answer please click the "Continue Conversation Link" so I can provide you with a fully satisfactory answer. Please be aware that any rating of 1 or 2 is reflected as a negative rating and I receive no credit for my answers.

 

Information provided here is not legal advice. Rather it is simply general information. This communication does not establish an attorney-client relationship.

 

 



Expert:  RayAnswers replied 1 year ago.

Thanks for letting me provide you the information and forms you needed.If you have more follow up or something is not clear please let me know.

If you can leave positive rating it is much appreciated.Good luck with the small estate affidavit and thanks again.

Expert:  RayAnswers replied 1 year ago.
Thanks again and have a great holiday season.

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