Understanding which assets to list on an Iowa small estate affidavit

Short answer: For an Iowa small estate affidavit you normally list the decedent’s personal property that is solely owned by the decedent (and that is collectible without formal probate). Do not list nonprobate assets (assets that pass by beneficiary designation, joint tenancy with right of survivorship, or trust property) or real estate unless Iowa law and local court rules specifically allow it. When in doubt, list assets that are in the decedent’s name alone, include reasonable value estimates, and exclude (or show zero) items clearly owned by others or already payable to a named beneficiary.

Detailed answer

This explanation assumes Iowa law and general probate practice in Iowa. A small estate affidavit is a simplified way to collect a decedent’s personal property (bank accounts, household goods, vehicles, etc.) when the estate is small and does not require full probate administration. Iowa’s probate laws govern what qualifies and how the affidavit can be used; for general reference see the Iowa Code (probate chapters) and the Iowa Judicial Branch probate resources: Iowa Code (search) and Iowa Judicial Branch.

Follow these principles to decide which items to list and what to put as a value:

1. Start with ownership and title. If the asset was titled or held solely in the decedent’s name at death, it is usually appropriate to list it on the affidavit. Examples: a bank account in the decedent’s sole name, a vehicle titled only to the decedent, or a safe-deposit box leased only by the decedent.
2. Exclude nonprobate assets. Do not include assets that transfer outside probate by operation of law or contract: assets with a named beneficiary (life insurance, IRAs, 401(k) with a beneficiary designation), assets held in joint tenancy with right of survivorship, payable-on-death (POD) or transfer-on-death (TOD) accounts, and assets held in a living trust. Those pass directly to the beneficiary or surviving co-owner and are typically not collectible through a small estate affidavit.
3. Personal property vs. real property. Many small estate procedures only cover personal property (bank accounts, vehicles, jewelry, household items), not real estate. Confirm Iowa’s specific rules and local court guidance before trying to use a small estate affidavit to transfer real property. If real estate is excluded, do not list it on the affidavit; instead, consult probate procedures for transferring real property.
4. List net value where appropriate. Show the fair, reasonable value of the property at the date of death. If an asset has an outstanding loan or lien (for example, a vehicle with a car loan), you may list its gross value and note the lien, or list the net value after deducting the encumbrance — but be consistent and clear. If a debt exceeds value, explain that rather than leaving an ambiguous blank (you may list zero net value if liabilities fully offset the asset).
5. When to use zero. Put zero for categories or specific items only when the decedent had none of that type of asset, or when the asset’s net collectible value is zero (for example, an empty account or an item fully encumbered by a lien). Avoid leaving lines blank; if you do not know whether an asset exists, write “none known” or give an estimated value and note it as an estimate.
6. Use reasonable estimates and document them. Banks and other institutions may accept the affidavit along with recent statements, title documents, or appraisals. If you list cash values, save statements, tax returns, vehicle titles, and receipts to back up your numbers. If you cannot find a precise number, a reasonable estimate with supporting explanation is better than leaving the field blank.
7. Check each institution’s requirements. Banks, brokerage houses, and the county treasurer (for vehicle transfers) may have specific policies about accepting a small estate affidavit. Some will require additional documentation or may still refuse if the asset is over a statutory threshold.
8. Confirm the dollar threshold and eligible property under Iowa law. Iowa sets limits and procedures for simplified collection methods. Before relying on an affidavit, confirm Iowa’s current statutory thresholds and the scope of property the affidavit can reach. See the Iowa Code and local court guidance: Iowa Code (probate) and Iowa Judicial Branch.

Examples (hypotheticals)

• Hypothetical A: The decedent had a checking account titled only in their name with $4,200 and a joint bank account with their sibling. List the sole-name checking account and its balance; do not list the joint account (it passes to the co-owner).
• Hypothetical B: The decedent owned household furniture, a vehicle with title in their name and a $2,000 outstanding loan, and an IRA naming a child as beneficiary. List the vehicle and household items (show vehicle value and note the $2,000 lien); do not list the IRA (nonprobate; payable to beneficiary).
• Hypothetical C: The decedent’s only significant asset is a house titled solely in their name. If Iowa’s small estate process excludes real property, do not use the small estate affidavit for the house; instead, start formal probate or other real property transfer procedures.

Step-by-step checklist before you file a small estate affidavit in Iowa

1. Collect title documents, bank statements, vehicle titles, safe-deposit records, and beneficiary designations.
2. Make a list of every asset and note if it is titled solely to the decedent, jointly owned, subject to a beneficiary designation, or in a trust.
3. Identify and list liens or debts attached to specific assets.
4. Confirm whether the Iowa small estate affidavit procedure covers the types of assets you need to collect and whether the estate falls below the statutory threshold.
5. Estimate values as of the date of death and document the basis for each estimate (statements, valuations, appraisals).
6. Contact each institution to confirm what paperwork they will accept along with the affidavit.
7. If anything is unclear, consider a short consultation with a probate attorney or contact the county clerk for guidance on local practice.

Helpful Hints

• Don’t leave fields blank. Use “none,” “not applicable,” or an estimated value with a note explaining the estimate.
• Keep copies of everything you submit and get receipts when institutions release assets based on the affidavit.
• If a bank or agency asks for a probate court order instead of an affidavit, do not sign false statements to force acceptance; seek legal advice.
• Small estate rules and dollar limits change. Check the current Iowa Code and local court resources before relying on the affidavit process.
• If an asset’s ownership is disputed, or if beneficiaries or creditors dispute your authority, stop and consult an attorney — using the affidavit in a contested situation can create personal liability.

Where to check Iowa law and forms

Look for current statutes and forms on the Iowa Legislature website and the Iowa Judicial Branch site. For statute text and to confirm thresholds and the permitted scope of small estate procedures, begin here: Iowa Code (search). For local forms and court practice, check your county’s probate clerk page through the Iowa Judicial Branch: Iowa Judicial Branch.

Final note / disclaimer: This article explains general principles under Iowa law and is for informational purposes only. It is not legal advice. For guidance specific to your situation, consult a licensed Iowa probate attorney or the clerk of the probate court in the county where the decedent lived.