What is a Small Estate in Iowa Probate?
The Iowa code sets forth a simplified probate administration for small estates. 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.
It is important to note that not all assets count towards the gross value. For instance, an insurance policy with named beneficiaries would not count towards the $200,000 small estate limit.
For additional information or if you have any questions about small estates or probate administration, contact the attorneys at Crimmins & Kehm Law Firm at 515-573-2191.