[IA] [IA] How do I collect a mutual fund from my deceased mother?
I am trying to collect a mutual fund and make my mother's trust account the beneficiary. TransAmerica tells me I need to send them a copy of a small estate affidavit. Do I also file that in the state of Iowa? I live in Mississippi and need to have it signed and notarized here.
12
4
Solved
In Iowa, a small estate affidavit (per Iowa Code § 633.356) allows beneficiaries to collect a decedent’s personal property (worth up to $50,000 and excluding real property) without going through full probate. Importantly, it does not need to be filed with an Iowa court.
Key Iowa Requirements:
- Value & Property Limits: The estate must be ≤ $50,000 in personal property and cannot include real estate, unless it passes by survivorship.
- Timing: You must wait at least 40 days after death before using the affidavit.
- Contents: The affidavit must include:
- Decedent’s name, SSN, date and place of death, and a certified death certificate.
- A statement on the value limit.
- A list of assets and liabilities.
- Names, addresses, and relationships of the beneficiaries.
- A declaration of truth under penalty of perjury.
- Signature and Notary: It must be signed under oath and notarized. Iowa does not require additional witness signatures, although some templates may include them.
Do You File It in Iowa?
No, there is no requirement to file the affidavit with an Iowa court. You simply present the notarized affidavit (along with the death certificate) to the institution holding the asset (e.g., TransAmerica, bank) to collect the funds.
How to Proceed from Mississippi:
- Complete the affidavit with all required information.
- Sign it in front of a notary in Mississippi to obtain a wet signature (accepted by TransAmerica).
- Ensure your mother’s trust is named as the beneficiary on the mutual fund.
- Send the notarized affidavit and certified death certificate to TransAmerica.
- TransAmerica will process the transfer using the affidavit — since it’s not filed in any Iowa court, you don’t need to file it in Iowa.
Summary:
- Notarized affidavit (signed in Mississippi) is valid.
- No court filing in Iowa is needed.
- Present to the fund company to allow distribution after 40 days.
0
Small Estate Affidavit
Create Document
Full Conversation
I am trying to collect a mutual fund and make my mother's trust account the beneficiary. TransAmerica tells me I need to send them a copy of a small estate affidavit. Do I also file that in the state of Iowa? I live in Mississippi and need to have it signed and notarized here.
I understand that navigating the requirements for a trust account can be challenging. Have you already prepared the small estate affidavit, or do you need assistance with that?
I have filled in the form.
Are you aware of the specific requirements for notarization and signing in Mississippi for documents intended for use in Iowa?
I asked the person at TransAmerica, and they said that would be acceptable as it requires a "wet" signature.
Is there anything else the Estate Lawyer should know before I connect you? Rest assured they'll be able to help with your trust account beneficiary.
No
Hi
In Iowa, a small estate affidavit (per Iowa Code § 633.356) allows beneficiaries to collect a decedent’s personal property (worth up to $50,000 and excluding real property) without going through full probate. Importantly, it does not need to be filed with an Iowa court.
Key Iowa Requirements:
- Value & Property Limits: The estate must be ≤ $50,000 in personal property and cannot include real estate, unless it passes by survivorship.
- Timing: You must wait at least 40 days after death before using the affidavit.
- Contents: The affidavit must include:
- Decedent’s name, SSN, date and place of death, and a certified death certificate.
- A statement on the value limit.
- A list of assets and liabilities.
- Names, addresses, and relationships of the beneficiaries.
- A declaration of truth under penalty of perjury.
- Signature and Notary: It must be signed under oath and notarized. Iowa does not require additional witness signatures, although some templates may include them.
Do You File It in Iowa?
No, there is no requirement to file the affidavit with an Iowa court. You simply present the notarized affidavit (along with the death certificate) to the institution holding the asset (e.g., TransAmerica, bank) to collect the funds.
How to Proceed from Mississippi:
- Complete the affidavit with all required information.
- Sign it in front of a notary in Mississippi to obtain a wet signature (accepted by TransAmerica).
- Ensure your mother’s trust is named as the beneficiary on the mutual fund.
- Send the notarized affidavit and certified death certificate to TransAmerica.
- TransAmerica will process the transfer using the affidavit — since it’s not filed in any Iowa court, you don’t need to file it in Iowa.
Summary:
- Notarized affidavit (signed in Mississippi) is valid.
- No court filing in Iowa is needed.
- Present to the fund company to allow distribution after 40 days.
Does this answer your question?
Yes, thank you.
You’re most welcome
Michael M. Esq.
75 satisfied customers
5 lawyers online now
15
6
Answered 3 days ago
Disclaimer
By messaging AskaLawyer.com, you agree to our Terms and have read our Privacy Policy.
The information provided on AskaLawyer.com is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and timeliness of the information presented, we make no guarantees regarding its completeness or applicability to your specific circumstances.
Use of this website does not create an attorney-client relationship between you and AskaLawyer.com or any of its attorneys. Communications through this website, including any responses from attorneys, are not privileged or confidential. For advice tailored to your individual situation, we recommend consulting a licensed attorney in your jurisdiction.
AskaLawyer.com disclaims any liability for actions taken or not taken based on the content of this site. We are not responsible for any third-party content that may be accessed through this website. Reliance on any information provided herein is solely at your own risk.
