Affidavit For Distribution Of Property And Agreement To Protect Financial Institution From Liability

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Affidavit For Distribution Of Property And Agreement To Protect Financial Institution From Liability is a commonly used form within Iowa. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

Atticus Fast Facts About Affidavit For Distribution Of Property And Agreement To Protect Financial Institution From Liability

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Affidavit For Distribution Of Property And Agreement To Protect Financial Institution From Liability:

• This form pertains to the State of Iowa

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about Iowa’s Form PMF 800A - Affidavit For Distribution Of Property And Agreement To Protect Financial Institution From Liability up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct Iowa form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some Iowa probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form PMF 800A, take a break, and then review. Probate and estate settlement processes in IA are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form PMF 800A online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form PMF 800A witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Affidavit For Distribution Of Property And Agreement To Protect Financial Institution From Liability to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

Need help getting in touch with a local probate court or identifying a domicile probate jurisdiction?

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in Iowa.

5 reasons you should submit PMF 800A as quickly as possible:

1. The sooner you begin, the faster Iowa can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in Iowa. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of Iowa is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for Iowa probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local Iowa probate clerk or court for exact answers regarding Form PMF 800A, and when in doubt— consult a qualified trust & estates lawyer for that area.

Affidavit For Distribution Of Property And Agreement To Protect Financial Institution From Liability is one of the many probate court forms available for download through Atticus.

It may also be available through some Iowa probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within Iowa.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form PMF 800A - Affidavit For Distribution Of Property And Agreement To Protect Financial Institution From Liability f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the Iowa probate court office.

Affidavit For Distribution Of Property And Agreement To Protect Financial Institution From Liability is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any Iowa-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on Iowa Form PMF 800A - Affidavit For Distribution Of Property And Agreement To Protect Financial Institution From Liability. You can use this to get an idea of the context of the form and what type of information is needed.

PMF 800A AFFIDAVIT FOR DISTRIBUTION OF PROPERTY AND AGREEMENT TO PROTECT FINANCIAL INSTITUTION FROM LIABILITY The undersigned, under penalty of perjury, affirmatively states from personal knowledge that all of the following are true and correct: 1.I knew _____________________ (hereafter described as “decedent”) who died on the date and in the place as shown on the attached certified copy of the decedent’s death certificate, which was more than forty days before I have executed this Affidavit. 2.Based on my own research as to the nature and extent of the decedent’s property, I believe that: a.The decedent owned no real estate, or owned real estate only in joint tenancy with full rights of survivorship with persons exempt from Iowa inheritance tax. b.The total current value of all the decedent’s other property is or has been at any time since the decedent’s death fifty thousand dollars or less. 3.My research shows that the decedent may have been the sole owner at the time of _____ death of one or more accounts at ________________________________ . (name of financial institution) Account Description Balance (if known) _______________________________________ _______________________ _______________________________________ _______________________ _______________________________________ _______________________ 4.I have researched whether the decedent had a Will, and have concluded that (check one): a.__ The attached copy of the decedent’s Will which has been delivered to the office of the clerk of court in accordance with Iowa law. b.__ The decedent had no Will. 5.To the best of my knowledge, no one plans to open probate proceedings anywhere for the decedent. 6.Based on my research and knowledge of the decedent’s family, the persons listed below are all lawful successors to the decedent’s property at [name of financial institution] under Iowa Probate Code Section 633.356(2) and no one else has a superior right to said property. PMF 800A Name Address Tax ID# Relationship to Decedent 7.None of the persons listed above are the ward of a Conservatorship or under any other legal disability. 8.I ask that _______________________________________ release the funds in the accounts listed in paragraph 4 above to all successors listed in Paragraph 6 above. 9.I agree to pay _______________________________________ the full value of funds released under Paragraph 8 above, plus all damages, legal and other expenses and costs of defending any claim to said funds filed by any person, entity or governmental agency. I also agree to hold _______________________________________ harmless from any other cost or claim brought against it relating to the disbursement of the funds described above. 10.This request for release of funds has been prepared pursuant to Iowa Probate Code Section 633.356, the code section allowing for distribution of a decedent’s funds by affidavit. 11.If more than one person has executed this affidavit, the terms “I” and “me” and all other terms referring to the undersigned apply equally to all of us. I affirm under penalty of perjury and pursuant to the laws of the State of Iowa that the preceding statements are true and correct. __________________________________ Signature Printed Name: Date Signed: The person named directly above personally signed this Affidavit and Agreement to Protect Financial Institution from Liability in ___________________ County, Iowa, on the date specified above in my presence after affirming that all information above is true and correct. Notary Public in and for the State of Iowa PMF 800A COMMENTS 1.The affidavit must be signed by at least one of the successors, defined in §633.356(2). If the decedent died testate, successors for these purposes are those who are the reasonably ascertainable beneficiaries who succeeded to the item of property under the decedent’s will. If the decedent died intestate, the successors for these purposes are those who are the reasonably ascertainable persons who succeeded to the property under the Iowa laws of intestate succession. If the decedent received medical assistance benefits from the state, the Iowa Medicaid agency that provided the benefits is also a successor pursuant to subsection 8. 2.If the decedent died testate, admit the will to probate or file the will with the clerk, and attach a copy to this affidavit. §633.356(3)(a)(6). 3.Attach a certified copy of the death certificate. §633.356(3)(a)(2). 4.The holder of the decedent's property has the right to require presentation of the same evidence of ownership (e.g. title or certificate) that the decedent would have been required to provide, and if not presented, to demand sufficient bond to indemnify the holder against all liability, claims, demands, loss, damages, costs and expenses that the holder could incur by reason of payment, transfer or delivery of the property. § 633.356(4). If the holder of the property makes such a demand, consider the use of a “Receipt and Indemnification” which may be the most efficient method for facilitating the distribution of titled assets such as bank accounts, safe deposit box contents and other non-vehicle assets. See PMF 800A. 5.The holder of the decedent's property has the right to require reasonable proof of the identity of each successor seeking distribution. §633.356(5). 6.This affidavit can be filed with the County Recorder as evidence of authority to release or assign court judgments or mortgages held in favor of the decedent, or to execute a deed in satisfaction of a real estate contract. §633.356(4)(c). 7. The holder of the decedent's property is entitled to rely in good faith on the statements made in the affidavit. §633.356(7). 8. The procedure provided by this affidavit may only be used if no administration of the decedent's estate is pending. §633.356(9). 9. The affiant may request transfer of the property to someone authorized to accept the property on behalf of the successors (e.g. law firm trust account). §633.356(6). 10. This affidavit procedure can also be used to gather information needed to decide whether probate administration of the decedent’s estate is necessary. §633.356(10).