Closing Statement For Small Estate

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.

Closing Statement For Small Estate 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 Closing Statement For Small Estate

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Closing Statement For Small Estate:

• 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 805A - Closing Statement For Small Estate 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 805A, 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 805A 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 805A 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 Closing Statement For Small Estate 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 805A 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 805A, and when in doubt— consult a qualified trust & estates lawyer for that area.

Closing Statement For Small Estate 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 805A - Closing Statement For Small Estate 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.

Closing Statement For Small Estate 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 805A - Closing Statement For Small Estate. You can use this to get an idea of the context of the form and what type of information is needed.

PM F 805A IN TH E IOWA DISTRICT COURT FOR __________________ COUNTY IN THE MATTER ) ) Probate No. __________________________ OF THE ESTATE OF ) ) CLOSING STATEMENT FOR . ) SMALL ESTATE Deceased. ) ) COMES NOW the Personal Representative of the above-entitled estate and for the Closing Statement for Small Estate states as follows: 1.__ OPTION 1 Decedent died testate on ____________________. The Will of Decedent as admitted to probate for Small Estate Administration in this Court. Letters of Appointment were issued to the undersigned on _____________________. __ OPTION 2 Decedent died intestate on _____________________. Letters of Appointment were issued to the undersigned on _____________________. 2.Four months have passed since publication of the second Notice of Probate of the Estate and Appointment of Personal Representative and final settlement will be made __ OPTION 1 less than three years after said second publication date. __ OPTION 2 more than three years after said second publication date pursuant to court order herein. 3.A Report and Inventory has been filed with this Court reporting all probate and non-probate assets of Decedent. To the best of the undersigned’s knowledge, the gross value of the probate assets subject to jurisdiction of this estate does not exceed the sum of two Hundred Thousand Dollars. 4.An accounting of the estate activities is __ OPTION 1 attached hereto as Exhibit “A” __ OPTION 2 waived by all interested parties as evidenced by waivers attached hereto. __ OPTION 3 As the only interested party, the undersigned hereby waives an accounting of this estate. 5.The estate has been fully administered and __ OPTION 1 estate assets have been distributed as follows __ OPTION 2 will be distributed as follows if no objection is filed to this Closing Statement within thirty days after notice that the Closing Statement has been filed. PMF 805A Name of Heir or Beneficiary In-Kind Distributions Cash Distributions 6.__ OPTION 1 Decedent did not own any real estate at the time of Decedent’s death. __ OPTION 2 Decedent died owning the following real estate locally known as ______________________________________________ and legally described as ___________________________________________________ in ______________ County, Iowa. __ OPTION 2A This real estate has not been sold or conveyed by the Personal Representative. Pursuant to the __________________________, title to this real estate passed to __________________________. A court officer deed will issue. __ OPTION 2B This real estate was held by Decedent in joint tenancy, with full rights of survivorship, with ___________________ and by operation of law the entire interest in the real estate passed to ____________________. __ OPTION 2C This real estate was conveyed to______________________ by the Personal Representative during the administration of this small estate in accordance with the power granted to the undersigned by Decedent’s Will. __ OPTION 2D This real estate was conveyed to _______________________ by the Personal Representative during the administration of this small estate in accordance with an Order of this Court. 7.The undersigned has complied with all statutory requirements pertaining to taxes and no lien continues to exist for any federal or state tax. 8.__ OPTION 1 No Federal 706 Estate Tax Return was required to be filed for this estate. PM F 805A __ OPTION 2 Federal 706 Estate Tax Return was filed for this estate and a federal estate tax closing letter has been filed with the Court. 9.__ OPTION 1 Pursuant to Iowa Code Section 450.53(1)(b), an inheritance tax return is not required to be filed because the estate does not have a federal estate tax filing obligation and all the estate assets pass solely to individuals listed in Iowa Code Section 450.9 as individuals who are entirely exempt from Iowa inheritance tax. __ OPTION 2 An Iowa 706 Inheritance Tax Return was filed for this estate, and an Inheritance Tax Clearance has been filed with the Court. 10.__ OPTION 1 Decedent’s final personal income tax return has been filed. __ OPTION 2 No Decedent’s final personal income tax return was filed because Decedent did not have sufficient income to require that filing. 11.__ OPTION 1 A final 1041 fiduciary income tax return has been filed for this estate and a Certificate of Acquittance has been filed herein. __ OPTION 2 No 1041 fiduciary income tax returns have been filed for this estate because the estate did not have sufficient income to require the filing of a fiduciary income tax return. 12.Fees in the amount of $________________ will be paid to the undersigned for services provided to the estate __ OPTION 1 which fee does not exceed three percent of the gross value of the probate assets of the estate __ OPTION 2 which fee exceeds three percent of the gross value of the probate assets of the estate as documented in the attached itemization of the Personal Representative's services to the estate. 13.Reasonable fees in the amount of $________________ will be paid to _____________________, the ___________________________ of the estate, for services provided to the estate. This fee __ OPTION 1 was agreed to in writing by the Personal Representative at or before the time of filing the probate inventory __ OPTION 2 has been approved by the court. 14.A copy of this Closing Statement has been sent to all interested parties including distributees of the estate and all claimants whose claims are pending in the estate proof of notice to whom is filed herewith. PMF 805A 15.The interested parties are advised of their right to object to any part of this Closing Statement and to request a hearing by filing a written objection with the Court. 16.If no actions or proceedings involving the estate are pending in the court thirty days after notice that the closing statement is filed, the estate shall close and the personal representative shall be discharged after distribution and the earlier of a statement of disbursement of assets has been filed with the clerk or the passage of an additional thirty days. ________ ______________________________________ , Petitioner Signed and sworn to (or affirmed) before me this ______ day of ______________, 20 ___. Notary P ublic COMMENTS 1.Chapter 635 can be used for estates whose probate assets do not exceed $200,000. 2.The maximum statutory fee allowed for ordinary services under Chapter 635 is higher than the maximum statutory fee for ordinary services under Chapter 633. 3.In some judicial districts, if the closing statement is not filed within 12 months after the personal representative’s letters of appointment were issued, the personal representative must file interlocutory reports and provide copies to all interested parties every six months until the estate is closed. Final settlement is required within 3 years after publication of the second probate notice under §633.473 a court order extending the life of the estate. (See §635.8(4)). 4.Notice of filing the closing statement must be filed. Use PMF 211 with revised heading for this purpose. 5.Some practitioners believe that under §422.14, a fiduciary income-tax return need not be filed for an estate with taxable income under $600. Others believe §422.47(1) requires the filing of a fiduciary income-tax return for all estates, irrespective of taxable income. Courts in at least one judicial district require the filing of a Certificate of Acquittance for all estates, including those with taxable income under $600.