IA HF713

Property holders with beneficiary-designated assets (such as annuities, insurance policies, retirement accounts, and payable-on-death accounts) must notify each named beneficiary within 10 business days of learning about the owner's death

Named beneficiaries may present a notarized affidavit to claim property or obtain information, including the decedent's name and address, property description, and a statement that no one else has a right to the property

Property holders are prohibited from requesting additional personal information from beneficiaries, including social security numbers, driver's license numbers, or financial information

Property holders and others who deliver property in good-faith reliance on the affidavit are protected from liability; verification must occur within 30 days of receiving the affidavit

Beneficiaries may sue to recover property or compel delivery if the holder refuses within 30 days, with potential awards including damages, court costs, penalties between $500 and $10,000, and reasonable attorney fees