This bill amends probate law in Iowa to establish a process for notifying named beneficiaries of their potential rights to property following the death of the owner. It mandates that if a property holder is informed of the owner's death, they must notify all individuals listed under the beneficiary designation within ten business days. The notification must inform these beneficiaries of their rights and provide contact information for the property holder. The bill defines "beneficiary designation" broadly, encompassing various financial instruments such as insurance policies, retirement accounts, and other non-probate transfers.

Additionally, the bill allows beneficiaries to present an affidavit to the property holder to claim ownership or obtain information about the property. The affidavit must include specific details about the decedent and the beneficiary, and it must be signed under penalty of perjury. The property holder is prohibited from requesting additional personal information from the beneficiary. If the property holder fails to comply with the affidavit's request within thirty days, the beneficiary can initiate legal action to recover the property or information, with the possibility of being awarded damages, costs, and attorney fees if they prevail in court.