Section 633A.1101 – Short title.
633A.1101 Short title. This chapter may be cited as the “Iowa Trust Code” or “Trust Code”. 99 Acts, ch 125, §1, 109 C2001, §633.1101 2005 Acts, ch 38, §52, 54 CS2005, §633A.1101
Section 633A.1102 – Definitions.
633A.1102 Definitions. For purposes of this chapter: 1. “Adjusted gross estate”, as it relates to a trust, means the same as defined in section 633.266. 2. “Beneficiary”, as it relates to a trust beneficiary, includes a person who has any present or future interest in the trust, vested or contingent, and also includes the owner […]
Section 633A.1103 – Per stirpes rule of descent.
633A.1103 Per stirpes rule of descent. Unless the trust instrument provides otherwise, all gifts to multigeneration classes shall be per stirpes. 99 Acts, ch 125, §3, 109 C2001, §633.1103 2005 Acts, ch 38, §54 CS2005, §633A.1103
Section 633A.1104 – Common law of trusts.
633A.1104 Common law of trusts. Except to the extent that this chapter modifies the common law governing trusts, the common law of trusts shall supplement this trust code. 99 Acts, ch 125, §4, 109 C2001, §633.1104 2005 Acts, ch 38, §52, 54 CS2005, §633A.1104
Section 633A.1105 – Trust terms control.
633A.1105 Trust terms control. The terms of a trust shall always control and take precedence over any section of this trust code to the contrary. If a term of the trust modifies or makes any section of this trust code inapplicable to the trust, the common law shall apply to any issues raised by such […]
Section 633A.1106 – General rule concerning application of the Iowa trust code.
633A.1106 General rule concerning application of the Iowa trust code. 1. This trust code applies to all trusts within the scope of this trust code, regardless of whether the trust was created before, on, or after July 1, 2000, except as otherwise stated in this trust code. 2. This trust code applies to all proceedings […]
Section 633A.1107 – Scope of trust code.
633A.1107 Scope of trust code. 1. Except as otherwise provided in subsection 2, this trust code shall apply to trusts, as defined in section 633A.1102, that are intentionally created, or deemed to be intentionally created, by individuals and other entities. 2. With regard to trusts described in section 633.10 that have not been judicially released […]
Section 633A.1108 – Governing law.
633A.1108 Governing law. 1. A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed, or the law of the jurisdiction in which at the time the trust was created the settlor was domiciled, had a place of abode, or […]
Section 633A.1109 – Methods of notice and document delivery — waiver.
633A.1109 Methods of notice and document delivery — waiver. Except as otherwise provided by this chapter: 1. Giving notice to a person, including notice of a judicial proceeding, or the sending of a document to a person under this chapter shall be accomplished in a manner reasonably suitable under the circumstances and likely to result […]
Section 633A.2101 – Methods of creating trusts.
633A.2101 Methods of creating trusts. A trust may be created by any of the following methods: 1. Transfer of property to another person as trustee during the settlor’s lifetime, or by will taking effect upon the settlor’s death. 2. Declaration by the owner of property that the owner holds property as trustee. 3. Exercise of […]
Section 633A.2102 – Requirements for validity.
633A.2102 Requirements for validity. 1. A trust is created only if all of the following elements are satisfied: a. The settlor was competent and indicated an intention to create a trust. b. The same person is not the sole trustee and sole beneficiary. c. The trust has a definite beneficiary or a beneficiary who will […]
Section 633A.2103 – Statute of frauds.
633A.2103 Statute of frauds. 1. A trust is enforceable when evidenced by either of the following: a. A written instrument signed by the trustee, or by the trustee’s agent if authorized in writing. b. A written instrument conveying the trust property signed by the settlor, or by the settlor’s agent if authorized in writing. 2. […]
Section 633A.2104 – Trust purposes.
633A.2104 Trust purposes. 1. A trust is created only if it has a private or charitable purpose that is not unlawful or against public policy. 2. A trust created for a private purpose must be administered for the benefit of its beneficiaries. 99 Acts, ch 125, §11, 109 C2001, §633.2104 2005 Acts, ch 38, §54 […]
Section 633A.2105 – Honorary trusts — trusts for pets.
633A.2105 Honorary trusts — trusts for pets. 1. A trust for a lawful noncharitable purpose for which there is no definite or definitely ascertainable beneficiary is valid but may be performed by the trustee for only twenty-one years, whether or not the terms of the trust contemplate a longer duration. 2. A trust for the […]
Section 633A.2106 – Resulting trusts.
633A.2106 Resulting trusts. 1. Where the owner of property gratuitously transfers the property and manifests in the trust instrument an intention that the transferee should hold the property in trust but the trust fails, the transferee holds the trust estate as a resulting trust for the transferor or the transferor’s estate, unless either of the […]
Section 633A.2107 – Constructive trusts.
633A.2107 Constructive trusts. A constructive trust arises when a person holding title to property is subject to an equitable duty to convey the property to another, on the ground that the person holding title would be unjustly enriched if the person were permitted to retain the property. 99 Acts, ch 125, §14, 109 C2001, §633.2107 […]
Section 633A.2201 – Termination of trust.
633A.2201 Termination of trust. 1. In addition to the methods specified in sections 633A.2202 through 633A.2206, a trust terminates when any of the following occurs: a. The term of the trust expires. b. The trust purpose is fulfilled. c. The trust purpose becomes unlawful or impossible to fulfill. d. The trust is revoked. 2. On […]
Section 633A.2202 – Modification or termination by settlor and all beneficiaries.
633A.2202 Modification or termination by settlor and all beneficiaries. 1. An irrevocable trust may be modified or terminated upon the consent of the settlor and all of the beneficiaries. 2. Upon termination of the trust, the trustee shall distribute the trust property as agreed by the settlor and all beneficiaries, or in the absence of […]
Section 633A.2203 – Termination of irrevocable trust or modification of dispositive provisions of irrevocable trust by court.
633A.2203 Termination of irrevocable trust or modification of dispositive provisions of irrevocable trust by court. 1. An irrevocable trust may be terminated or its dispositive provisions modified by the court with the consent of all of the beneficiaries if continuance of the trust on the same or different terms is not necessary to carry out […]
Section 633A.2204 – Modification of administrative provisions by court for change of circumstances.
633A.2204 Modification of administrative provisions by court for change of circumstances. On petition by a trustee or beneficiary, the court may modify the administrative provisions of the trust, if, owing to circumstances not known to the settlor and not anticipated by the settlor, the continuation of the trust under its terms would defeat or substantially […]