Iowa Code § 633E.1
Short title
This chapter shall be known and may be cited as the “Iowa Uniform Disclaimer of Property Interest Act”.
Iowa Code Chapter 633E — Uniform Disclaimer of Property Interest Act
Iowa · statute · Iowa Code ch. 633E · 17 active provisions
Iowa Code § 633E.2
Definitions
For purposes of this chapter, the following definitions shall apply: 1. “Disclaimant” means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made. 2. “Disclaimed interest” means the interest the disclaimant refuses to accept that would have passed to the disclaimant had th…
Iowa Code § 633E.3
Scope
This chapter applies to disclaimers of any interest in or power over property, whenever and however created.
Iowa Code § 633E.4
Tax qualified disclaimer
Except as provided in sections 633E.13 and 633E.15, notwithstanding any other provision of this chapter, any disclaimer or transfer that meets the requirements of section 2518 of the Internal Revenue Code, and the regulations promulgated thereunder, for the purpose of being a tax qualified disclaimer with the effect th…
Iowa Code § 633E.5
Power to disclaim — general requirements — when irrevocable
1. A person may disclaim, in whole or in part, any interest in or power over property, including a power of appointment, whenever and however acquired. A person may disclaim the interest or power even if its creator imposed a spendthrift provision or similar restriction on transfer or a restriction or limitation on the…
Iowa Code § 633E.6
Effect of disclaimer of interest in property
1. As used in this section: a. “Future interest” means an interest that takes effect in possession or enjoyment, if at all, later than the time of its creation. b. “Time of distribution” means the time when a disclaimed interest would have taken effect in possession or enjoyment. 2. Except for a disclaimer governed by…
Iowa Code § 633E.7
Disclaimer of rights of survivorship in jointly held property
1. Upon the death of a holder of jointly held property, either of the following may occur: a. If, during the deceased holder’s lifetime, the deceased holder could have unilaterally regained a portion of the property attributable to the deceased holder’s contribution without the consent of any other holder, a surviving…
Iowa Code § 633E.8
Disclaimer of interest by trustee
If a trustee disclaims an interest in property that otherwise would have become trust property, the interest does not become trust property.
Iowa Code § 633E.9
Disclaimer of power of appointment or other power not held in fiduciary capacity
If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the following rules shall apply: 1. If the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable. 2. If the holder has exercised the power and the…
Iowa Code § 633E.10
Disclaimer by appointee, object, or taker in default of exercise of power of appointment
1. For purposes of this section, all of the following rules shall apply: a. An appointee is a person to whom a holder of a power has effectively appointed the property subject to the power. b. An object of a power is a person to whom a holder of a power may appoint the property subject to the power sometime in the futu…
Iowa Code § 633E.11
Disclaimer of power held in fiduciary capacity
1. If a fiduciary disclaims a power held in a fiduciary capacity which has not been exercised, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable. 2. If a fiduciary disclaims a power held in a fiduciary capacity which has been exercised, the disclaimer takes effect immediat…
Iowa Code § 633E.12
Delivery or filing
1. For the purposes of this section, “beneficiary designation” means an instrument, other than an instrument creating a trust, naming the beneficiary of any of the following: a. An annuity or insurance policy. b. An account with a designation for payment on death. c. A security registered in beneficiary form. d. A pens…
Iowa Code § 633E.13
When disclaimer barred or limited
1. A disclaimer is barred by a written waiver of the right to disclaim. 2. A disclaimer of an interest in property is barred if any of the following events occur before the disclaimer becomes effective: a. The disclaimant accepts the interest sought to be disclaimed. b. The disclaimant voluntarily assigns, conveys, enc…
Iowa Code § 633E.14
Chapter supplemented by other law
1. Unless displaced by a provision of this chapter, the principles of law and equity supplement this chapter. 2. This chapter does not limit any right of a person to disclaim an interest in or power over property under a statute other than this chapter.
Iowa Code § 633E.15
Medical assistance eligibility
A disclaimer of any property, interest, or right pursuant to the provisions of this chapter constitutes a transfer of assets for the purpose of determining eligibility for medical assistance under chapter 249A in an amount equal to the value of the property, interest, or right disclaimed.
Iowa Code § 633E.16
Application to existing relationship
Except as otherwise provided in section 633E.13, an interest in or power over property existing on July 1, 2004, as to which the time for delivering or filing a disclaimer under law superseded by this chapter has not expired may be disclaimed after July 1, 2004.
Iowa Code § 633E.17
Severability
If any provision of this chapter or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or application of the chapter which can be given effect without the invalid provisions or application, and to this end, the provisions of the chapter are severable.