Iowa · statute · Iowa Code ch. 633F · 21 active provisions
For purposes of this chapter: 1. “Adult” means an individual who is at least eighteen years of age. 2. “Beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under this chapter. 3. “Consent” means affir…
1. A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary, an individual who may be the transferor, in which the transferee is designated, in substance,…
1. A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by:“as custodial trustee for __________________ (name of beneficiary) under…
1. Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter upon the custodial trustee’s acceptance, express or implied, of the custodial trust property. 2. The custodial trustee’s acceptance may be evidenced by a writing stating in substance:CUSTODI…
1. Unless otherwise directed by an instrument designating a custodial trustee pursuant to section 633F.3, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual may make a transfer to a beneficiary’s legal representative and if none, to a memb…
1. Beneficial interests in a custodial trust shall not be created for multiple beneficiaries. 2. All custodial trust property held under this chapter by the same custodial trustee for the use and benefit of a single beneficiary may be administered as a single custodial trust.
1. If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. 2. If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or retention of the custodial trust property. I…
1. A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only. 2. This section does not relieve a custodial…
1. A custodial trustee shall pay to the beneficiary or expend for the beneficiary’s use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. 2. If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the cus…
1. The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary in any of the following circumstances: a. The custodial trust was created under section 633F.5. b. The transferor has so directed in the instrument creating the custodial trust. c. The custodial trustee has determined that…
1. A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. 2. A third person who receives instructions from the purported custodial trustee may require such custodi…
1. A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custodial trust, may be asserted by a third person against the custodial trust proper…
1. Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation, the transferor, or the transferor’s legal representative. If an event giving rise to a transfer has not occurred, the substitute custodial trustee designated…
Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, all of the following are true: 1. A custodial trustee is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services…
1. Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property as follows: a. Once each year. b. Upon request at reasonable times, b…
1. Except as provided in subsection 3, unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered, or the legal representative of an…
1. Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: a. To the beneficiary, if not incapacitated or deceased. b. To the beneficiary’s legal representative or other recipient designated by the court for an incapacitated beneficiary. c. Upon the beneficia…
1. If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of section 633F.2 are satisfied by any of the following: a. The execution and either delivery to the custodial trustee or recording of an instrument in substantially the foll…
1. This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in this state or custodial trust property is located in th…
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
This chapter shall be known and may be cited as the “Iowa Uniform Custodial Trust Act”.