Iowa Code 633A.2202 – Modification or termination by settlor and all beneficiaries
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Terms Used In Iowa Code 633A.2202
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- Trustee: A person or institution holding and administering property in trust.
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 unanimous agreement, as ordered by the court.
3. For purposes of this section, the consent of a person who may bind a beneficiary or otherwise act on a beneficiary’s behalf is considered the consent of the beneficiary.
99 Acts, ch 125, §16, 109
C2001, §633.2202
2005 Acts, ch 38, §54
CS2005, §633A.2202
Referred to in §633A.2201, 633A.4805, 633A.6301
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 unanimous agreement, as ordered by the court.
3. For purposes of this section, the consent of a person who may bind a beneficiary or otherwise act on a beneficiary’s behalf is considered the consent of the beneficiary.
99 Acts, ch 125, §16, 109
C2001, §633.2202
2005 Acts, ch 38, §54
CS2005, §633A.2202
Referred to in §633A.2201, 633A.4805, 633A.6301