Iowa Code 633B.211 – Estates, trusts, and other beneficial interests
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 633B.211
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fiduciary: A trustee, executor, or administrator.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Probate: Proving a will
- property: includes personal and real property. See Iowa Code 4.1
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements, hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Iowa Code 4.1
- Trustee: A person or institution holding and administering property in trust.
633B.211 Estates, trusts, and other beneficial interests.
1. In this section, “”estate, trust, or other beneficial interest”” means a trust, probate estate, guardianship, conservatorship, escrow, or custodianship, or a fund from which the principal is, may become, or claims to be, entitled to a share or payment.
2. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to estates, trusts, and other beneficial interests authorizes the agent to do all of the following:
a. Accept, receive, provide a receipt for, sell, assign, pledge, or exchange a share in or payment from an estate, trust, or other beneficial interest.
b. Demand or obtain money or another thing of value to which the principal is, may become, or claims to be, entitled by reason of an estate, trust, or other beneficial interest, by litigation or otherwise.
c. Exercise for the benefit of the principal a presently exercisable general power of appointment held by the principal.
d. Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to ascertain the meaning, validity, or effect of a deed, will, declaration of trust, or other instrument or transaction affecting the interest of the principal.
e. Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to remove, substitute, or surcharge a fiduciary.
f. Conserve, invest, disburse, or use any assets received for an authorized purpose.
g. Transfer an interest of the principal in real property, stocks and bonds, accounts with financial institutions or securities intermediaries, insurance, annuities, and other property to the trustee of a revocable trust created by the principal as settlor.
h. Establish a medical assistance special needs trust pursuant to chapter 633C for the benefit of the principal and transfer an interest of the principal in real property, stocks and bonds, accounts with financial institutions or securities intermediaries, insurance, annuities, and other property to the trustee of any such trust.
i. Establish a medical assistance income trust pursuant to chapter 633C for the benefit of the principal and transfer an income interest of the principal to the trustee of any such trust.
2014 Acts, ch 1078, §36; 2016 Acts, ch 1088, §6, 8, 9; 2023 Acts, ch 124, §8
Referred to in §633B.201, 633B.202, 633B.203
Subsection 2, NEW paragraphs h and i
1. In this section, “”estate, trust, or other beneficial interest”” means a trust, probate estate, guardianship, conservatorship, escrow, or custodianship, or a fund from which the principal is, may become, or claims to be, entitled to a share or payment.
2. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to estates, trusts, and other beneficial interests authorizes the agent to do all of the following:
a. Accept, receive, provide a receipt for, sell, assign, pledge, or exchange a share in or payment from an estate, trust, or other beneficial interest.
b. Demand or obtain money or another thing of value to which the principal is, may become, or claims to be, entitled by reason of an estate, trust, or other beneficial interest, by litigation or otherwise.
c. Exercise for the benefit of the principal a presently exercisable general power of appointment held by the principal.
d. Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to ascertain the meaning, validity, or effect of a deed, will, declaration of trust, or other instrument or transaction affecting the interest of the principal.
e. Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to remove, substitute, or surcharge a fiduciary.
f. Conserve, invest, disburse, or use any assets received for an authorized purpose.
g. Transfer an interest of the principal in real property, stocks and bonds, accounts with financial institutions or securities intermediaries, insurance, annuities, and other property to the trustee of a revocable trust created by the principal as settlor.
h. Establish a medical assistance special needs trust pursuant to chapter 633C for the benefit of the principal and transfer an interest of the principal in real property, stocks and bonds, accounts with financial institutions or securities intermediaries, insurance, annuities, and other property to the trustee of any such trust.
i. Establish a medical assistance income trust pursuant to chapter 633C for the benefit of the principal and transfer an income interest of the principal to the trustee of any such trust.
2014 Acts, ch 1078, §36; 2016 Acts, ch 1088, §6, 8, 9; 2023 Acts, ch 124, §8
Referred to in §633B.201, 633B.202, 633B.203
Subsection 2, NEW paragraphs h and i