1. Whenever a person becomes entitled under the terms of a will to a bequest or legacy, or to a share of the estate of an intestate, and the value of the bequest, legacy, or share does not exceed the sum of fifty thousand dollars, the personal representative may pay the bequest, legacy, or interest to a fiduciary acting under one or more of the accounts referenced in subsection 2.

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Terms Used In Iowa Code 633.108

  • Bequest: Property gifted by will.
  • Bequest: includes the word "devise" when used as a noun. See Iowa Code 633.3
  • Conservator: means a person appointed by the court to have the custody and control of the property of an adult under the provisions of this chapter. See Iowa Code 633.701
  • Court: means , when referring to a court of this state, the district court sitting in probate with jurisdiction of conservatorships and guardianships. See Iowa Code 633.701
  • Estate: means the real and personal property of either a decedent or a ward, and may also refer to the real and personal property of a trust described in section 633. See Iowa Code 633.3
  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary: includes personal representative, executor, administrator, guardian, conservator, and the trustee of any trust described in section 633. See Iowa Code 633.3
  • Intestate: Dying without leaving a will.
  • Legacy: means a testamentary disposition of personal property. See Iowa Code 633.3
  • Legacy: A gift of property made by will.
  • Minor: means a person who is not of full age. See Iowa Code 633.3
  • Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, or government; governmental subdivision, agency, or instrumentality; or any other legal or commercial entity. See Iowa Code 633.701
  • Personal representative: includes executor and administrator. See Iowa Code 633.3
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, a federally recognized Indian tribe, or any territory or insular possession subject to the jurisdiction of the United States. See Iowa Code 633.701
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
 2. Receipt by the custodian, when presented to the court or filed with the report of distribution of the fiduciary, shall have the same force and effect as though the payment had been made to a duly appointed and qualified conservator for the person entitled to them:

 a. A uniform transfer to minor account established for the minor pursuant to chapter 565B or the laws of any other state.
 b. A uniform custodial trust account established for the minor pursuant to chapter 633F or the laws of any other state.
 c. A college savings plan account established for the minor pursuant to Internal Revenue Code section 529 or chapter 12D.
 d. An ABLE account established for the minor with disabilities pursuant to Internal Revenue Code section 529A or chapter 12I.