1. When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing property for the benefit of another, a fiduciary shall consider all of the following circumstances along with the circumstances identified in section 633A.4302, if applicable:

 a. The length of time the fiduciary will have control over the estate assets and the anticipated costs of complying with the provisions of this section.
 b. The unique nature of all of the following:

 (1) The duties of a personal representative or conservator.
 (2) The assets, income, expenses, and distribution requirements of the estate.
 (3) The needs and rights of the beneficiaries or the ward.
 c. The express provisions of a will, codicil, or other controlling instrument.
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Terms Used In Iowa Code 633.123

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
  • 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
  • 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
  • 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
  • Personal representative: includes executor and administrator. See Iowa Code 633.3
  • Property: includes both real and personal property. See Iowa Code 633.3
 2. The standards identified in this section shall be applied differently than similar standards for investment and management of trust property. Special consideration shall be given to the expected term of estates. Because some estates will have limited duration, there may be situations where an investment or a change in an investment is not warranted.
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