Iowa Code 633.681 – Exhausted or minimal assets of minor protected person
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1. When the assets of a minor protected person‘s conservatorship are exhausted or consist of personal property only of an aggregate value not in excess of fifty thousand dollars, the court, upon application or upon its own motion, may terminate the conservatorship. The order for termination shall direct the conservator to deliver any property remaining after the payment of allowed claims and expenses of administration to a fiduciary acting under one or more of the following accounts:
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 or the laws of any other state.
d. An ABLE account established for the minor with disabilities pursuant to Internal Revenue Code section 529A or chapter 12I or the laws of any other state.
Terms Used In Iowa Code 633.681
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- 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
- 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
- Property: includes both real and personal property. See Iowa Code 633.3
- Protected person: means an adult for whom a conservatorship has been issued. See Iowa Code 633.701
- 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. Such delivery shall have the same force and effect as if delivery had been made to the protected person after attaining majority.