Iowa Code 633A.3102 – Revocation or modification
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1. Unless the terms of the trust expressly provide that the trust is irrevocable, the settlor may revoke or modify the trust. This subsection does not apply to trusts created under instruments executed before July 1, 2000.
Terms Used In Iowa Code 633A.3102
- Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
- Devise: To gift property by will.
- 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
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- property: includes personal and real property. See Iowa Code 4.1
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Trustee: A person or institution holding and administering property in trust.
2. Except as otherwise provided by the terms of the trust, if a trust is created or funded by more than one settlor, each settlor may revoke or modify the trust as to the portion of the trust contributed by that settlor.
3. A trust that is revocable by the settlor may be revoked or modified by any of the following methods:
a. By compliance with any method specified by the terms of the trust.
b. Unless the terms of the trust expressly make the method specified exclusive, then either of the following:
(1) By a writing, other than a will, signed by the settlor and delivered to the trustee during the settlor’s lifetime.
(2) By a later will or codicil expressly referring to the trust and which makes a devise of the property that would otherwise have passed by the terms of the trust.
4. Upon termination of a revocable trust, the trustee must distribute the trust property as the settlor directs.
5. The settlor’s powers with respect to revocation or modification may be exercised by an agent under a power of attorney only if all of the following apply:
a. The trust instrument expressly authorizes an agent under a power of attorney to exercise such powers.
b. The power of attorney expressly authorizes an agent acting under the power of attorney to exercise such powers.