Iowa Code 633A.3109 – Limitation on creditor rights against revocable trust assets after settlor’s death
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1. If notice is published or given as provided in section 633A.3110 within one year of the settlor’s death, any claim against the trust assets will be forever barred unless the creditor files a claim as provided for and within the period specified in the notice.
Terms Used In Iowa Code 633A.3109
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- Probate: Proving a will
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- year: means twelve consecutive months. See Iowa Code 4.1
2. If notice is not published or given, a creditor of a deceased settlor of a revocable trust must bring suit to enforce its claim against the assets of the decedent‘s trust within one year of the decedent’s death or be forever barred from collecting against the trust assets. The one-year limitation period shall not be extended by the commencement of probate administration for the settlor.
3. The notice under sections 633.230 and 633.304 in probate of the settlor’s estate does not affect a creditor’s claim under this section.