Iowa Code 633A.4101 – Acceptance or declination to serve as trustee
Current as of: 2023 | Check for updates
|
Other versions
1. A person named as trustee accepts the office of trustee by doing one of the following:
a. Signing the trust instrument, or signing a separate written acceptance.
b. Except as provided in subsection 3, knowingly accepting delivery of the trust property or exercising powers or performing duties as trustee.
Terms Used In Iowa Code 633A.4101
- 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
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- Trustee: A person or institution holding and administering property in trust.
2. A person named as trustee who has not yet accepted the office of trustee may in writing decline to serve as trustee.
3. If there is an immediate risk of damage to the trust property, the person named as trustee may act to preserve the trust property without accepting the office of trustee, if within a reasonable time after acting, the person delivers a written declination to serve to the settlor, or if the settlor is dead or lacks capacity, to the beneficiaries eligible to receive income or principal distributions from the trust.