Iowa Code 633A.4304 – Duties at inception of trusteeship
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Terms Used In Iowa Code 633A.4304
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- property: includes personal and real property. See Iowa Code 4.1
- Trustee: A person or institution holding and administering property in trust.
Within a reasonable time after accepting a trusteeship or receiving trust property, a trustee shall review the trust property and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this part.