Iowa Code 633A.4805 – Powers of trust protector
Current as of: 2023 | Check for updates
|
Other versions
1. The powers of a trust protector are as provided in the governing instrument and may be exercised or not exercised, in the best interests of the beneficiaries as a class, in the sole and absolute discretion of the trust protector and are binding on all other persons. The powers may include the following:
a. Modify or amend the trust instrument to achieve favorable tax status or respond to changes in the Internal Revenue Code, state law, or the rulings and regulations thereunder.
b. Increase or decrease the interests of any beneficiaries to the trust.
c. Modify the terms of any power of appointment granted by the trust. However, a modification or amendment shall not grant a beneficial interest to any individual or class of individuals not specifically provided for under the trust instrument.
d. Remove and appoint a trustee, trust director, or other person designated in the governing trust instrument.
e. Terminate the trust.
f. Veto or direct trust distributions.
g. Change situs of the trust.
h. Change the governing law of the trust.
i. Appoint a successor trust protector.
j. Interpret terms of the trust instrument at the request of the trustee.
k. Advise the trustee on matters concerning a beneficiary.
l. Amend or modify the trust instrument to take advantage of laws governing restraints on alienation, distribution of trust property, or the administration of the trust.
m. Provide direction regarding notification of qualified beneficiaries pursuant to section 633A.4213.
n. Add to the trust an individual beneficiary or beneficiaries from a class of individuals identified in the governing instrument.
o. Add to the trust a charitable beneficiary or beneficiaries from a class of charities identified in the trust instrument.
p. Provide other powers in the governing instrument.
Terms Used In Iowa Code 633A.4805
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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
- State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See Iowa Code 633D.2
- Trustee: A person or institution holding and administering property in trust.
2. The powers referenced in subsection 1, paragraphs “e”,“f”, and “l”, may be granted notwithstanding the provisions of sections 633A.2201 through 633A.2208.