Iowa Code 633F.15 – Reporting and accounting by custodial trustee — determination of liability of custodial trustee
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1. Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property as follows:
a. Once each year.
b. Upon request at reasonable times, but not more than quarterly during any calendar year, by the beneficiary or the beneficiary’s legal representative.
c. Upon resignation or removal of the custodial trustee.
d. Upon termination of the custodial trust.
Terms Used In Iowa Code 633F.15
- 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
- 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
- Records: includes probate and other official public records, as well as records in the office of the county recorder. See Iowa Code 614.29
- Trustee: A person or institution holding and administering property in trust.
- year: means twelve consecutive months. See Iowa Code 4.1
2. The statements must be provided to the beneficiary or to the beneficiary’s legal representative, if any. Upon termination of the beneficiary’s interest, the custodial trustee shall furnish a current statement to the person to whom the custodial trust property is to be delivered.
3. A substitute or successor custodial trustee designated under section 633F.3, a beneficiary, the beneficiary’s legal representative, a member of the beneficiary’s family, or a person interested in the custodial trust property may petition the court for an accounting by the custodial trustee or the custodial trustee’s legal representative.
4. A successor custodial trustee may petition the court for an accounting by a predecessor custodial trustee.
5. In an action or proceeding under this chapter or in any other proceeding, the court may require or permit the custodial trustee or the custodial trustee’s legal representative to account. The custodial trustee or the custodial trustee’s legal representative may petition the court for approval of final accounts.
6. If a custodial trustee is removed, the court shall require an accounting and order delivery of the custodial trust property and records to the successor custodial trustee and the execution of all instruments required for transfer of the custodial trust property.
7. On petition of the custodial trustee or any person who could petition for an accounting, the court, after notice to interested persons, may issue instructions to the custodial trustee or review the propriety of the acts of a custodial trustee or the reasonableness of compensation determined by the custodial trustee for the services of the custodial trustee or others.