Iowa Code 633F.6 – Single beneficiaries — separate trust accounts
Current as of: 2023 | Check for updates
|
Other versions
1. Beneficial interests in a custodial trust shall not be created for multiple beneficiaries.
Terms Used In Iowa Code 633F.6
- 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
- property: includes personal and real property. See Iowa Code 4.1
- Trustee: A person or institution holding and administering property in trust.
2. All custodial trust property held under this chapter by the same custodial trustee for the use and benefit of a single beneficiary may be administered as a single custodial trust.