Iowa Code 637.611 – Total return unitrust administration
Current as of: 2023 | Check for updates
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In administering a total return unitrust, the trustee may, in the trustee‘s sole discretion but subject to the provisions of the governing instrument, determine all of the following:
1. The effective date of the conversion.
Terms Used In Iowa Code 637.611
- 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
- Income: means money or property a fiduciary receives as the current return from a principal asset. See Iowa Code 637.102
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Iowa Code 637.102
- year: means twelve consecutive months. See Iowa Code 4.1
2. The timing of distributions, including provisions for prorating a distribution for a short year in which a beneficiary‘s right to payments commences or ceases.
3. Whether distributions are to be made in cash or in kind or partly in cash and partly in kind.
4. If the trust is reconverted to an income trust, the effective date of such reconversion.
5. Such other administrative issues as may be necessary or appropriate to carry out the purposes of this subchapter.