Text: HSB00743                          Text: HSB00745
Text: HSB00700 - HSB00799               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index



House Study Bill 744

Bill Text

PAG LIN
  1  1    Section 1.  Section 633.31, subsection 3, Code Supplement
  1  2 1999, is amended to read as follows:
  1  3    3.  The fee set forth in subsection 2, paragraph "k", shall
  1  4 not be charged on any property transferred to a testamentary
  1  5 trust from an estate that has been administered in this state
  1  6 and for which court costs have been assessed and paid.
  1  7    Sec. 2.  Section 633.32, subsections 1 and 2, Code 1999,
  1  8 are amended to read as follows:
  1  9    1.  On May June 1 and November December 1 of each year, the
  1 10 clerk shall notify the fiduciary and the fiduciary's attorney
  1 11 of any delinquent inventories or reports due by law in any
  1 12 pending estate, trust, guardianship, or conservatorship, and
  1 13 that unless such delinquent inventory or report is filed
  1 14 within sixty days thereafter, the matter shall be reported to
  1 15 the presiding judge.  If the delinquent inventory is not filed
  1 16 within the time so specified, the fiduciary will be subject to
  1 17 removal under the provisions of section 633.65 of this Code.
  1 18    2.  On July August 1 and January February 1 of each year,
  1 19 the clerk shall report to the presiding judge all delinquent
  1 20 inventories or reports in estates, trusts, guardianships or
  1 21 conservatorships on which such notice has been given and no
  1 22 report or inventory has been filed in response to the notice.
  1 23    Sec. 3.  Section 633.108, Code 1999, is amended to read as
  1 24 follows:
  1 25    633.108  SMALL DISTRIBUTIONS TO MINORS – PAYMENT.
  1 26    Whenever a minor becomes entitled under the terms of a will
  1 27 to a bequest or legacy, to a share of the estate of an
  1 28 intestate, or to a beneficial interest in a trust fund upon
  1 29 the distribution of the trust fund, and the value of the
  1 30 bequest, legacy, share, or interest does not exceed the sum of
  1 31 ten thousand dollars, and a conservator for the minor has not
  1 32 been appointed, the court having jurisdiction of the
  1 33 distribution of the funds may, in its discretion, upon the
  1 34 application of the fiduciary, enter an order authorizing the
  1 35 fiduciary to pay the bequest, legacy, share, or interest the
  2  1 personal representative or trustee may pay the bequest,
  2  2 legacy, share, or interest to a custodian under any uniform
  2  3 transfers to minors Act.  Receipt by the custodian, when
  2  4 presented to the court or filed with the report of
  2  5 distribution of the fiduciary, shall have the same force and
  2  6 effect as though the payment had been made to a duly appointed
  2  7 and qualified conservator for the minor.
  2  8    Sec. 4.  Section 633.271, Code 1999, is amended to read as
  2  9 follows:
  2 10    633.271  EFFECT OF DIVORCE OR DISSOLUTION.
  2 11    If after making a will the testator is divorced or the
  2 12 marriage is dissolved, all provisions in the will in favor of
  2 13 the testator's spouse, including but not limited to
  2 14 dispositions, appointments relating to property, and
  2 15 nominations to serve in any fiduciary or representative
  2 16 capacity, are thereby revoked.  In the event the testator and
  2 17 spouse remarry each other, the provisions of the will revoked
  2 18 by the divorce or dissolution of marriage shall be reinstated
  2 19 unless otherwise revoked by the testator.
  2 20    Sec. 5.  Section 633.304, unnumbered paragraph 2, Code
  2 21 1999, is amended to read as follows:
  2 22    As used in this section, "heir" means only such person as
  2 23 would, in an intestate estate, be entitled to a share under
  2 24 section 633.219, subsection 1, 2, or 3, or 4 of section
  2 25 633.219.
  2 26    Sec. 6.  Section 633.305, unnumbered paragraph 2, Code
  2 27 1999, is amended to read as follows:
  2 28    As used in this section, "heir" means only such person as
  2 29 would, in an intestate estate, be entitled to a share under
  2 30 section 633.219, subsection 1, 2, or 3, or 4 of section
  2 31 633.219.
  2 32    Sec. 7.  Section 633.705, Code 1999, is amended to read as
  2 33 follows:
  2 34    633.705  WHEN POWER OF ATTORNEY NOT AFFECTED BY DISABILITY.
  2 35    1.  Whenever a principal designates another the principal's
  3  1 attorney in fact or agent by a power of attorney in writing
  3  2 and the writing contains the words "This power of attorney
  3  3 shall not be affected by disability of the principal", or
  3  4 "This power of attorney shall become effective upon the
  3  5 disability of the principal", or similar words showing the
  3  6 intent of the principal that the authority conferred shall be
  3  7 exercisable notwithstanding the principal's disability, the
  3  8 authority of the attorney in fact or agent is exercisable as
  3  9 provided in the power on behalf of the principal
  3 10 notwithstanding later disability or incapacity of the
  3 11 principal or later uncertainty as to whether the principal is
  3 12 dead or alive.  All acts done by the attorney in fact or agent
  3 13 pursuant to the power during any period of disability or
  3 14 incompetence or uncertainty as to whether the principal is
  3 15 dead or alive have the same effect and inure to the benefit of
  3 16 and bind the principal and the principal's heirs, devisees and
  3 17 personal representatives as if the principal were alive,
  3 18 competent and not disabled.  If a conservator thereafter is
  3 19 appointed for the principal, the attorney in fact or agent,
  3 20 during the continuance of the appointment, shall account to
  3 21 the conservator rather than the principal, and the conservator
  3 22 shall have the power to revoke the power of attorney on behalf
  3 23 of the principal.
  3 24    2.  An affidavit, executed by the attorney in fact or agent
  3 25 stating that the attorney in fact or agent did not have, at
  3 26 the time of doing an act pursuant to the power of attorney,
  3 27 actual knowledge of the revocation or termination of the power
  3 28 of attorney by death or by the act of the principal, is, in
  3 29 the absence of fraud, conclusive proof of the nonrevocation or
  3 30 nontermination of the power at that time.  If the exercise of
  3 31 the power requires execution and delivery of any instrument
  3 32 which is recordable, the affidavit when properly acknowledged
  3 33 is also recordable.  
  3 34                           EXPLANATION
  3 35    This bill amends several sections of Code chapter 633
  4  1 relating to probate.
  4  2    The bill amends Code section 633.31 to specify that court
  4  3 costs are not taxable on any type of trust, whether it is
  4  4 testamentary or inter vivos.
  4  5    The bill amends Code section 633.32 to change the notice
  4  6 and reporting date schedule for delinquent inventories and
  4  7 reports due by law by one month.
  4  8    The bill amends Code section 633.108 to allow bequests of
  4  9 $10,000 or less to a minor to be paid to a custodian for the
  4 10 minor under the uniform transfers to minors Act, without a
  4 11 court order.
  4 12    The bill amends Code section 633.271 to specify that when a
  4 13 divorce of the testator revokes will provisions relating to
  4 14 the testator's spouse, the revocation includes dispositions,
  4 15 appointments of property, or nominations to serve in a
  4 16 fiduciary or representative capacity.
  4 17    The bill amends the definition of "heir" in Code sections
  4 18 633.304 and 633.305 as it relates to those who are entitled to
  4 19 receive notice of probate.  The amendment includes notice to
  4 20 grandparents or issue of grandparents of the decedent, in
  4 21 addition to the decedent's children and parents, in line with
  4 22 those entitled to inherit from an intestate estate under Code
  4 23 section 633.219.
  4 24    The bill amends Code section 633.705 to add a provision
  4 25 parallel to that contained in Code section 633.706 that allows
  4 26 an attorney in fact or agent to complete an affidavit that the
  4 27 attorney in fact or agent had no knowledge of the revocation
  4 28 or termination of a power of attorney at the time of an act
  4 29 pursuant to the power of attorney.  
  4 30 LSB 5716YC 78
  4 31 jj/gg/8
     

Text: HSB00743                          Text: HSB00745
Text: HSB00700 - HSB00799               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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