House Journal: Page 735: Tuesday, March 14, 2000
16 trusts, whether or not their terms are similar, if the
17 court determines that dividing the trust is in the
18 best interest of the beneficiaries and will not defeat
19 or substantially impair the accomplishment of the
20 trust purposes or the rights of the beneficiaries. To
21 facilitate the division, the trustee may divide the
22 trust assets in kind, by pro rata or non-pro rata
23 division, or by any combination of the methods.
24 Sec. ___. Section 633.3101, subsection 1, as
25 enacted by 1999 Iowa Acts, chapter 125, section 25, is
26 amended to read as follows:
27 1. The competency necessary to To create, revoke,
28 or modify a revocable trust, that contains dispositive
29 provisions upon the death of the settlor is the same
30 as the competency required to make a will must be
31 competent. An aggrieved person shall have all causes
32 of action and remedies available to the aggrieved
33 person in attacking the creation, revocation, or
34 modification of a revocable trust as one would if
35 attacking the propriety of the execution of a will.
36 Sec. ___. Section 633.3104, subsection 2, as
37 enacted by 1999 Iowa Acts, chapter 125, section 28, is
38 amended to read as follows:
39 2. Following the death of a settlor, the property
40 of a revocable trust subject to the settlor's power of
41 revocation at the time of death is subject to the
42 claims of the settlor's creditors and costs of
43 administration of the settlor's estate to the extent
44 of the value of the property over which the settlor's
45 settlor had a power of revocation and, if the
46 settlor's estate is inadequate to satisfy those claims
47 and costs.
48 Sec. ___. Section 633.3107, subsection 1, as
49 enacted by 1999 Iowa Acts, chapter 125, section 31, is
50 amended to read as follows:
Page 4
1 1. If, after executing a revocable trust, the
2 settlor is divorced or the settlor's marriage is
3 dissolved, all provisions in the trust in favor of the
4 settlor's spouse including, but not limited to,
5 dispositions, appointments of property, and
6 nominations to serve in any fiduciary or
7 representative capacity are revoked by divorce or
8 dissolution of marriage.
9 Sec. ___. Section 633.3108, as enacted by 1999
10 Iowa Acts, chapter 125, section 32, is amended to read
11 as follows:
12 633.3108 LIMITATION ON CONTEST OF REVOCABLE TRUST.
13 Unless notice is given as provided in section
14 633.3109, the following provisions shall apply:
© 2000 Cornell College and
League of Women Voters of Iowa
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