House Journal: Page 736: Tuesday, March 14, 2000
15 1. Unless previously barred by adjudication,
16 consent, or other limitation, a proceeding to contest
17 the validity of a revocable trust must be brought no
18 later than one year following the death of the
19 settlor.
20 2. Unless the trustee is a party to a pending
21 proceeding contesting its validity, six months
22 following the death of the settlor, the trustee of a
23 revocable trust may assume the trust's validity and
24 proceed to distribute the trust property in accordance
25 with the terms of the trust, without liability for so
26 doing. Liability for an improper distribution in such
27 a case is solely on the beneficiaries.
28 3. If notice is given pursuant to section
29 633.3109, the six month period in subsection 2 is
30 ineffectual and the applicable time period shall be
31 determined by section 633.3109.
32 Sec. ___. Section 633.3109, as enacted by 1999
33 Iowa Acts, chapter 125, section 33, is amended to read
34 as follows:
35 633.3109 NOTICE TO CREDITORS, HEIRS, SPOUSE, AND
36 BENEFICIARIES.
37 1. As used in this section, "intestate heir" means
38 only such person as would, in an intestate estate, be
39 entitled to a share under section 633.219, subsection
40 1, 2, or 3, or 4.
41 2. a creditor of a deceased settlor of a revocable
42 trust must bring suit to enforce its claim against the
43 assets of the decedent's trust within one year of the
44 decedent's death or be forever barred from collection
45 against the trust assets. If a probate administration
46 is commenced for the decedent and notice is properly
47 given pursuant to section 633.230 or 633.304, a
48 creditor's rights shall be determined under those
49 sections and section 633.3104.
50 3. If no notice is given to creditors and heirs
Page 5
1 pursuant to subsection 1 2, a creditor's rights may be
2 established or terminated if the trustee gives notice
3 as follows:
4 a. The trustee shall publish a notice once each
5 week for two consecutive weeks in a daily or weekly
6 newspaper of general circulation published in the
7 county in which the settlor was domiciled decedent was
8 a resident at the time of death, and in any county of
9 which the decedent was a nonresident but in which some
10 real estate of the trust is located. If the decedent
11 was not a resident of Iowa, but the principal place of
12 administration is in Iowa, the trustee shall publish
13 notice in the county that is the principal place of
© 2000 Cornell College and
League of Women Voters of Iowa
Comments about this site or page?
hjourn@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Mar 15 14:30:00 CST 2000
URL: /DOCS/GA/78GA/Session.2/HJournal/00700/00736.html
jhf