1. As used in this section, "trustee's fee" includes a trustee's periodic base fee, rate of percentage compensation, minimum fee, hourly rate, and transaction charge, but does not include fees for extraordinary services.
2. A trustee shall not charge an increased trustee's fee for administration of a trust unless the trustee first gives at least thirty days' written notice of the increased fee to all of the following beneficiaries:
a. Each beneficiary who is entitled to an accounting under section 633.4213, subsection 6.
b. Each beneficiary who was given the last preceding accounting.
c. Each beneficiary who has made a written request to the trustee for notice of an increased trustee's fee, and has given an address for receiving notice by mail.
3. If a beneficiary files a petition for review of an increased trustee's fee or for removal of a trustee and serves a copy of the petition on the trustee within the thirty-day period, the increased fee does not take effect until otherwise ordered by the court or the petition is dismissed.
99 Acts, ch 125, §46, 109; 2000 Acts, ch 1150, §24
Section effective July 1, 2000; 99 Acts, ch 125, §109
Previous Section 633.4110
Next Section 633.4201
© 2001 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Mon Jan 22 17:13:42 CST 2001