1. During the lifetime of the settlor, the trust property of a revocable trust is subject to the claims of the settlor's creditors to the extent of the settlor's power of revocation.
2. Following the death of a settlor, the property of a revocable trust subject to the settlor's power of revocation at the time of death is subject to the claims of the settlor's creditors and costs of administration of the settlor's estate to the extent of the value of the property over which the settlor had a power of revocation, if the settlor's estate is inadequate to satisfy those claims and costs.
99 Acts, ch 125, §28, 109; 2000 Acts, ch 1150, §15
Referred to in § 633.3109
Section effective July 1, 2000; 99 Acts, ch 125, §109
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