House
File
2484
-
Enrolled
House
File
2484
AN
ACT
RELATING
TO
TRUSTS,
INCLUDING
OPTIONAL
NOTICES
TO
CREDITORS
WHEN
A
WILL
HAS
BEEN
ADMITTED
TO
PROBATE
WITHOUT
ADMINISTRATION
AND
THE
TRUST
IS
THE
BENEFICIARY
OF
THE
ESTATE,
TRUST
ACCOUNTING,
SPECIFIC
POWERS
OF
A
TRUSTEE,
AND
REPRESENTATION
OF
HOLDERS
OF
POWER
AND
SIMILAR
INTERESTS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
633A.3110,
Code
2022,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
12.
The
form
of
notice
set
forth
in
subsection
5
may
also
contain
the
following
optional
language
in
substantially
the
following
form
which,
if
included,
shall
serve
to
bar
any
claim
against
the
assets
of
the
decedent’s
estate
in
the
same
manner
and
subject
to
the
same
limitations
as
provided
in
section
633A.3109
with
respect
to
the
assets
of
the
trust:
Notice
is
further
given
that
the
will
of
the
decedent
has
been
admitted
to
probate
without
present
administration
in
the
[above-named]
court,
that
such
will
designates
the
trust
as
the
residual
beneficiary
of
the
estate,
that
all
persons
indebted
to
the
estate
of
the
decedent
are
requested
to
make
immediate
payment
to
the
undersigned
trustee,
and
that
any
person
or
entity
possessing
a
claim
against
the
estate
must
mail
proof
House
File
2484,
p.
2
of
the
claim
to
the
trustee
at
the
address
listed
below
by
certified
mail,
return
receipt
requested,
by
the
later
to
occur
of
four
months
from
the
date
of
the
second
publication
of
this
notice
or
thirty
days
from
the
date
of
mailing
this
notice
if
required,
or
the
claim
shall
be
forever
barred,
unless
paid
or
otherwise
satisfied.
Sec.
2.
Section
633A.4213,
subsection
3,
Code
2022,
is
amended
to
read
as
follows:
3.
Except
as
provided
in
subsection
4
,
a
trustee
shall
provide
annually
to
each
adult
beneficiary
and
the
representative
of
any
minor
or
incompetent
beneficiary
who
may
receive
a
distribution
of
income
or
principal
during
the
accounting
time
period,
an
accounting,
unless
an
accounting
has
been
waived
specifically
for
that
accounting
time
period.
Upon
request,
the
accounting
shall
include
the
beginning
balance
and
the
ending
balance.
Sec.
3.
Section
633A.4402,
subsection
27,
unnumbered
paragraph
1,
Code
2022,
is
amended
to
read
as
follows:
With
respect
to
any
actual
or
potential
violation
of
any
environmental
law
affecting
property
held
directly
or
indirectly
by
the
trustee,
a
trustee
shall
may
do
all
of
the
following:
Sec.
4.
Section
633A.6302,
Code
2022,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
3.
To
the
extent
there
is
no
conflict
of
interest
with
respect
to
the
fiduciary
matter,
the
person
or
persons
holding
a
limited
power
of
appointment
and
the
taker
or
takers
in
default
of
the
exercise
of
such
power
may
together
represent
and
bind
persons
whose
interests
are
dependent
on
the
affirmative
exercise
of
such
power
of
appointment
by
the
holder
or
holders
of
the
power.
Sec.
5.
Section
633A.6304,
Code
2022,
is
amended
to
read
as
follows:
633A.6304
Representation
by
holders
of
similar
interests.
Unless
otherwise
represented,
a
minor
,
or
an
incompetent,
unborn,
or
unascertained
person
,
or
a
remote
contingent
beneficiary
may
be
represented
by
and
bound
by
another
person
having
a
substantially
identical
interest
with
respect
to
the
House
File
2484,
p.
3
fiduciary
matter
but
only
to
the
extent
that
the
person’s
interest
is
adequately
represented.
______________________________
PAT
GRASSLEY
Speaker
of
the
House
______________________________
JAKE
CHAPMAN
President
of
the
Senate
I
hereby
certify
that
this
bill
originated
in
the
House
and
is
known
as
House
File
2484,
Eighty-ninth
General
Assembly.
______________________________
MEGHAN
NELSON
Chief
Clerk
of
the
House
Approved
_______________,
2022
______________________________
KIM
REYNOLDS
Governor