House File 628 - Introduced
HOUSE FILE
BY HORBACH
Passed House, Date Passed Senate, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act relating to a surviving spouse's elective share involving
2 a revocable trust and including an effective and retroactive
3 applicability provision.
4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
5 TLSB 2300HH 82
6 rh/cf/24
PAG LIN
1 1 Section 1. Section 633.237, subsection 2, Code 2007, is
1 2 amended to read as follows:
1 3 2. Following the death of a settlor of a revocable trust,
1 4 the trustee of such revocable trust who is not the spouse
1 5 shall cause to be served a written notice upon the surviving
1 6 spouse pursuant to section 633.40, subsection 5, notifying the
1 7 surviving spouse that unless, within four months after service
1 8 of the notice, the spouse files an election with the trustee
1 9 electing the share as set forth in section 633.236 and
1 10 sections 633.238 633.239 through 633.246, the spouse shall be
1 11 deemed to take under the terms of the revocable trust. If,
1 12 within the four=month period following service of the notice,
1 13 an affidavit is filed setting forth that the surviving spouse
1 14 is incapable of making the election and does not have a
1 15 conservator, the trustee shall make application to the court
1 16 for an order pursuant to section 633.244.
1 17 Sec. 2. Section 633.238, subsection 1, paragraph d, Code
1 18 2007, is amended by striking the paragraph.
1 19 Sec. 3. Section 633.238, subsection 2, Code 2007, is
1 20 amended to read as follows:
1 21 2. The elective share described in this section shall be
1 22 in lieu of any property the spouse would otherwise receive
1 23 under the last will and testament of the decedent, through
1 24 intestacy, or under the terms of a revocable trust.
1 25 Sec. 4. EFFECTIVE AND RETROACTIVE APPLICABILITY DATE.
1 26 This Act, being deemed of immediate importance, takes effect
1 27 upon enactment and applies to all estates of decedents dying
1 28 on or after September 25, 2003.
1 29 EXPLANATION
1 30 This bill relates to a surviving spouse's elective share
1 31 involving a revocable trust.
1 32 Current law provides that the assets held in a revocable
1 33 trust created by a deceased spouse during the deceased
1 34 spouse's lifetime can be included in a surviving spouse's
1 35 statutory share following the surviving spouse's election
2 1 against the will of the decedent spouse pursuant to Code
2 2 section 633.238. The bill provides that such assets held in a
2 3 revocable trust shall not be subject to a surviving spouse's
2 4 elective share when the spouse elects to take against the
2 5 deceased spouse's will.
2 6 The bill takes effect upon enactment and applies to all
2 7 estates of decedents dying on or after September 25, 2003.
2 8 LSB 2300HH 82
2 9 rh:rj/cf/24