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