Senate
Study
Bill
1016
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
JUDICIARY
BILL
BY
CHAIRPERSON
ZAUN)
A
BILL
FOR
An
Act
relating
to
the
creation,
administration,
and
1
termination
of
custodial
trusts.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
1241XC
(3)
89
cm/jh
S.F.
_____
DIVISION
I
1
IOWA
UNIFORM
CUSTODIAL
TRUST
ACT
2
Section
1.
NEW
SECTION
.
633F.1
Definitions.
3
For
purposes
of
this
chapter:
4
1.
“Adult”
means
an
individual
who
is
at
least
eighteen
5
years
of
age.
6
2.
“Beneficiary”
means
an
individual
for
whom
property
has
7
been
transferred
to
or
held
under
a
declaration
of
trust
by
a
8
custodial
trustee
for
the
individual’s
use
and
benefit
under
9
this
chapter.
10
3.
“Consent”
means
affirmation
given
by
a
person
who
is
11
not
incapacitated;
or
if
a
person
is
incapacitated
and
there
12
is
no
conflict
of
interest
between
the
representer
and
the
13
incapacitated
person
with
respect
to
the
fiduciary
manner,
14
the
following
may
consent
on
behalf
of
the
incapacitated
15
individual:
16
a.
A
conservator
may
represent
and
bind
the
person
whose
17
estate
the
conservator
controls.
18
b.
A
trustee
may
represent
and
bind
the
beneficiary
of
a
19
trust.
20
c.
A
personal
representative
may
represent
and
bind
the
21
persons
interested
in
the
decedent’s
estate.
22
d.
If
no
conservator
has
been
appointed,
a
parent
may
23
represent
and
bind
a
minor
child.
24
4.
“Conservator”
means
a
person
appointed
or
qualified
by
a
25
court
to
manage
the
estate
of
an
individual
or
a
person
legally
26
authorized
to
perform
substantially
the
same
functions.
27
5.
“Court”
means
the
probate
court
of
this
state.
28
6.
“Custodial
trust
property”
means
an
interest
in
property
29
transferred
to
or
held
under
a
declaration
of
trust
by
a
30
custodial
trustee
under
this
chapter
and
the
income
from
and
31
proceeds
of
that
interest.
32
7.
“Custodial
trustee”
means
a
person
designated
as
trustee
33
of
a
custodial
trust
under
this
chapter
or
a
substitute
or
34
successor
to
the
person
designated.
35
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8.
“Guardian”
means
a
person
appointed
or
qualified
by
1
a
court
as
a
guardian
of
an
individual,
including
a
limited
2
guardian,
but
not
a
person
who
is
only
a
court
visitor.
3
9.
“Incapacitated”
means
the
inability
of
an
individual
to
4
manage
property
or
business
affairs
because
the
individual
is
5
any
of
the
following:
6
a.
An
individual
whose
decision-making
is
so
impaired
that
7
the
individual
is
unable
to
make,
communicate,
or
carry
out
8
important
decisions
concerning
the
individual’s
financial
9
affairs.
10
b.
Detailed
or
incarcerated
in
a
penal
system.
11
c.
Outside
the
United
States
and
unable
to
return.
12
d.
A
minor.
13
10.
“Legal
representative”
means
a
living
person’s
14
agent
acting
under
a
durable
financial
power
of
attorney
or
15
conservator,
a
living
or
deceased
person’s
trustee
acting
16
under
a
revocable
trust
created
by
such
person,
or
a
deceased
17
person’s
personal
representative.
18
11.
“Member
of
the
beneficiary’s
family”
means
the
following
19
persons
who
are
competent
adults
at
the
time
of
acting
20
hereunder,
with
such
action
to
be
taken
in
the
following
order
21
of
priority:
22
a.
The
surviving
spouse,
if
not
legally
separated
from
the
23
beneficiary,
whose
whereabouts
are
reasonably
ascertainable.
24
b.
The
surviving
child
of
the
beneficiary,
or,
if
there
25
is
more
than
one,
a
majority
of
the
surviving
children
whose
26
whereabouts
are
reasonably
ascertainable.
27
c.
The
surviving
parents
of
the
beneficiary
whose
28
whereabouts
are
reasonably
ascertainable.
29
d.
A
surviving
grandchild
of
the
beneficiary,
or
if
there
is
30
more
than
one,
a
majority
of
the
surviving
grandchildren
whose
31
whereabouts
are
reasonably
ascertainable.
32
e.
A
surviving
sibling
of
the
beneficiary,
or
if
there
33
is
more
than
one,
a
majority
of
the
surviving
siblings
whose
34
whereabouts
are
reasonably
ascertainable.
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f.
A
surviving
grandparent
of
the
beneficiary,
or
if
there
1
is
more
than
one,
a
majority
of
the
surviving
grandparents
2
whose
whereabouts
are
reasonably
ascertainable.
3
g.
A
person
in
the
next
degree
of
kinship
to
the
beneficiary
4
in
the
order
named
by
law
who
would
inherit
the
estate
of
5
the
beneficiary
under
the
rules
of
inheritance
for
intestate
6
succession,
or
if
there
is
more
than
one,
a
majority
of
7
such
surviving
persons
whose
whereabouts
are
reasonably
8
ascertainable.
9
12.
“Person”
means
an
individual,
corporation,
business
10
trust,
estate,
trust,
partnership,
joint
venture,
association,
11
or
any
other
legal
or
commercial
entity.
12
13.
“Personal
representative”
means
an
executor,
13
administrator,
or
special
administrator
of
a
decedent’s
estate,
14
a
person
legally
authorized
to
perform
substantially
the
same
15
functions,
or
a
successor
to
any
of
them
as
defined
in
section
16
633.3.
17
14.
“State”
means
a
state,
territory,
or
possession
of
the
18
United
States,
the
District
of
Columbia,
or
the
Commonwealth
19
of
Puerto
Rico.
20
15.
“Transferor”
means
a
person
who
creates
a
custodial
21
trust
by
transfer
or
declaration.
22
16.
“Trust
company”
means
a
financial
institution,
23
corporation,
or
other
legal
entity,
authorized
to
exercise
24
general
trust
powers.
25
Sec.
2.
NEW
SECTION
.
633F.2
Custodial
trust
——
general.
26
1.
A
person
may
create
a
custodial
trust
of
property
by
a
27
written
transfer
of
the
property
to
another
person,
evidenced
28
by
registration
or
by
other
instrument
of
transfer,
executed
in
29
any
lawful
manner,
naming
as
beneficiary,
an
individual
who
may
30
be
the
transferor,
in
which
the
transferee
is
designated,
in
31
substance,
as
custodial
trustee
under
this
chapter.
32
2.
A
person
may
create
a
custodial
trust
of
property
by
a
33
written
declaration,
evidenced
by
registration
of
the
property
34
or
by
other
instrument
of
declaration
executed
in
any
lawful
35
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_____
manner,
describing
the
property
and
naming
as
beneficiary
an
1
individual
other
than
the
declarant,
in
which
the
declarant
as
2
titleholder
is
designated,
in
substance,
as
custodial
trustee
3
under
this
chapter.
A
registration
or
other
declaration
of
4
trust
for
the
sole
benefit
of
the
declarant
is
not
a
custodial
5
trust
under
this
chapter.
6
3.
Title
to
custodial
trust
property
is
in
the
custodial
7
trustee
and
the
beneficial
interest
is
in
the
beneficiary.
8
4.
Except
as
provided
in
subsection
5,
a
transferor
shall
9
not
terminate
a
custodial
trust.
10
5.
The
beneficiary,
if
not
incapacitated,
or
the
legal
11
representative
of
an
incapacitated
beneficiary,
may
terminate
12
a
custodial
trust
by
delivering
to
the
custodial
trustee
a
13
writing
signed
by
the
beneficiary
or
legal
representative
14
declaring
the
termination.
If
not
previously
terminated,
the
15
custodial
trust
terminates
on
the
death
of
the
beneficiary.
16
6.
Any
person
may
augment
existing
custodial
trust
property
17
by
the
addition
of
other
property
pursuant
to
this
chapter,
18
only
upon
receipt
and
acceptance
by
the
custodial
trustee.
19
7.
The
transferor
may
designate,
or
authorize
the
20
designation
of,
a
successor
custodial
trustee
in
the
trust
21
instrument.
22
8.
This
chapter
does
not
displace
or
restrict
other
means
23
of
creating
trusts.
A
trust
whose
terms
do
not
conform
to
this
24
chapter
may
be
enforceable
according
to
its
terms
under
other
25
law.
26
Sec.
3.
NEW
SECTION
.
633F.4
Custodial
trustee
for
future
27
payment
or
transfer.
28
1.
A
person
having
the
right
to
designate
the
recipient
of
29
property
payable
or
transferable
upon
a
future
event
may
create
30
a
custodial
trust
upon
the
occurrence
of
the
future
event
by
31
designating
in
writing
the
recipient,
followed
in
substance
32
by:
“as
custodial
trustee
for
__________________
(name
of
33
beneficiary)
under
the
Iowa
Uniform
Custodial
Trust
Act”.
34
2.
Persons
may
be
designated
as
substitute
or
successor
35
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custodial
trustees
to
whom
the
property
must
be
paid
or
1
transferred
in
the
order
named
if
the
first
designated
2
custodial
trustee
is
unable
or
unwilling
to
serve.
3
3.
A
designation
under
this
section
may
be
made
in
a
will,
4
a
trust,
a
multiple-party
account,
an
insurance
policy,
an
5
instrument
exercising
a
power
of
appointment,
or
a
writing
6
designating
a
beneficiary
of
contractual
rights.
Otherwise,
7
to
be
effective,
the
designation
must
be
registered
with
or
8
delivered
to
the
fiduciary,
payor,
issuer,
or
obligor
of
the
9
future
right.
10
Sec.
4.
NEW
SECTION
.
633F.4
Form
and
effect
of
receipt
and
11
acceptance
by
custodial
trustee
——
jurisdiction.
12
1.
Obligations
of
a
custodial
trustee,
including
the
13
obligation
to
follow
directions
of
the
beneficiary,
arise
under
14
this
chapter
upon
the
custodial
trustee’s
acceptance,
express
15
or
implied,
of
the
custodial
trust
property.
16
2.
The
custodial
trustee’s
acceptance
may
be
evidenced
by
a
17
writing
stating
in
substance:
18
CUSTODIAL
TRUSTEE’S
RECEIPT
AND
ACCEPTANCE
19
I,
_______
(name
of
custodial
trustee)
acknowledge
receipt
20
of
the
custodial
trust
property
described
below
or
in
the
21
attached
instrument
and
accept
the
custodial
trust
as
custodial
22
trustee
for
__________________
(name
of
beneficiary)
under
the
23
Iowa
Uniform
Custodial
Trust
Act.
I
undertake
to
administer
24
and
distribute
the
custodial
trust
property
pursuant
to
the
25
Iowa
Uniform
Custodial
Trust
Act.
My
obligations
as
custodial
26
trustee
are
subject
to
the
directions
of
the
beneficiary
27
unless
the
beneficiary
is
designated
as,
is,
or
becomes
28
incapacitated.
The
custodial
trust
property
consists
of
29
_____________________________.
30
Dated:
_____________________________
31
(Signature
of
Custodial
Trustee)
32
3.
Upon
accepting
custodial
trust
property,
a
person
33
designated
as
custodial
trustee
under
this
chapter
is
subject
34
to
personal
jurisdiction
of
the
court
with
respect
to
any
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matter
relating
to
the
custodial
trust.
1
Sec.
5.
NEW
SECTION
.
633F.5
Transfer
to
custodial
trustee
2
by
fiduciary
or
obligor
——
facility
of
payment.
3
1.
Unless
otherwise
directed
by
an
instrument
designating
4
a
custodial
trustee
pursuant
to
section
633F.3,
a
person,
5
including
a
fiduciary
other
than
a
custodial
trustee,
who
holds
6
property
of
or
owes
a
debt
to
an
incapacitated
individual
may
7
make
a
transfer
to
a
beneficiary’s
legal
representative
and
8
if
none,
to
a
member
of
the
beneficiary’s
family,
or
a
trust
9
company,
as
custodial
trustee
for
the
use
and
benefit
of
the
10
incapacitated
individual.
If
the
value
of
the
property
or
11
the
debt
exceeds
fifty
thousand
dollars,
the
transfer
is
not
12
effective
unless
authorized
by
the
court.
13
2.
A
written
acknowledgment
of
delivery,
signed
by
a
14
custodial
trustee,
is
a
sufficient
receipt
and
discharge
for
15
property
transferred
to
the
custodial
trustee
pursuant
to
this
16
section.
17
Sec.
6.
NEW
SECTION
.
633F.6
Single
beneficiaries
——
18
separate
trust
accounts.
19
1.
Beneficial
interests
in
a
custodial
trust
shall
not
be
20
created
for
multiple
beneficiaries.
21
2.
All
custodial
trust
property
held
under
this
chapter
by
22
the
same
custodial
trustee
for
the
use
and
benefit
of
a
single
23
beneficiary
may
be
administered
as
a
single
custodial
trust.
24
Sec.
7.
NEW
SECTION
.
633F.7
General
duties
of
custodial
25
trustee.
26
1.
If
appropriate,
a
custodial
trustee
shall
register
27
or
record
the
instrument
vesting
title
to
custodial
trust
28
property.
29
2.
If
the
beneficiary
is
not
incapacitated,
a
custodial
30
trustee
shall
follow
the
directions
of
the
beneficiary
in
the
31
management,
control,
investment,
or
retention
of
the
custodial
32
trust
property.
In
the
absence
of
effective
contrary
direction
33
by
the
beneficiary
while
not
incapacitated,
the
custodial
34
trustee
shall
observe
the
prudent
investment
standards
set
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forth
in
section
633.123.
However,
a
custodial
trustee,
in
the
1
custodial
trustee’s
discretion,
may
retain
any
custodial
trust
2
property
received
from
the
transferor.
If
a
custodial
trustee
3
has
a
special
skill
or
expertise
or
is
named
custodial
trustee
4
on
the
basis
of
representation
of
a
special
skill
or
expertise,
5
the
custodial
trustee
shall
use
that
skill
or
expertise.
6
3.
Subject
to
subsection
2,
a
custodial
trustee
shall
take
7
control
of
and
collect,
hold,
manage,
invest,
and
reinvest
8
custodial
trust
property.
9
4.
A
custodial
trustee
at
all
times
shall
keep
custodial
10
trust
property
of
which
the
custodial
trustee
has
control,
11
separate
from
all
other
property
in
a
manner
sufficient
12
to
identify
it
clearly
as
custodial
trust
property
of
the
13
beneficiary.
Custodial
trust
property,
the
title
to
which
is
14
subject
to
recordation,
is
so
identified
if
an
appropriate
15
instrument
so
identifying
the
property
is
recorded,
and
16
custodial
trust
property
subject
to
registration
is
so
17
identified
if
it
is
registered,
or
held
in
an
account
in
the
18
name
of
the
custodial
trustee,
designated
in
substance:
“as
19
custodial
trustee
for
__________________
(name
of
beneficiary)
20
under
the
Iowa
Uniform
Custodial
Trust
Act”.
21
5.
A
custodial
trustee
shall
keep
records
of
all
22
transactions
with
respect
to
custodial
trust
property,
23
including
information
necessary
for
the
preparation
of
tax
24
returns,
and
shall
make
the
records
and
information
available
25
at
reasonable
times
to
the
beneficiary
or
legal
representative
26
of
the
beneficiary.
27
6.
The
exercise
of
a
durable
power
of
attorney
for
an
28
incapacitated
beneficiary
is
not
effective
to
terminate
or
29
direct
the
administration
or
distribution
of
a
custodial
trust.
30
Sec.
8.
NEW
SECTION
.
633F.8
General
powers
of
custodial
31
trustee.
32
1.
A
custodial
trustee,
acting
in
a
fiduciary
capacity,
has
33
all
the
rights
and
powers
over
custodial
trust
property
which
34
an
unmarried
adult
owner
has
over
individually
owned
property,
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but
a
custodial
trustee
may
exercise
those
rights
and
powers
1
in
a
fiduciary
capacity
only.
2
2.
This
section
does
not
relieve
a
custodial
trustee
from
3
liability
for
a
violation
of
section
633F.7.
4
Sec.
9.
NEW
SECTION
.
633F.9
Use
of
custodial
trust
5
property.
6
1.
A
custodial
trustee
shall
pay
to
the
beneficiary
or
7
expend
for
the
beneficiary’s
use
and
benefit
so
much
or
all
8
of
the
custodial
trust
property
as
the
beneficiary
while
not
9
incapacitated
may
direct
from
time
to
time.
10
2.
If
the
beneficiary
is
incapacitated,
the
custodial
11
trustee
shall
expend
so
much
or
all
of
the
custodial
trust
12
property
as
the
custodial
trustee
considers
advisable
for
the
13
use
and
benefit
of
the
beneficiary
and
individuals
who
are
14
legally
entitled
to
support
by
the
beneficiary.
Expenditures
15
may
be
made
in
the
manner,
when,
and
to
the
extent
that
the
16
custodial
trustee
determines
suitable
and
proper,
without
court
17
order
and
without
regard
to
other
support,
income,
or
property
18
of
the
beneficiary.
19
3.
To
facilitate
distributions
to
the
beneficiary,
a
20
custodial
trustee
may
establish
checking,
savings,
or
other
21
similar
accounts
of
reasonable
amounts
under
which
either
22
the
custodial
trustee
or
the
beneficiary,
if
authorized,
may
23
withdraw
funds
from,
or
draw
checks
against,
the
accounts
in
24
amounts
authorized
by
the
custodian.
Funds
withdrawn
from,
25
or
checks
written
against,
the
account
by
the
beneficiary
are
26
distributions
of
custodial
trust
property
by
the
custodial
27
trustee
to
the
beneficiary.
28
Sec.
10.
NEW
SECTION
.
633F.10
Determination
of
incapacity
29
——
effect.
30
1.
The
custodial
trustee
shall
administer
the
custodial
31
trust
as
for
an
incapacitated
beneficiary
in
any
of
the
32
following
circumstances:
33
a.
The
custodial
trust
was
created
under
section
633F.5.
34
b.
The
transferor
has
so
directed
in
the
instrument
creating
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the
custodial
trust.
1
c.
The
custodial
trustee
has
determined
that
the
beneficiary
2
is
incapacitated.
3
2.
A
custodial
trustee
may
determine
that
the
beneficiary
is
4
incapacitated
in
reliance
upon
any
of
the
following:
5
a.
Previous
direction
or
authority
given
by
the
beneficiary
6
while
not
incapacitated,
including
direction
or
authority
7
pursuant
to
a
durable
power
of
attorney.
8
b.
Written
documentation
from
the
beneficiary’s
physician.
9
c.
Other
persuasive
evidence.
10
3.
If
a
custodial
trustee
for
an
incapacitated
beneficiary
11
reasonably
concludes
that
the
beneficiary’s
incapacity
has
12
ceased,
or
that
circumstances
concerning
the
beneficiary’s
13
ability
to
manage
property
and
business
affairs
have
14
changed
since
the
creation
of
a
custodial
trust
directing
15
administration
as
for
an
incapacitated
beneficiary,
the
16
custodial
trustee
may
administer
the
trust
as
for
a
beneficiary
17
who
is
not
incapacitated.
18
4.
On
petition
of
the
beneficiary,
the
custodial
trustee,
or
19
other
person
interested
in
the
custodial
trust
property
or
the
20
welfare
of
the
beneficiary,
the
court
shall
determine
whether
21
the
beneficiary
is
incapacitated.
22
5.
Absent
determination
of
incapacity
of
the
beneficiary
23
under
subsection
2
or
4,
a
custodial
trustee
who
has
reason
to
24
believe
that
the
beneficiary
is
incapacitated
shall
administer
25
the
custodial
trust
in
accordance
with
the
provisions
of
this
26
chapter
applicable
to
an
incapacitated
beneficiary.
27
6.
Incapacity
of
a
beneficiary
does
not
terminate
the
28
custodial
trust,
any
designation
of
a
successor
custodial
29
trustee,
rights
or
powers
of
the
custodial
trustee,
or
any
30
immunities
of
third
persons
acting
on
instructions
of
the
31
custodial
trustee.
32
Sec.
11.
NEW
SECTION
.
633F.11
Exemption
of
third
person
33
from
liability.
34
1.
A
third
person
in
good
faith
and
without
a
court
order
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may
act
on
instructions
of,
or
otherwise
deal
with,
a
person
1
purporting
to
make
a
transfer
as,
or
purporting
to
act
in
the
2
capacity
of,
a
custodial
trustee.
3
2.
A
third
person
who
receives
instructions
from
the
4
purported
custodial
trustee
may
require
such
custodial
trustee
5
to
provide
proof
of
their
identity
and
a
certification
of
trust
6
or
copies
of
those
excerpts
from
the
original
trust
instrument
7
and
amendments
to
the
original
trust
instrument
which
designate
8
the
currently
acting
custodial
trustee
and
confer
upon
the
9
custodial
trustee
the
power
to
act
in
the
pending
transaction.
10
3.
If
a
certification
of
trust
is
provided,
it
must
do
all
11
of
the
following:
12
a.
State
the
names
of
all
the
currently
acting
trustees.
13
b.
If
there
is
more
than
one
currently
acting
trustee,
14
state
whether
the
trustees
may
act
individually
or
must
act
by
15
majority
decision
or
must
act
by
unanimous
decision.
16
c.
State
that
the
trust
has
not
been
revoked,
modified,
or
17
amended
in
any
manner
that
would
cause
the
representations
in
18
the
certification
of
trust
to
be
incorrect.
19
d.
Be
signed
by
a
currently
acting
trustee
or
the
attorney
20
of
a
currently
acting
trustee.
21
e.
Be
dated
and
certified
under
penalty
of
perjury
and
22
pursuant
to
the
laws
of
the
state
of
Iowa
that
it
is
true
and
23
correct,
or
subscribed
and
sworn
to
under
penalty
of
perjury
24
before
a
notary
public
as
provided
in
chapter
9B.
25
f.
A
third
person
who
acts
in
reliance
upon
the
information
26
provided
by
the
custodial
trustee,
after
taking
reasonable
27
steps
to
verify
the
identity
of
the
custodial
trustee
and
28
without
knowledge
that
the
representations
contained
in
the
29
certification
are
incorrect,
is
not
liable
to
any
person
30
for
so
acting
and
may
assume
without
inquiry
the
existence
31
of
the
facts
contained
in
the
certification.
The
period
of
32
time
to
verify
the
identity
of
the
trustee
shall
not
exceed
33
ten
business
days
from
the
date
the
third
person
received
34
the
requested
information.
Knowledge
shall
not
be
inferred
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solely
from
the
fact
that
a
copy
of
all
or
part
of
the
trust
1
instrument
is
held
by
the
third
person
relying
upon
the
2
trust
certification.
A
transaction,
and
a
lien
created
by
a
3
transaction,
entered
into
by
the
custodial
trustee
and
a
person
4
acting
in
reliance
upon
a
certification
of
trust
is
enforceable
5
against
the
trust
assets.
6
4.
A
third
person
who
makes
a
demand
for
information
from
7
the
custodial
trustee
beyond
that
set
forth
in
subsection
8
2
shall
be
liable
for
damages,
including
attorney
fees,
9
incurred
as
a
result
of
the
refusal
to
accept
the
information
10
provided,
if
the
court
determines
that
the
third
person
acted
11
unreasonably
in
requesting
such
additional
information.
12
5.
If
a
custodial
trustee
has
provided
the
information
set
13
forth
in
subsection
2,
and
the
third
person
refuses
to
follow
14
the
instructions
provided
by
the
custodial
trustee
within
the
15
time
period
set
forth
in
subsection
4,
the
custodial
trustee
16
may
bring
an
action
under
this
subsection
and
the
court
may
17
award
any
or
all
of
the
following
to
the
custodial
trustee:
18
a.
Any
damages
sustained
by
the
trust.
19
b.
The
costs
of
the
action.
20
c.
A
penalty
in
an
amount
of
not
less
than
five
hundred
21
dollars
and
not
more
than
ten
thousand
dollars.
22
d.
Reasonable
attorney
fees,
based
on
the
value
of
the
time
23
reasonably
expended
by
the
attorney
and
not
on
the
amount
of
24
the
recovery
on
behalf
of
the
custodial
trustee.
25
6.
An
action
shall
not
be
brought
under
this
subsection
more
26
than
one
year
after
the
date
of
the
occurrence
of
the
alleged
27
violation.
28
Sec.
12.
NEW
SECTION
.
633F.12
Liability
to
third
person.
29
1.
A
claim
based
on
a
contract
entered
into
by
a
custodial
30
trustee
acting
in
a
fiduciary
capacity,
an
obligation
arising
31
from
the
ownership
or
control
of
custodial
trust
property,
or
32
a
tort
committed
in
the
course
of
administering
the
custodial
33
trust,
may
be
asserted
by
a
third
person
against
the
custodial
34
trust
property
by
proceeding
against
the
custodial
trustee
in
a
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fiduciary
capacity,
whether
or
not
the
custodial
trustee
or
the
1
beneficiary
is
personally
liable.
2
2.
A
custodial
trustee
is
not
personally
liable
to
a
third
3
person
for
any
of
the
following:
4
a.
On
a
contract
properly
entered
into
in
a
fiduciary
5
capacity
unless
the
custodial
trustee
fails
to
reveal
that
6
capacity
or
to
identify
the
custodial
trust
in
the
contract.
7
b.
For
an
obligation
arising
from
control
of
custodial
8
trust
property
or
for
a
tort
committed
in
the
course
of
the
9
administration
of
the
custodial
trust
unless
the
custodial
10
trustee
is
personally
at
fault.
11
3.
A
beneficiary
is
not
personally
liable
to
a
third
12
person
for
an
obligation
arising
from
beneficial
ownership
of
13
custodial
trust
property
or
for
a
tort
committed
in
the
course
14
of
administration
of
the
custodial
trust
unless
the
beneficiary
15
is
personally
in
possession
of
the
custodial
trust
property
16
giving
rise
to
the
liability
or
is
personally
at
fault.
17
4.
Subsections
2
and
3
do
not
preclude
actions
or
18
proceedings
to
establish
liability
of
the
custodial
trustee
or
19
beneficiary
to
the
extent
the
person
sued
is
protected
as
the
20
insured
by
liability
insurance.
21
Sec.
13.
NEW
SECTION
.
633F.13
Declination,
resignation,
22
incapacity,
death,
or
removal
of
custodial
trustee
——
designation
23
of
successor
custodial
trustee.
24
1.
Before
accepting
the
custodial
trust
property,
a
person
25
designated
as
custodial
trustee
may
decline
to
serve
by
26
notifying
the
person
who
made
the
designation,
the
transferor,
27
or
the
transferor’s
legal
representative.
If
an
event
giving
28
rise
to
a
transfer
has
not
occurred,
the
substitute
custodial
29
trustee
designated
under
section
633F.3
becomes
the
custodial
30
trustee,
or,
if
a
substitute
custodial
trustee
has
not
been
31
designated,
the
person
who
made
the
designation
may
designate
32
a
substitute
custodial
trustee
pursuant
to
section
633F.3.
33
In
other
cases,
the
transferor
or
the
transferor’s
legal
34
representative
may
designate
a
substitute
custodial
trustee.
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2.
A
custodial
trustee
who
has
accepted
the
custodial
trust
1
property
may
resign
by
doing
all
of
the
following:
2
a.
Delivering
written
notice
to
a
successor
custodial
3
trustee,
if
any,
the
beneficiary
and,
if
the
beneficiary
is
4
incapacitated,
to
the
beneficiary’s
legal
representative,
if
5
any.
6
b.
Transferring
or
registering,
or
recording
an
appropriate
7
instrument
relating
to,
the
custodial
trust
property,
in
the
8
name
of,
and
delivering
the
records
to,
the
successor
custodial
9
trustee
identified
under
subsection
3.
10
3.
If
a
custodial
trustee
or
successor
custodial
trustee
11
is
ineligible,
resigns,
dies,
or
becomes
incapacitated,
the
12
successor
designated
under
section
633F.2,
subsection
7,
or
13
section
633F.3
becomes
custodial
trustee.
If
there
is
no
14
effective
provision
for
a
successor,
the
beneficiary
if
not
15
incapacitated,
or
the
legal
representative
of
an
incapacitated
16
beneficiary,
may
designate
a
successor
custodial
trustee.
If
17
the
beneficiary
is
not
incapacitated,
but
fails
to
act
within
18
ninety
days
after
the
ineligibility,
resignation,
death,
or
19
incapacity
of
the
custodial
trustee,
or
if
the
beneficiary
20
is
incapacitated
and
the
beneficiary’s
legal
representative
21
fails
to
act
within
ninety
days
after
the
ineligibility,
22
resignation,
death,
or
incapacity
of
the
custodial
trustee,
23
then
the
beneficiary’s
legal
representative
becomes
successor
24
custodial
trustee.
If
the
beneficiary
does
not
have
a
legal
25
representative
or
the
legal
representative
fails
to
act,
the
26
resigning
custodial
trustee
may
designate
a
successor
custodial
27
trustee.
28
4.
If
a
successor
custodial
trustee
is
not
designated
29
pursuant
to
subsection
3,
the
transferor,
the
legal
30
representative
of
the
transferor
or
of
the
custodial
trustee,
31
a
beneficiary’s
legal
representative
and
if
none,
a
member
of
32
the
beneficiary’s
family,
a
person
interested
in
the
custodial
33
trust
property
may
petition
the
court
to
designate
a
successor
34
custodial
trustee.
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5.
A
custodial
trustee
who
declines
to
serve
or
resigns,
1
or
the
legal
representative
of
a
deceased
or
incapacitated
2
custodial
trustee,
as
soon
as
practicable,
shall
put
the
3
custodial
trust
property
and
records
in
the
possession
and
4
control
of
the
successor
custodial
trustee.
The
successor
5
custodial
trustee
may
enforce
the
obligation
to
deliver
6
custodial
trust
property
and
records
and
becomes
responsible
7
for
each
item
as
received.
8
6.
A
substitute
custodial
trustee
designated
under
section
9
633F.3,
the
beneficiary,
the
beneficiary’s
legal
representative
10
and
if
none,
a
member
of
the
beneficiary’s
family,
a
person
11
interested
in
the
custodial
trust
property,
may
petition
the
12
court
to
remove
the
custodial
trustee
for
cause
and
designate
13
a
successor
custodial
trustee,
to
require
the
custodial
14
trustee
to
furnish
a
bond
or
other
security
for
the
faithful
15
performance
of
fiduciary
duties,
or
for
other
appropriate
16
relief.
17
Sec.
14.
NEW
SECTION
.
633F.14
Expenses,
compensation,
and
18
bond
of
custodial
trustee.
19
Except
as
otherwise
provided
in
the
instrument
creating
the
20
custodial
trust,
in
an
agreement
with
the
beneficiary,
or
by
21
court
order,
all
of
the
following
are
true:
22
a.
A
custodial
trustee
is
entitled
to
reimbursement
from
23
custodial
trust
property
for
reasonable
expenses
incurred
in
24
the
performance
of
fiduciary
services.
25
b.
A
custodial
trustee
has
a
noncumulative
election,
to
be
26
made
no
later
than
six
months
after
the
end
of
each
calendar
27
year,
to
charge
a
reasonable
compensation
for
fiduciary
28
services
performed
during
that
year.
29
c.
A
custodial
trustee
need
not
furnish
a
bond
or
other
30
security
for
the
faithful
performance
of
fiduciary
duties.
31
Sec.
15.
NEW
SECTION
.
633F.15
Reporting
and
accounting
32
by
custodial
trustee
——
determination
of
liability
of
custodial
33
trustee.
34
1.
Upon
the
acceptance
of
custodial
trust
property,
the
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custodial
trustee
shall
provide
a
written
statement
describing
1
the
custodial
trust
property
and
shall
thereafter
provide
a
2
written
statement
of
the
administration
of
the
custodial
trust
3
property
as
follows:
4
a.
Once
each
year.
5
b.
Upon
request
at
reasonable
times,
but
not
more
than
6
quarterly
during
any
calendar
year,
by
the
beneficiary
or
the
7
beneficiary’s
legal
representative.
8
c.
Upon
resignation
or
removal
of
the
custodial
trustee.
9
d.
Upon
termination
of
the
custodial
trust.
10
2.
The
statements
must
be
provided
to
the
beneficiary
11
or
to
the
beneficiary’s
legal
representative,
if
any.
Upon
12
termination
of
the
beneficiary’s
interest,
the
custodial
13
trustee
shall
furnish
a
current
statement
to
the
person
to
whom
14
the
custodial
trust
property
is
to
be
delivered.
15
3.
A
substitute
or
successor
custodial
trustee
designated
16
under
section
633F.3,
a
beneficiary,
the
beneficiary’s
legal
17
representative,
a
member
of
the
beneficiary’s
family,
or
a
18
person
interested
in
the
custodial
trust
property
may
petition
19
the
court
for
an
accounting
by
the
custodial
trustee
or
the
20
custodial
trustee’s
legal
representative.
21
4.
A
successor
custodial
trustee
may
petition
the
court
for
22
an
accounting
by
a
predecessor
custodial
trustee.
23
5.
In
an
action
or
proceeding
under
this
chapter
or
in
any
24
other
proceeding,
the
court
may
require
or
permit
the
custodial
25
trustee
or
the
custodial
trustee’s
legal
representative
to
26
account.
The
custodial
trustee
or
the
custodial
trustee’s
27
legal
representative
may
petition
the
court
for
approval
of
28
final
accounts.
29
6.
If
a
custodial
trustee
is
removed,
the
court
shall
30
require
an
accounting
and
order
delivery
of
the
custodial
trust
31
property
and
records
to
the
successor
custodial
trustee
and
32
the
execution
of
all
instruments
required
for
transfer
of
the
33
custodial
trust
property.
34
7.
On
petition
of
the
custodial
trustee
or
any
person
who
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could
petition
for
an
accounting,
the
court,
after
notice
to
1
interested
persons,
may
issue
instructions
to
the
custodial
2
trustee
or
review
the
propriety
of
the
acts
of
a
custodial
3
trustee
or
the
reasonableness
of
compensation
determined
by
the
4
custodial
trustee
for
the
services
of
the
custodial
trustee
or
5
others.
6
Sec.
16.
NEW
SECTION
.
633F.16
Limitations
of
action
against
7
custodial
trustee.
8
1.
Except
as
provided
in
subsection
3,
unless
previously
9
barred
by
adjudication,
consent,
or
limitation,
a
claim
for
10
relief
against
a
custodial
trustee
for
accounting
or
breach
of
11
duty
is
barred
as
to
a
beneficiary,
a
person
to
whom
custodial
12
trust
property
is
to
be
paid
or
delivered,
or
the
legal
13
representative
of
an
incapacitated
or
deceased
beneficiary
or
14
payee
who
either:
15
a.
Has
received
an
accounting
or
other
statement
adequately
16
disclosing
the
matter
unless
an
action
or
proceeding
to
assert
17
the
claim
is
commenced
within
one
year
after
receipt
of
such
18
accounting
or
statement.
19
b.
Has
not
received
an
accounting
or
other
statement
20
adequately
disclosing
the
matter
unless
an
action
or
proceeding
21
to
assert
the
claim
is
commenced
within
three
years
after
the
22
termination
of
the
custodial
trust.
23
2.
For
the
purpose
of
subsection
1,
a
beneficiary
or
a
24
person
to
whom
custodial
trust
property
is
to
be
paid
or
25
delivered,
is
deemed
to
have
received
an
accounting
or
other
26
statement,
in
the
following
instances:
27
a.
In
the
case
of
an
adult
who
is
reasonably
capable
of
28
understanding
the
accounting
or
other
statement
if
it
is
29
personally
received
by
such
person.
30
b.
In
the
case
of
an
adult
who
is
not
reasonably
capable
31
of
understanding
the
accounting
or
other
statement,
if
it
is
32
received
by
such
adult
person’s
legal
representative,
and
if
33
none,
then
if
received
by
a
guardian
ad
litem,
court
visitor,
34
or
other
person
appointed
for
this
purpose.
35
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c.
In
the
case
of
a
minor,
if
it
is
received
by
a
person
who
1
has
authority
to
consent
on
the
minor’s
behalf,
and
if
none,
2
then
if
received
by
a
guardian
ad
litem,
court
visitor,
or
3
other
person
appointed
for
this
purpose.
4
3.
Except
as
provided
in
subsection
4,
a
claim
for
relief
to
5
recover
from
a
custodial
trustee
for
fraud,
misrepresentation,
6
or
concealment
related
to
the
final
settlement
of
the
custodial
7
trust
or
concealment
of
the
existence
of
the
custodial
trust,
8
is
barred
unless
an
action
or
proceeding
to
assert
the
claim
9
is
commenced
within
five
years
after
the
termination
of
the
10
custodial
trust.
11
4.
Unless
an
accounting
or
other
statement
adequately
12
disclosing
the
matter
was
provided
as
set
forth
above,
a
claim
13
for
relief
is
not
barred
by
this
section
if
the
claimant
is
or
14
was
any
of
the
following:
15
a.
A
minor,
until
the
earlier
of
one
year
after
the
claimant
16
becomes
an
adult
or
dies;
an
incapacitated
adult,
until
the
17
earliest
of
one
year
after
the
following:
18
(1)
The
appointment
of
a
legal
representative.
19
(2)
The
removal
of
the
incapacity.
20
(3)
The
death
of
the
claimant.
21
b.
An
adult,
now
deceased,
who
was
not
incapacitated,
until
22
one
year
after
the
claimant’s
death.
23
Sec.
17.
NEW
SECTION
.
633F.17
Distribution
on
termination.
24
1.
Upon
termination
of
a
custodial
trust,
the
custodial
25
trustee
shall
transfer
the
unexpended
custodial
trust
property:
26
a.
To
the
beneficiary,
if
not
incapacitated
or
deceased.
27
b.
To
the
beneficiary’s
legal
representative
or
other
28
recipient
designated
by
the
court
for
an
incapacitated
29
beneficiary.
30
c.
Upon
the
beneficiary’s
death,
in
the
following
order:
31
(1)
As
last
directed
in
a
writing
signed
by
the
deceased
32
beneficiary
while
not
incapacitated
and
received
by
the
33
custodial
trustee
during
the
life
of
the
deceased.
34
(2)
As
designated
in
the
instrument
creating
the
custodial
35
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trust.
1
(3)
To
the
estate
of
the
deceased
beneficiary.
2
2.
The
direction
to
the
custodial
trustee
by
a
beneficiary
3
who
is
not
incapacitated,
for
distribution
on
termination
4
of
the
custodial
trust
may
be
in
any
written
form
clearly
5
identifying
the
distributee
and
may
be
substantially
similar
6
to
the
following:
7
I,
________________
(name
of
beneficiary)
hereby
direct
8
_____________________
(name
of
custodial
trustee)
as
custodial
9
trustee,
to
transfer
and
pay
the
unexpended
balance
of
10
the
custodial
trust
property
of
which
I
am
beneficiary
to
11
__________________
as
distributee
on
the
termination
of
the
12
trust
at
my
death.
In
the
event
of
the
prior
death
of
_________
13
above
named
as
distributee,
I
designate
________________
as
14
distributee
of
the
custodial
trust
property.
15
Signed
______________________
(signature
of
beneficiary).
16
Date
____________________
17
Receipt
Acknowledged:
____________________(signature
of
18
Custodial
Trustee)
19
Date
___________________
20
3.
If,
when
the
custodial
trust
would
otherwise
terminate,
21
the
distributee
is
incapacitated,
the
custodial
trust
continues
22
for
the
use
and
benefit
of
the
distributee
as
beneficiary
until
23
the
incapacity
is
removed
or
the
custodial
trust
is
otherwise
24
terminated.
25
4.
Death
of
a
beneficiary
does
not
terminate
the
power
of
26
the
custodial
trustee
to
discharge
obligations
of
the
custodial
27
trustee
or
beneficiary
incurred
before
the
termination
of
the
28
custodial
trust.
29
Sec.
18.
NEW
SECTION
.
633F.18
Methods
and
forms
for
30
creating
custodial
trusts.
31
1.
If
a
transaction,
including
a
declaration
with
respect
32
to
or
a
transfer
of
specific
property,
otherwise
satisfies
33
applicable
law,
the
criteria
of
section
633F.2
are
satisfied
34
by
any
of
the
following:
35
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a.
The
execution
and
either
delivery
to
the
custodial
1
trustee
or
recording
of
an
instrument
in
substantially
the
2
following
form:
3
TRANSFER
UNDER
THE
IOWA
UNIFORM
CUSTODIAL
TRUST
ACT
4
I,
__________
(name
of
transferor
or
name
and
representative
5
capacity
if
a
fiduciary),
transfer
to
__________
(name
of
6
trustee
other
than
transferor),
as
custodial
trustee
for
7
__________
(name
of
beneficiary)
as
beneficiary
and
__________
8
as
distributee
on
termination
of
the
trust
in
absence
of
9
direction
by
the
beneficiary
under
the
Iowa
Uniform
Custodial
10
Trust
Act,
the
following:
11
__________
(Insert
a
description
of
the
custodial
trust
12
property
legally
sufficient
to
identify
and
transfer
each
item
13
of
property).
14
If
__________
(name
of
trustee
other
than
transferor)
15
declines
to
serve
or
ceases
to
serve
as
custodial
trustee
for
16
any
reason,
then
I
designate
__________
(name
of
substitute
17
or
successor
custodial
trustee)
as
substitute
or
successor
18
custodial
trustee.
19
Dated:_______________
20
Signature:
_____________________
21
b.
The
execution
and
the
recording
or
giving
notice
of
its
22
execution
to
the
beneficiary
of
an
instrument
in
substantially
23
the
following
form:
24
DECLARATION
OF
TRUST
UNDER
IOWA
UNIFORM
CUSTODIAL
TRUST
ACT
25
I,
__________
(name
of
owner
of
property),
declare
that
26
henceforth
I
hold
as
custodial
trustee
for
__________
(name
of
27
beneficiary
other
than
transferor)
as
beneficiary
and
________
28
as
distributee
on
termination
of
the
trust
in
absence
of
29
direction
by
the
beneficiary
under
the
Iowa
Uniform
Custodial
30
Trust
Act,
the
following:
__________
(Insert
a
description
of
31
the
custodial
trust
property
legally
sufficient
to
identify
32
and
transfer
each
item
of
property).
If
I
cease
to
serve
as
33
custodial
trustee
for
any
reason,
then
I
designate
__________
34
(name
of
substitute
or
successor
custodial
trustee)
as
35
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successor
custodial
trustee.
1
Dated:
____________________
2
Signature:
___________________________
3
2.
Customary
methods
of
transferring
or
evidencing
4
ownership
of
property
may
be
used
to
create
a
custodial
trust,
5
including
any
of
the
following:
6
a.
Registration
of
a
security
in
the
name
of
a
trust
7
company,
an
adult
other
than
the
transferor,
or
the
transferor
8
if
the
beneficiary
is
other
than
the
transferor,
designated
in
9
substance
“as
custodial
trustee
for
________________
(name
of
10
beneficiary)
under
the
Iowa
Uniform
Custodial
Trust
Act”.
11
b.
Delivery
of
a
certificated
security,
or
a
document
12
necessary
for
the
transfer
of
an
uncertificated
security,
13
together
with
any
necessary
endorsement,
to
an
adult
other
than
14
the
transferor
or
to
a
trust
company
as
custodial
trustee,
15
accompanied
by
an
instrument
in
substantially
the
form
16
prescribed
in
subsection
1,
paragraph
“a”
.
17
c.
Payment
of
money
or
transfer
of
a
security
held
in
the
18
name
of
a
broker
or
a
financial
institution
or
its
nominee
to
a
19
broker
or
financial
institution
for
credit
to
an
account
in
the
20
name
of
a
trust
company,
an
adult
other
than
the
transferor,
21
or
the
transferor
if
the
beneficiary
is
other
than
the
22
transferor,
designated
in
substance:
“as
custodial
trustee
for
23
________________
(name
of
beneficiary)
under
the
Iowa
Uniform
24
Custodial
Trust
Act”.
25
d.
Registration
of
ownership
of
a
life
or
endowment
26
insurance
policy
or
annuity
contract
with
the
issuer
in
the
27
name
of
a
trust
company,
an
adult
other
than
the
transferor,
28
or
the
transferor
if
the
beneficiary
is
other
than
the
29
transferor,
designated
in
substance:
“as
custodial
trustee
for
30
________________
(name
of
beneficiary)
under
the
Iowa
Uniform
31
Custodial
Trust
Act”.
32
e.
Delivery
of
a
written
assignment
to
an
adult
other
33
than
the
transferor
or
to
a
trust
company
whose
name
in
the
34
assignment
is
designated
in
substance
by
the
words:
“as
35
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_____
custodial
trustee
for
________________
(name
of
beneficiary)
1
under
the
Iowa
Uniform
Custodial
Trust
Act”.
2
f.
Irrevocable
exercise
of
a
power
of
appointment,
pursuant
3
to
its
terms,
in
favor
of
a
trust
company,
an
adult
other
than
4
the
donee
of
the
power,
or
the
donee
who
holds
the
power
if
5
the
beneficiary
is
other
than
the
donee,
whose
name
in
the
6
appointment
is
designated
in
substance:
“as
custodial
trustee
7
for
(name
of
beneficiary)
under
the
Iowa
Uniform
Custodial
8
Trust
Act”.
9
g.
Delivery
of
a
written
notification
or
assignment
of
a
10
right
to
future
payment
under
a
contract
to
an
obligor
which
11
transfers
the
right
under
the
contract
to
a
trust
company,
12
an
adult
other
than
the
transferor,
or
the
transferor
if
the
13
beneficiary
is
other
than
the
transferor,
whose
name
in
the
14
notification
or
assignment
is
designated
in
substance:
“as
15
custodial
trustee
for
________________
(name
of
beneficiary)
16
under
the
Iowa
Uniform
Custodial
Trust
Act”.
17
h.
Execution,
delivery,
and
recordation
of
a
conveyance
of
18
an
interest
in
real
property
in
the
name
of
a
trust
company,
19
an
adult
other
than
the
transferor,
or
the
transferor
if
20
the
beneficiary
is
other
than
the
transferor,
designated
in
21
substance:
“as
custodial
trustee
for
________________
(name
of
22
beneficiary)
under
the
Iowa
Uniform
Custodial
Trust
Act”.
23
i.
Issuance
of
a
certificate
of
title
by
an
agency
of
a
24
state
or
of
the
United
States
which
evidences
title
to
tangible
25
personal
property:
26
(1)
Issued
in
the
name
of
a
trust
company,
an
adult
other
27
than
the
transferor,
or
the
transferor
if
the
beneficiary
28
is
other
than
the
transferor,
designated
in
substance:
“as
29
custodial
trustee
for
________________
(name
of
beneficiary)
30
under
the
Iowa
Uniform
Custodial
Trust
Act”.
31
(2)
Delivered
to
a
trust
company
or
an
adult
other
32
than
the
transferor
or
endorsed
by
the
transferor
to
that
33
person,
designated
in
substance:
“as
custodial
trustee
for
34
________________
(name
of
beneficiary)
under
the
Iowa
Uniform
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Custodial
Trust
Act”.
1
j.
Execution
and
delivery
of
an
instrument
of
gift
to
a
2
trust
company
or
an
adult
other
than
the
transferor,
designated
3
in
substance:
“as
custodial
trustee
for
________________
(name
4
of
beneficiary)
under
the
Iowa
Uniform
Custodial
Trust
Act”.
5
Sec.
19.
NEW
SECTION
.
633F.19
Applicable
law.
6
1.
This
chapter
applies
to
a
transfer
or
declaration
7
creating
a
custodial
trust
that
refers
to
this
chapter
if,
8
at
the
time
of
the
transfer
or
declaration,
the
transferor,
9
beneficiary,
or
custodial
trustee
is
a
resident
of
or
has
its
10
principal
place
of
business
in
this
state
or
custodial
trust
11
property
is
located
in
this
state.
The
custodial
trust
remains
12
subject
to
this
chapter
despite
a
later
change
in
residence
or
13
principal
place
of
business
of
the
transferor,
beneficiary,
or
14
custodial
trustee,
or
removal
of
the
custodial
trust
property
15
from
this
state.
16
2.
A
transfer
made
pursuant
to
an
act
of
another
state
17
substantially
similar
to
this
chapter
is
governed
by
the
law
of
18
that
state
and
may
be
enforced
in
this
State.
19
Sec.
20.
NEW
SECTION
.
633F.20
Uniformity
of
application
20
and
construction.
21
This
chapter
shall
be
applied
and
construed
to
effectuate
22
its
general
purpose
to
make
uniform
the
law
with
respect
to
the
23
subject
of
this
chapter
among
states
enacting
it.
24
Sec.
21.
NEW
SECTION
.
633F.21
Short
title.
25
This
chapter
shall
be
known
and
may
be
cited
as
the
“Iowa
26
Uniform
Custodial
Trust
Act”
.
27
DIVISION
II
28
CONFORMING
CHANGES
29
Sec.
22.
Section
232D.503,
Code
2021,
is
amended
by
adding
30
the
following
new
subsection:
31
NEW
SUBSECTION
.
6.
If
the
court
orders
termination
of
a
32
guardianship
established
under
this
chapter
and
the
guardian
33
has
custody
of
any
assets
of
a
protected
person
who
is
a
minor
34
or
was
a
minor
at
the
time
of
the
minor’s
death,
the
court
35
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shall
order
delivery
of
the
minors
assets
to
the
minor
or
to
a
1
fiduciary
acting
under
one
or
more
of
the
following:
2
a.
A
conservatorship
established
for
the
minor.
3
b.
A
personal
representative
appointed
as
a
result
of
the
4
minor’s
death.
5
c.
A
uniform
transfer
to
minor
account
established
for
the
6
minor
pursuant
to
chapter
565B
or
the
laws
of
any
other
state.
7
d.
A
uniform
custodial
trust
account
established
for
the
8
minor
pursuant
to
chapter
633F
or
the
laws
of
any
other
state.
9
e.
A
college
savings
plan
account
established
for
the
minor
10
pursuant
to
Internal
Revenue
Code
section
529
or
Chapter
12D
11
or
the
laws
of
any
other
state.
12
f.
An
ABLE
account
established
for
the
minor
with
13
disabilities
pursuant
to
Internal
Revenue
Code
section
529A
or
14
chapter
12I
or
the
laws
of
any
other
state.
15
Sec.
23.
Section
565B.6,
subsection
3,
paragraph
c,
Code
16
2021,
is
amended
to
read
as
follows:
17
c.
The
transfer
is
authorized
by
the
court
if
all
transfers,
18
including
the
transfer
to
be
made
and
prior
transfers,
exceed
19
twenty-five
fifty
thousand
dollars
in
value.
Transfers
by
a
20
personal
representative,
trustee,
or
conservator
shall
not
21
be
aggregated,
but
each
personal
representative,
trustee,
or
22
conservator
shall
be
treated
separately.
23
Sec.
24.
Section
633.108,
Code
2021,
is
amended
to
read
as
24
follows:
25
633.108
Small
distributions
to
minors
——
payment
.
26
1.
Whenever
a
minor
person
becomes
entitled
under
the
terms
27
of
a
will
to
a
bequest
or
legacy,
or
to
a
share
of
the
estate
of
28
an
intestate,
and
the
value
of
the
bequest,
legacy,
or
share
29
does
not
exceed
the
sum
of
twenty-five
fifty
thousand
dollars,
30
the
personal
representative
may
pay
the
bequest,
legacy,
or
31
share
to
a
custodian
under
any
uniform
transfers
to
minors
32
Act
interest
to
a
fiduciary
acting
under
one
or
more
of
the
33
accounts
referenced
in
subsection
2
.
34
2.
Receipt
by
the
custodian,
when
presented
to
the
court
or
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filed
with
the
report
of
distribution
of
the
fiduciary,
shall
1
have
the
same
force
and
effect
as
though
the
payment
had
been
2
made
to
a
duly
appointed
and
qualified
conservator
for
the
3
minor.
person
entitled
to
them:
4
a.
A
uniform
transfer
to
minor
account
established
for
the
5
minor
pursuant
to
chapter
565B
or
the
laws
of
any
other
state.
6
b.
A
uniform
custodial
trust
account
established
for
the
7
minor
pursuant
to
chapter
633F
or
the
laws
of
any
other
state.
8
c.
A
college
savings
plan
account
established
for
the
minor
9
pursuant
to
Internal
Revenue
Code
section
529
or
chapter
12D.
10
d.
An
ABLE
account
established
for
the
minor
with
11
disabilities
pursuant
to
Internal
Revenue
Code
section
529A
or
12
chapter
12I.
13
Sec.
25.
Section
633.675,
Code
2021,
is
amended
by
adding
14
the
following
new
subsection:
15
NEW
SUBSECTION
.
3A.
The
court
shall
terminate
a
16
conservatorship
if
it
finds
by
clear
and
convincing
evidence
17
all
of
the
following:
18
a.
The
value
of
the
protected
person’s
property
is
19
insufficient
to
justify
the
cost
of
administration.
20
b.
That
continued
administration
of
the
conservatorship
is
21
not
in
the
best
interest
of
the
protected
person.
22
c.
That
a
reasonable
alternative
exists
under
section
23
633.678
for
managing
the
protected
person’s
assets.
24
Sec.
26.
Section
633.678,
Code
2021,
is
amended
to
read
as
25
follows:
26
633.678
Delivery
of
assets.
27
1.
Upon
the
termination
of
a
conservatorship,
all
assets
of
28
the
conservatorship
shall
be
delivered
,
under
direction
of
the
29
court,
to
as
ordered
by
the
court
to
any
of
the
following:
30
a.
To
the
person
or
persons
entitled
to
them.
31
b.
To
a
custodian
under
a
uniform
transfers
to
minor
account
32
established
for
the
protected
person
pursuant
to
chapter
565B
33
or
the
laws
of
any
other
state.
34
c.
To
a
custodial
trustee
under
a
uniform
custodial
trust
35
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account
established
for
the
protected
person
pursuant
to
1
chapter
633F
or
the
laws
of
any
other
state.
2
d.
To
an
account
owner
or
participant
under
a
college
3
savings
plan
account
established
for
the
protected
person
4
pursuant
to
Internal
Revenue
Code
section
529
or
chapter
12D
5
or
the
laws
of
any
other
state.
6
e.
To
the
account
owner
under
an
ABLE
account
established
7
for
the
protected
person
with
disabilities
pursuant
to
Internal
8
Revenue
Code
section
529A
or
chapter
12I
or
the
laws
of
any
9
other
state.
10
2.
Delivery
of
the
assets
of
an
adult
protected
person
under
11
subsection
1,
paragraphs
“b”
through
“e”
,
shall
have
the
same
12
force
and
effect
as
if
delivery
had
been
made
directly
to
the
13
person
or
persons
entitled
to
them.
Delivery
of
the
assets
of
14
a
minor
protected
person
under
subsection
1,
paragraphs
“b”
15
through
“e”
,
shall
have
the
same
force
and
effect
as
if
delivery
16
had
been
made
to
the
protected
person
after
attaining
majority.
17
Sec.
27.
Section
633.681,
Code
2021,
is
amended
to
read
as
18
follows:
19
633.681
Assets
of
minor
ward
exhausted
Exhausted
or
minimal
20
assets
of
minor
protected
person
.
21
1.
When
the
assets
of
a
minor
ward’s
protected
person’s
22
conservatorship
are
exhausted
or
consist
of
personal
property
23
only
of
an
aggregate
value
not
in
excess
of
twenty-five
fifty
24
thousand
dollars,
the
court,
upon
application
or
upon
its
25
own
motion,
may
terminate
the
conservatorship.
The
order
26
for
termination
shall
direct
the
conservator
to
deliver
any
27
property
remaining
after
the
payment
of
allowed
claims
and
28
expenses
of
administration
to
a
custodian
under
any
uniform
29
transfers
to
minors
Act.
fiduciary
acting
under
one
or
more
of
30
the
following
accounts:
31
a.
A
uniform
transfer
to
minor
account
established
for
the
32
minor
pursuant
to
chapter
565B
or
the
laws
of
any
other
state.
33
b.
A
uniform
custodial
trust
account
established
for
the
34
minor
pursuant
to
chapter
633F
or
the
laws
of
any
other
state.
35
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c.
A
college
savings
plan
account
established
for
the
minor
1
pursuant
to
Internal
Revenue
Code
section
529
or
chapter
12D
2
or
the
laws
of
any
other
state.
3
d.
An
ABLE
account
established
for
the
minor
with
4
disabilities
pursuant
to
Internal
Revenue
Code
section
529A
or
5
chapter
12I
or
the
laws
of
any
other
state.
6
2.
Such
delivery
shall
have
the
same
force
and
effect
as
7
if
delivery
had
been
made
to
the
ward
protected
person
after
8
attaining
majority.
9
EXPLANATION
10
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
11
the
explanation’s
substance
by
the
members
of
the
general
assembly.
12
This
bill
establishes
the
Iowa
uniform
custodial
trust
Act
13
and
provides
definitions.
The
Iowa
uniform
custodial
trust
14
Act
is
a
statutory
standby
inter
vivos
trust
for
individuals
15
represented
by
attorneys
engaged
in
general
rather
than
16
specialized
probate
practice.
17
The
bill
allows
persons,
competent
to
transfer
property,
18
to
create
custodial
trusts
for
the
benefit
of
themselves
19
or
others,
with
the
beneficial
interest
in
custodial
trust
20
property
in
the
beneficiary
and
not
in
the
custodial
trustee.
21
The
bill
allows
any
kind
of
property,
real
or
personal,
22
tangible
or
intangible,
to
be
made
the
subject
of
a
transfer
23
to
a
custodial
trustee
for
the
benefit
of
a
beneficiary.
A
24
person
may
create
a
custodial
trust
by
a
written
transfer
of
25
the
property
to
another
person,
evidenced
by
registration
26
or
by
other
instrument
of
transfer
executed
and
naming
as
27
beneficiary
an
individual
who
may
be
the
transferor,
in
28
which
the
transferee
is
designated
as
custodial
trustee,
or
a
29
person
may
create
a
custodial
trust
of
property
by
a
written
30
declaration,
evidenced
by
registration
of
the
property
or
by
31
other
instrument
of
declaration
executed
and
describing
the
32
property
and
naming
as
beneficiary
an
individual
other
than
the
33
declarant,
in
which
the
declarant
as
titleholder
is
designated,
34
in
substance,
as
custodial
trustee.
The
bill
provides
that
a
35
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registration
or
other
declaration
of
trust
for
the
sole
benefit
1
of
the
declarant
is
not
a
valid
custodial
trust.
Title
is
2
given
to
the
custodial
trustee
and
the
beneficial
interest
3
is
given
to
the
beneficiary.
A
nonincapacitated
beneficiary
4
or
legal
representative
of
an
incapacitated
beneficiary
may
5
terminate
a
custodial
trust
by
delivering
the
custodial
trustee
6
a
written
notice
declaring
termination.
A
successor
custodial
7
trustee
may
be
designated
in
the
trust
document
and
any
8
person
may
augment
the
trust
property
by
the
addition
of
other
9
property.
10
The
bill
provides
how
the
custodial
trustee
may
make
future
11
payment
or
transfer
the
position
of
custodial
trustee.
A
12
person
who
is
able
to
designate
the
recipient
of
property
13
payable
or
transferable
upon
a
future
event
may
create
a
14
custodial
trust
by
designating
in
writing
the
recipient.
A
15
designation
of
successor
trustee
may
be
made
in
a
will,
a
16
trust,
a
multiple-party
account,
an
insurance
policy,
an
17
instrument
exercising
a
power
of
appointment,
or
a
writing
18
designating
a
beneficiary
of
contractual
rights.
The
19
designation
can
also
be
delivered
or
registered
to
the
20
fiduciary,
payor,
insurer,
or
obligor
of
the
future
right.
21
The
bill
provides
a
form
and
effect
of
receipt
and
acceptance
22
by
custodial
trustee.
The
form
provides
the
name
of
the
23
custodial
trustee,
the
name
of
the
beneficiary,
the
property
24
the
trust
consists
of,
and
date
and
signature
of
the
custodial
25
trustee.
It
also
provides
that
upon
accepting
custodial
trust
26
property,
the
custodial
trustee
is
subjected
to
personal
27
jurisdiction
of
the
court
with
respect
to
any
matter
relating
28
to
the
custodial
trust.
29
The
bill
provides
that
unless
otherwise
directed
by
an
30
instrument
designating
a
custodial
trustee,
a
person,
who
holds
31
property
of
or
owes
a
debt
to
an
incapacitated
individual,
may
32
make
a
transfer
to
a
beneficiary’s
legal
representative
and
33
if
none,
to
a
member
of
the
beneficiary’s
family,
or
a
trust
34
company,
as
custodial
trustee
for
the
use
and
benefit
of
the
35
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incapacitated
individual.
If
the
value
of
the
property
or
the
1
debt
exceeds
$50,000,
the
transfer
is
not
effective
unless
2
authorized
by
the
court.
A
signed
written
acknowledgment
of
3
delivery
by
a
custodial
trustee
is
a
sufficient
receipt
and
4
discharge
for
property
transferred
to
the
custodial
trustee.
5
The
bill
provides
that
a
custodial
trust
cannot
create
6
beneficial
interests
for
multiple
beneficiaries.
The
bill
7
provides
that
all
custodial
property
held
by
the
same
custodial
8
trustee
for
a
single
beneficiary
may
be
administered
as
a
9
single
custodial
trust.
10
The
bill
provides
general
duties
of
a
custodial
trustee
11
which
include:
registering
or
recording
the
instrument
vesting
12
title
to
custodial
trust
property,
if
appropriate;
following
13
the
directions
of
the
nonincapacitated
beneficiary
in
the
14
management,
control,
investment,
or
retention
of
the
custodial
15
trust
property;
observing
the
prudent
investment
standards
set
16
forth
in
Code
section
633.123
if
there
is
not
clear
directives
17
from
the
beneficiary
prior
to
being
incapacitated;
retaining
18
any
custodial
trust
property
received
from
the
transferor;
and
19
controlling,
collecting,
holding,
managing,
investing,
and
20
reinvesting
custodial
trust
property.
The
bill
provides
that
21
if
a
custodial
trustee
has
a
special
skill
or
expertise
or
is
22
named
custodial
trustee
on
the
basis
of
representation
of
a
23
special
skill
or
expertise,
the
custodial
trustee
shall
use
24
that
skill
or
expertise
in
making
decisions
for
the
custodial
25
trust
property.
The
bill
provides
that
a
custodial
trustee
26
at
all
times
shall
keep
custodial
trust
property
of
which
the
27
custodial
trustee
has
control
separate
from
all
other
property
28
in
a
manner
sufficient
to
identify
it
clearly
as
custodial
29
trust
property
of
the
beneficiary.
The
bill
provides
that
a
30
custodial
trustee
shall
keep
records
of
all
transactions
with
31
respect
to
custodial
trust
property,
including
information
32
necessary
for
the
preparation
of
tax
returns,
and
shall
make
33
the
records
and
information
available
at
reasonable
times
to
34
the
beneficiary
or
legal
representative
of
the
beneficiary.
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Furthermore,
the
exercise
of
a
durable
power
of
attorney
for
1
an
incapacitated
beneficiary
is
not
effective
to
terminate
or
2
direct
the
administration
or
distribution
of
a
custodial
trust.
3
The
bill
provides
that
the
custodial
trustee
has
all
the
4
rights
and
powers
over
custodial
trust
property
which
a
5
person
has
over
individually
owned
property
which
may
only
be
6
exercised
in
a
fiduciary
capacity.
7
The
bill
provides
how
the
custodial
trust
may
be
used.
If
8
the
beneficiary
is
not
incapacitated,
the
custodial
trustee
9
shall
pay
or
expend
for
the
beneficiary’s
use
or
benefit
the
10
amount
of
the
custodial
trust
property
at
the
beneficiary’s
11
directive.
If
the
beneficiary
is
incapacitated,
the
custodial
12
trustee
shall
be
allowed
to
distribute
the
amount
of
the
13
custodial
trust
property
as
deemed
advisable
for
the
use
and
14
benefit
of
the
beneficiary
and
individuals
who
are
entitled
15
to
support
by
the
beneficiary.
The
custodial
trustee
has
16
discretion
in
determining
the
manner,
when,
and
to
the
17
extent
that
the
expenditures
are
made
without
court
order
and
18
without
regard
to
other
support,
income,
or
property
of
the
19
beneficiary.
20
The
bill
provides
that
a
custodial
trustee
may
determine
21
a
beneficiary
incapacitated
relying
upon
previous
direction
22
or
authority
given
by
the
beneficiary
while
not
incapacitated
23
including
direction
or
authority
pursuant
to
a
durable
power
24
of
attorney;
written
documentation
from
the
beneficiary’s
25
physician;
on
the
petition
of
the
beneficiary,
the
custodial
26
trustee,
or
other
interested
person
in
the
custodial
trust
27
property,
the
court
may
determine
whether
the
beneficiary
is
28
incapacitated;
or
other
persuasive
evidence.
The
bill
also
29
provides
that
if
a
custodial
trustee
deems
that
a
beneficiary’s
30
incapacity
has
ceased
or
that
the
circumstances
concerning
31
the
beneficiary’s
ability
to
manage
the
property
and
business
32
affairs
have
changed,
the
custodial
trustee
may
administer
33
the
trust
as
for
a
beneficiary
who
is
not
incapacitated.
The
34
bill
provides
when
a
determination
of
incapacity
has
not
been
35
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made,
a
custodial
trustee
who
has
reason
to
believe
that
the
1
beneficiary
is
incapacitated
shall
administer
the
custodial
2
trust
in
accordance
with
provisions
of
the
bill
applicable
3
to
an
incapacitated
beneficiary.
A
beneficiary
being
found
4
to
be
incapacitated
does
not
terminate
the
custodial
trust,
5
any
designation
of
the
successor
custodial
trustee,
rights
6
or
powers
of
the
custodial
trustee,
or
any
immunities
of
a
7
third-person
action
on
the
instructions
of
the
custodial
8
trustee.
9
The
bill
provides
that
a
third
party
acting
in
good
faith
10
has
no
need
to
determine
the
custodial
trustee’s
authority
to
11
bind
the
beneficiary
with
respect
to
property
and
investment
12
matters.
The
bill
generally
limits
the
claims
of
third
13
parties
to
recourse
against
the
custodial
property,
with
the
14
beneficiary
insulated
against
personal
liability
unless
the
15
beneficiary
is
personally
at
fault
and
the
custodial
trustee
is
16
similarly
insulated
unless
the
custodial
trustee
is
personally
17
at
fault
or
failed
to
disclose
the
custodial
capacity
when
18
entering
into
a
contract.
19
The
bill
provides
for
declination,
resignation,
incapacity,
20
death,
or
removal
of
the
custodial
trustee.
A
custodial
21
trustee
may
decline
the
appointment
by
notifying
the
person
22
who
made
the
designation
prior
to
accepting
the
custodial
23
trust
property.
If
a
substitute
custodial
trustee
has
not
24
been
appointed,
the
person
who
made
the
initial
designation
25
may
designate
a
substitute
custodial
trustee
who
becomes
26
the
custodial
trustee.
Otherwise,
the
transferor’s
legal
27
representative
may
designate
a
substitute
custodial
trustee.
28
A
custodial
trustee,
who
has
accepted
the
custodial
trust
29
property,
may
resign
by
delivering
written
notice
to
a
30
successor
custodial
trustee,
the
beneficiary,
and,
if
the
31
beneficiary
is
incapacitated,
to
the
beneficiary’s
legal
32
representative,
and
transferring,
registering,
or
recording
an
33
appropriate
instrument
relating
to
the
custodial
trust
property
34
in
the
name
of,
and
delivering
the
records
to,
the
successor
35
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_____
custodial
trustee.
1
The
bill
provides
that
if
the
custodial
trustee
or
successor
2
custodial
trustee
dies,
resigns,
or
becomes
incapacitated,
3
the
successor
custodial
trustee
designated
becomes
the
4
custodial
trustee.
If
the
successor
is
not
identified,
5
the
competent
beneficiary
or
the
legal
representative
of
an
6
incapacitated
beneficiary
may
designate
a
successor
custodial
7
trustee.
If
the
beneficiary
fails
to
act
in
90
days,
the
8
legal
representative
becomes
the
custodial
trustee.
If
the
9
incapacitated
beneficiary
does
not
have
a
legal
representative
10
or
the
legal
representative
fails
to
act,
the
resigning
11
custodial
trustee
may
designate
a
successor
custodial
trustee.
12
The
court
may
also
be
petitioned
to
designate
a
successor
13
custodial
trustee
if
a
successor
custodial
trustee
is
not
14
designated.
15
The
bill
provides
that
a
substitute
custodial
trustee,
16
the
beneficiary,
the
beneficiary’s
legal
representative,
and
17
if
none,
a
member
of
the
beneficiary’s
family,
or
a
person
18
interested
in
the
custodial
trust
property,
may
petition
the
19
court
to
remove
the
custodial
trustee
for
cause
and
designate
20
a
successor
custodial
trustee,
to
require
the
custodial
21
trustee
to
furnish
a
bond
or
other
security
for
the
faithful
22
performance
of
fiduciary
duties,
or
for
other
appropriate
23
relief.
24
The
bill
provides
means
of
monitoring
and
enforcing
the
25
custodial
trust
including
provisions
requiring
the
custodial
26
trustee
to
keep
the
beneficiary
informed,
requiring
accounting
27
by
the
custodial
trustee,
providing
protection
for
the
28
custodial
trustee
by
the
statutes
of
limitation
on
proceedings
29
against
the
custodial
trustee,
and
relating
to
the
distribution
30
of
the
assets
on
termination
of
the
custodial
trust.
31
The
bill
provides
that
upon
termination
of
the
custodial
32
trust,
the
custodial
property
shall
be
transferred
to
33
the
beneficiary,
if
not
incapacitated
or
deceased;
to
34
the
beneficiary’s
legal
representative
or
other
recipient
35
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designated
by
the
court
for
an
incapacitated
beneficiary;
1
or
upon
the
death
of
the
beneficiaries
as
last
directed
in
2
a
writing
signed
by
the
beneficiary
while
not
incapacitated
3
and
received
by
the
custodial
trustee
prior
to
the
death,
as
4
designated
in
the
instrument
that
created
the
custodial
trust,
5
or
to
the
estate
of
the
deceased
beneficiary.
6
The
bill
provides
the
appropriate
methods
and
forms
to
be
7
used
for
creating
a
custodial
trust.
The
bill
provides
that
8
a
custodial
trust
created
under
the
bill
remains
subject
to
9
the
bill
despite
a
subsequent
change
in
the
residence
of
the
10
transferor,
the
beneficiary,
or
the
custodial
trustee
or
the
11
removal
of
the
custodial
trust
property
from
the
state
of
12
original
location.
13
The
bill
amends
the
Code
section
on
termination
and
14
modification
of
guardianship
(Code
section
232D.503)
and
15
provides
that
if
the
court
orders
termination
of
a
guardianship
16
and
the
guardian
has
custody
of
the
assets,
the
court
must
17
order
delivery
of
the
assets
to
the
minor
or
fiduciary
acting
18
under
one
of
the
following
accounts:
uniform
transfer
to
minor
19
account
established
for
the
minor;
a
uniform
custodial
trust
20
account
established
for
the
minor;
an
educational
savings
plan
21
trust
account;
or
an
ABLE
savings
plan
trust
account.
22
The
bill
amends
the
amount
of
money
that
may
be
transferred
23
by
a
fiduciary
and
the
small
distribution
from
$25,000
to
24
$50,000.
The
bill
provides
that
a
person
is
entitled
to
25
the
small
distributions
to
any
of
the
following:
a
uniform
26
transfer
to
minor
account
established
for
the
minor;
a
27
uniform
custodial
trust
account
established
for
the
minor;
an
28
educational
savings
plan
trust
account;
or
an
ABLE
savings
plan
29
trust
account.
30
The
bill
amends
the
cause
for
termination
in
a
31
conservatorship
by
adding
the
following
three
conditions:
the
32
value
of
the
protected
person’s
property
is
insufficient
to
33
justify
the
cost
of
administration
involved;
that
continued
34
administration
of
the
conservatorship
is
not
in
the
best
35
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interest
of
the
protected
person;
and
that
a
reasonable
1
alternative
exists
under
Code
section
633.678
for
managing
the
2
protected
person’s
assets
by
clear
and
convincing
evidence.
3
Under
current
law,
the
court
must
only
find
that
the
basis
for
4
appointment
provided
in
Code
section
633.553
or
633.554
is
not
5
satisfied.
6
The
bill
amends
the
Code
section
regarding
the
delivery
of
7
assets
upon
termination
of
a
conservatorship
by
including
that
8
the
delivery
shall
be
made
to
the
following
parties
as
ordered
9
by
the
court:
to
a
custodian
under
a
uniform
transfers
to
a
10
minor
account;
to
a
custodial
trustee;
to
an
account
owner
or
11
participant
under
a
educational
savings
plan
trust
account;
or
12
an
ABLE
savings
plan
trust
account
owner.
Current
Code
only
13
provides
for
the
assets
to
the
person
or
persons
entitled
to
14
them.
15
The
bill
provides
that
the
order
for
termination
shall
16
direct
the
conservator
to
deliver
any
property
remaining
after
17
the
payment
of
allowed
claims
and
expenses
of
administration
18
to
the
fiduciary
acting
under
one
or
more
of
the
following
19
accounts:
a
uniform
transfer
to
minor
account
established
for
20
the
minor;
a
uniform
custodial
trust
account
established
for
21
the
minor;
an
educational
savings
plan
trust
account;
or
an
22
ABLE
savings
plan
trust
account.
The
bill
also
increases
the
23
threshold
at
which
a
court
may
terminate
a
conservatorship
for
24
having
minimal
assets
of
a
minor
protected
person
from
$25,000
25
to
$50,000.
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