Iowa Code 633.108 – Small distributions
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 633.108
- Bequest: Property gifted by will.
- Fiduciary: A trustee, executor, or administrator.
- Intestate: Dying without leaving a will.
- Legacy: A gift of property made by will.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
633.108 Small distributions.
1. Whenever a person becomes entitled under the terms of a will to a bequest or legacy, or to a share of the estate of an intestate, and the value of the bequest, legacy, or share does not exceed the sum of fifty thousand dollars, the personal representative may pay the bequest, legacy, or interest to a fiduciary acting under one or more of the accounts referenced in subsection 2.
2. Receipt by the custodian, when presented to the court or filed with the report of distribution of the fiduciary, shall have the same force and effect as though the payment had been made to a duly appointed and qualified conservator for the person entitled to them:
a. A uniform transfer to minor account established for the minor pursuant to chapter 565B
or the laws of any other state.
b. A uniform custodial trust account established for the minor pursuant to chapter 633F
or the laws of any other state.
c. A college savings plan account established for the minor pursuant to Internal Revenue
Code section 529 or chapter 12D.
d. An ABLE account established for the minor with disabilities pursuant to Internal
Revenue Code section 529A or chapter 12I.
[C39, §12077.1; C46, 50, 54, 58, 62, §638.41; C66, 71, 73, 75, 77, 79, 81, §633.108; 81 Acts, ch 193, §1; 82 Acts, ch 1052, §1]
95 Acts, ch 63, §3; 2000 Acts, ch 1150, §2; 2005 Acts, ch 38, §10; 2021 Acts, ch 8, §24
See also chapter 565B, §633.555, 633.681
1. Whenever a person becomes entitled under the terms of a will to a bequest or legacy, or to a share of the estate of an intestate, and the value of the bequest, legacy, or share does not exceed the sum of fifty thousand dollars, the personal representative may pay the bequest, legacy, or interest to a fiduciary acting under one or more of the accounts referenced in subsection 2.
2. Receipt by the custodian, when presented to the court or filed with the report of distribution of the fiduciary, shall have the same force and effect as though the payment had been made to a duly appointed and qualified conservator for the person entitled to them:
a. A uniform transfer to minor account established for the minor pursuant to chapter 565B
or the laws of any other state.
b. A uniform custodial trust account established for the minor pursuant to chapter 633F
or the laws of any other state.
c. A college savings plan account established for the minor pursuant to Internal Revenue
Code section 529 or chapter 12D.
d. An ABLE account established for the minor with disabilities pursuant to Internal
Revenue Code section 529A or chapter 12I.
[C39, §12077.1; C46, 50, 54, 58, 62, §638.41; C66, 71, 73, 75, 77, 79, 81, §633.108; 81 Acts, ch 193, §1; 82 Acts, ch 1052, §1]
95 Acts, ch 63, §3; 2000 Acts, ch 1150, §2; 2005 Acts, ch 38, §10; 2021 Acts, ch 8, §24
See also chapter 565B, §633.555, 633.681