Iowa Code 633.681 – Exhausted or minimal assets of minor protected person
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 633.681
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- 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
- property: includes personal and real property. 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
633.681 Exhausted or minimal assets of minor protected person.
1. When the assets of a minor protected person’s conservatorship are exhausted or consist of personal property only of an aggregate value not in excess of fifty thousand dollars, the court, upon application or upon its own motion, may terminate the conservatorship. The order for termination shall direct the conservator to deliver any property remaining after the payment of allowed claims and expenses of administration to a fiduciary acting under one or more of the following accounts:
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 or the laws of any other state.
d. An ABLE account established for the minor with disabilities pursuant to Internal
Revenue Code section 529A or chapter 12I or the laws of any other state.
2. Such delivery shall have the same force and effect as if delivery had been made to the protected person after attaining majority.
[C46, 50, 54, 58, 62, §668.33; C66, 71, 73, 75, 77, 79, 81, §633.681; 82 Acts, ch 1052, §3]
98 Acts, ch 1118, §2; 2005 Acts, ch 38, §30; 2021 Acts, ch 8, §27
1. When the assets of a minor protected person’s conservatorship are exhausted or consist of personal property only of an aggregate value not in excess of fifty thousand dollars, the court, upon application or upon its own motion, may terminate the conservatorship. The order for termination shall direct the conservator to deliver any property remaining after the payment of allowed claims and expenses of administration to a fiduciary acting under one or more of the following accounts:
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 or the laws of any other state.
d. An ABLE account established for the minor with disabilities pursuant to Internal
Revenue Code section 529A or chapter 12I or the laws of any other state.
2. Such delivery shall have the same force and effect as if delivery had been made to the protected person after attaining majority.
[C46, 50, 54, 58, 62, §668.33; C66, 71, 73, 75, 77, 79, 81, §633.681; 82 Acts, ch 1052, §3]
98 Acts, ch 1118, §2; 2005 Acts, ch 38, §30; 2021 Acts, ch 8, §27