Iowa Code 633A.3101 – Competency to create, revoke, or modify a revocable trust
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Terms Used In Iowa Code 633A.3101
- 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
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Trustee: A person or institution holding and administering property in trust.
633A.3101 Competency to create, revoke, or modify a revocable trust.
1. To create, revoke, or modify a revocable trust, the settlor must be competent. An aggrieved person shall have all causes of action and remedies available to the aggrieved person in attacking the creation, revocation, or modification of a revocable trust as one would if attacking the propriety of the execution of a will.
2. The level of competency required of a settlor to direct the actions of the trustee, or to contribute property to, or to withdraw property from, a trust is the same as that required to create a revocable trust.
99 Acts, ch 125, §25, 109; 2000 Acts, ch 1150, §14
C2001, §633.3101
2005 Acts, ch 38, §54
CS2005, §633A.3101
1. To create, revoke, or modify a revocable trust, the settlor must be competent. An aggrieved person shall have all causes of action and remedies available to the aggrieved person in attacking the creation, revocation, or modification of a revocable trust as one would if attacking the propriety of the execution of a will.
2. The level of competency required of a settlor to direct the actions of the trustee, or to contribute property to, or to withdraw property from, a trust is the same as that required to create a revocable trust.
99 Acts, ch 125, §25, 109; 2000 Acts, ch 1150, §14
C2001, §633.3101
2005 Acts, ch 38, §54
CS2005, §633A.3101