Iowa Code 633C.4 – Other powers of trustees
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Terms Used In Iowa Code 633C.4
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Probate: Proving a will
- 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
- Trustee: A person or institution holding and administering property in trust.
633C.4 Other powers of trustees.
1. Sections 633C.2 and 633C.3 shall not be construed to limit the authority of the trustees
to invest, sell, or otherwise manage property held in trust.
2. The trustee of a medical assistance income trust or a medical assistance special needs trust is a fiduciary for purposes of chapter 633A and, in the exercise of the trustee’s fiduciary duties, the state shall be considered a beneficiary of the trust. Regardless of the terms of the trust, the trustee shall not take any action that is not prudent in light of the state’s interest in the trust. Notwithstanding any provision of chapter 633A to the contrary, the trustee of a medical assistance special needs trust shall be subject to the jurisdiction of the district court sitting in probate and shall submit an accounting of the disposition of the trust to the district court sitting in probate on an annual basis.
94 Acts, ch 1120, §6
C2005, §633.710
2005 Acts, ch 38, §53, 55
CS2005, §633C.4
2006 Acts, ch 1030, §78; 2015 Acts, ch 137, §120, 162, 163
1. Sections 633C.2 and 633C.3 shall not be construed to limit the authority of the trustees
to invest, sell, or otherwise manage property held in trust.
2. The trustee of a medical assistance income trust or a medical assistance special needs trust is a fiduciary for purposes of chapter 633A and, in the exercise of the trustee’s fiduciary duties, the state shall be considered a beneficiary of the trust. Regardless of the terms of the trust, the trustee shall not take any action that is not prudent in light of the state’s interest in the trust. Notwithstanding any provision of chapter 633A to the contrary, the trustee of a medical assistance special needs trust shall be subject to the jurisdiction of the district court sitting in probate and shall submit an accounting of the disposition of the trust to the district court sitting in probate on an annual basis.
94 Acts, ch 1120, §6
C2005, §633.710
2005 Acts, ch 38, §53, 55
CS2005, §633C.4
2006 Acts, ch 1030, §78; 2015 Acts, ch 137, §120, 162, 163