565B.6 Other transfers by fiduciary.
1. Subject to subsection 3, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to section 565B.9, in the absence of a will or under a will or trust that does not contain an authorization to do so.
2. Subject to subsection 3, a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to section 565B.9.
3. A transfer under subsection 1 or 2 may be made only if all of the following are true:
a. The personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor.
b. The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument.
c. The transfer is authorized by the court if all transfers, including the transfer to be made and prior transfers, exceed fifty thousand dollars in value. Transfers by a personal representative, trustee, or conservator shall not be aggregated, but each personal representative, trustee, or conservator shall be treated separately.
4. A personal representative, trustee, or conservator making a distribution under this section is relieved of all accountability as a personal representative, trustee, or conservator with respect to the property once the property has been distributed.
86 Acts, ch 1035, §6; 2010 Acts, ch 1137, §2; 2021 Acts, ch 8, §23
Referred to in §565B.7
Subsection 3, paragraph c amended
Structure Iowa Code
Chapter 565B - TRANSFERS TO MINORS
Section 565B.2 - Scope and jurisdiction.
Section 565B.3 - Nomination of custodian.
Section 565B.4 - Transfer by gift or exercise of power of appointment.
Section 565B.5 - Transfer authorized by will or trust.
Section 565B.6 - Other transfers by fiduciary.
Section 565B.7 - Transfer by obligor.
Section 565B.8 - Receipt for custodial property.
Section 565B.10 - Single custodianship.
Section 565B.11 - Validity and effect of transfer.
Section 565B.12 - Care of custodial property.
Section 565B.13 - Powers of custodian.
Section 565B.14 - Use of custodial property.
Section 565B.15 - Custodian’s expenses, compensation, and bond.
Section 565B.16 - Exemption of third person from liability.
Section 565B.17 - Liability to third persons.
Section 565B.19 - Accounting by and determination of liability of custodian.
Section 565B.20 - Termination of custodianship.
Section 565B.21 - Applicability.
Section 565B.22 - Effect on existing custodianships.
Section 565B.23 - Uniformity of application and construction.