Iowa Code
Chapter 633A - IOWA TRUST CODE
Section 633A.1102 - Definitions.

633A.1102 Definitions.
For purposes of this chapter:
1. “Adjusted gross estate”, as it relates to a trust, means the same as defined in section 633.266.
2. “Beneficiary”, as it relates to a trust beneficiary, includes a person who has any present or future interest in the trust, vested or contingent, and also includes the owner of an interest by assignment or other transfer.
3. “Charitable trust” means a trust created for a charitable purpose as specified in section 633A.5101.
4. “Competency” means any one of the following:
a. In the case of a revocable transfer, “competency” means the degree of understanding required to execute a will.
b. In the case of an irrevocable transfer, “competency” means the ability to understand the effect the gift may have on the future financial security of the donor and anyone who may be dependent on the donor.
5. “Conservator” means a person appointed by a court to manage the estate of a minor or adult individual.
6. “Court” means any Iowa district court.
7. “Distribution trust director” means any person given authority by an instrument to exercise all or any portion of the powers set forth in section 633A.4810. Except as provided in the trust instrument, the distribution trust director shall have the same fiduciary duty and liability in the exercise or nonexercise of such powers as the trustee would in the absence of such directory powers.
8. “Excluded fiduciary” means any fiduciary excluded from exercising certain powers under an instrument which powers may be exercised by the settlor, trust director, trust protector, or other persons designated in the instrument.
9. “Fiduciary” includes a personal representative, executor, administrator, guardian, conservator, trustee, trust director, and any other person designated as a fiduciary by the applicable instrument or this trust code.
10. “Guardian” means a person appointed by a court to make decisions with respect to the support, care, education, health, and welfare of a minor or adult individual, but excludes one who is merely a guardian ad litem. A minor’s custodial parent shall be deemed to be the child’s guardian in the absence of a court-appointed guardian.
11. “Instrument” means a signed writing.
12. “Interested person” includes a trustee, an acting successor trustee, a beneficiary who may receive income or principal currently from the trust, or would receive principal of the trust if the trust were terminated at the time relevant to the determination, and a fiduciary representing an interested person. The meaning as it relates to particular persons may vary from time to time according to the particular purpose of, and matters involved in, any proceeding.
13. “Investment trust director” means any person given authority by an instrument to exercise all or any portion of the powers set forth in section 633A.4809. Except as provided in the trust instrument, the investment trust director shall have the same fiduciary duty and liability in the exercise or nonexercise of such powers as the trustee would in the absence of such directory powers.
14. “Person” means an individual or any legal or commercial entity.
15. “Petition” includes a complaint or statement of claim.
16. “Property” means anything that may be the subject of ownership, whether real or personal, legal or equitable, tangible or intangible, and includes any interest in such item, including a chose in action, claim, or beneficiary designation under a policy of insurance, employees’ trust, or other arrangement, whether revocable or irrevocable.
17. “Qualified beneficiary” means a beneficiary who, on the date the beneficiary’s qualification is determined, is any of the following:
a. Eligible to receive distributions of income or principal from the trust.
b. Would receive property from the trust upon immediate termination of the trust.
18. “Settlor” means a person, including a testator, who creates a trust.
19. “State” means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or insular possession subject to the jurisdiction of the United States.
20. “Term” or “terms”, when used in relation to a trust, means the manifestation of the settlor’s intent regarding a trust’s provisions at the time of the trust’s creation or amendment. “Term” includes those concepts expressed directly in writing, as well as those inferred from constructional preferences or rules, or by other proof admissible under the rules of evidence.
21. “Trust” means an express trust, charitable or noncharitable, with additions thereto, wherever and however created, including a trust created or determined by a judgment or decree under which the trust is to be administered in the manner of an express trust. “Trust” does not include any of the following:
a. A Totten trust account.
b. A custodial arrangement pursuant to the uniform transfers to minors Act of any state.
c. A business trust that is taxed as a partnership or corporation.
d. An investment trust subject to regulation under the laws of this state or any other jurisdiction.
e. A common trust fund.
f. A voting trust.
g. A security arrangement.
h. A transfer in trust for purpose of suit or enforcement of a claim or right.
i. A liquidation trust.
j. A trust for the primary purpose of paying debts, dividends, interest, salaries, wages, profits, pensions, or employee benefits of any kind.
k. An arrangement under which a person is a nominee or escrow agent for another.
l. Constructive or resulting trusts.
m. Burial, funeral, and perpetual care trusts.
22. “Trust company” means a person who has qualified to engage in and conduct a trust business in this state.
23. “Trust director” means either an investment trust director or a distribution trust director.
24. “Trust protector” means any person whose appointment as protector is provided for in the instrument. A trust protector shall not be considered to be acting in a fiduciary capacity except to the extent the governing instrument provides otherwise. However, a trust protector shall be considered to be acting in a fiduciary capacity to the extent that the trust protector exercises the authority or powers of a trust director.
25. “Trustee” includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.
99 Acts, ch 125, §2, 109; 2000 Acts, ch 1150, §7
C2001, §633.1102
2002 Acts, ch 1107, §1; 2003 Acts, ch 95, §6; 2004 Acts, ch 1015, §25; 2005 Acts, ch 38, §35, 52, 54, 55
CS2005, §633A.1102
2020 Acts, ch 1076, §1, 2
Referred to in §633A.1107, 638.2

Structure Iowa Code

Iowa Code

Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES

Chapter 633A - IOWA TRUST CODE

Section 633A.1101 - Short title.

Section 633A.1102 - Definitions.

Section 633A.1103 - Per stirpes rule of descent.

Section 633A.1104 - Common law of trusts.

Section 633A.1105 - Trust terms control.

Section 633A.1106 - General rule concerning application of the Iowa trust code.

Section 633A.1107 - Scope of trust code.

Section 633A.1108 - Governing law.

Section 633A.1109 - Methods of notice and document delivery — waiver.

Section 633A.2101 - Methods of creating trusts.

Section 633A.2102 - Requirements for validity.

Section 633A.2103 - Statute of frauds.

Section 633A.2104 - Trust purposes.

Section 633A.2105 - Honorary trusts — trusts for pets.

Section 633A.2106 - Resulting trusts.

Section 633A.2107 - Constructive trusts.

Section 633A.2201 - Termination of trust.

Section 633A.2202 - Modification or termination by settlor and all beneficiaries.

Section 633A.2203 - Termination of irrevocable trust or modification of dispositive provisions of irrevocable trust by court.

Section 633A.2204 - Modification of administrative provisions by court for change of circumstances.

Section 633A.2205 - Noncharitable trust with uneconomically low value.

Section 633A.2206 - Reformation — tax objectives.

Section 633A.2207 - Combination of trusts.

Section 633A.2208 - Division of trusts.

Section 633A.2301 - Rights of beneficiary, creditor, and assignee.

Section 633A.2302 - Spendthrift protection recognized.

Section 633A.2303 - Spendthrift trusts for the benefit of settlor.

Section 633A.2304 - Amount reachable by creditors or transferees of settlor.

Section 633A.2305 - Discretionary trusts — effect of standard.

Section 633A.2306 - Court action — trustee’s discretion.

Section 633A.2307 - Overdue mandatory distribution.

Section 633A.3101 - Competency to create, revoke, or modify a revocable trust.

Section 633A.3102 - Revocation or modification.

Section 633A.3103 - Other rights of settlor.

Section 633A.3104 - Claims against revocable trust.

Section 633A.3105 - Rights of and claims against holder of general power of appointment.

Section 633A.3106 - Children born or adopted after execution of a revocable trust.

Section 633A.3107 - Effect of divorce or dissolution.

Section 633A.3108 - Limitation on contest of revocable trust.

Section 633A.3109 - Limitation on creditor rights against revocable trust assets after settlor’s death.

Section 633A.3110 - Notice to creditors, heirs, and surviving spouse.

Section 633A.3111 - Rights of trustee regarding claims in a probate administration.

Section 633A.3112 - Trustee’s liability for distributions.

Section 633A.3113 - Definitions — revocable trusts.

Section 633A.3114 - Allowance to surviving spouse.

Section 633A.3115 - Allowance to children who do not reside with surviving spouse.

Section 633A.4101 - Acceptance or declination to serve as trustee.

Section 633A.4102 - Trustee’s bond.

Section 633A.4103 - Actions by cotrustees.

Section 633A.4104 - Vacancy in office of trustee.

Section 633A.4105 - Filling vacancy.

Section 633A.4106 - Resignation of trustee.

Section 633A.4107 - Removal of trustee.

Section 633A.4108 - Delivery of property by former trustee.

Section 633A.4109 - Compensation of trustee.

Section 633A.4110 - Repayment for expenditures.

Section 633A.4111 - Notice of increased trustee’s fee.

Section 633A.4201 - Duty to administer trust — alteration by terms of trust.

Section 633A.4202 - Duty of loyalty — impartiality — confidential relationship.

Section 633A.4203 - Standard of prudence.

Section 633A.4204 - Costs of administration.

Section 633A.4205 - Special skills.

Section 633A.4206 - Delegation.

Section 633A.4207 - Directory powers.

Section 633A.4208 - Cotrustees.

Section 633A.4209 - Control and safeguarding of trust property.

Section 633A.4210 - Separation and identification of trust property.

Section 633A.4211 - Enforcement and defense of claims and actions.

Section 633A.4212 - Prior fiduciaries.

Section 633A.4213 - Duty to inform and account.

Section 633A.4214 - Duties with regard to discretionary powers.

Section 633A.4215 - Distributions in further trust.

Section 633A.4301 - Short title.

Section 633A.4302 - Standard of care — portfolio strategy — risk and return objectives.

Section 633A.4303 - Diversification.

Section 633A.4304 - Duties at inception of trusteeship.

Section 633A.4305 - Loyalty.

Section 633A.4306 - Impartiality.

Section 633A.4307 - Investment costs.

Section 633A.4308 - Reviewing compliance.

Section 633A.4309 - Language invoking prudent investor rule.

Section 633A.4401 - General powers — fiduciary duties.

Section 633A.4402 - Specific powers of trustees.

Section 633A.4501 - Violations of duties — breach of trust.

Section 633A.4502 - Breach of trust — actions.

Section 633A.4503 - Breach of trust — liability.

Section 633A.4504 - Limitation of action against trustee.

Section 633A.4505 - Exculpation of trustee.

Section 633A.4506 - Beneficiary’s consent, release, or affirmance — nonliability of trustee.

Section 633A.4507 - Attorney fees and costs.

Section 633A.4601 - Personal liability — limitations.

Section 633A.4602 - Dissenting cotrustees.

Section 633A.4603 - Obligations of third parties.

Section 633A.4604 - Certification of trust.

Section 633A.4605 - Liability for wrongful taking, concealing, or disposing of trust property.

Section 633A.4606 - Interest as general partner.

Section 633A.4701 - Survivorship with respect to future interests under terms of trust — substitute takers.

Section 633A.4702 - Discretionary language prevails over other standard.

Section 633A.4703 - General order for abatement.

Section 633A.4704 - Simultaneous death.

Section 633A.4705 - Principal and income.

Section 633A.4706 - Small distributions to minors — payment.

Section 633A.4707 - Person causing death.

Section 633A.4801 - Governing instrument may provide trust director or trust protector with powers and immunities of trustee.

Section 633A.4802 - Liability limits of excluded fiduciary.

Section 633A.4803 - Death of settlor.

Section 633A.4804 - Excluded fiduciary’s liability for loss if trust protector appointed.

Section 633A.4805 - Powers of trust protector.

Section 633A.4806 - Submission to court jurisdiction — effect on trust director or trust protector.

Section 633A.4807 - Powers of trust protector incorporated by reference in will or trust instrument.

Section 633A.4808 - Investment trust director or distribution trust director provided for in trust instrument.

Section 633A.4809 - Powers of investment trust director.

Section 633A.4810 - Powers of distribution trust director.

Section 633A.5101 - Charitable purposes.

Section 633A.5102 - Application of cy pres.

Section 633A.5103 - Trust with uneconomically low value.

Section 633A.5104 - Interested persons — proceedings.

Section 633A.5105 - Charitable trusts.

Section 633A.5106 - Settlor — enforcement of charitable trust — designation.

Section 633A.5107 - Filing requirements.

Section 633A.5108 - Role of the attorney general.

Section 633A.6101 - Subject matter jurisdiction.

Section 633A.6102 - Principal place of administration of trust.

Section 633A.6103 - Jurisdiction over trustees and beneficiaries.

Section 633A.6104 - County of venue.

Section 633A.6105 - Transfer of jurisdiction.

Section 633A.6201 - Judicial intervention intermittent.

Section 633A.6202 - Petitions — purposes of proceedings.

Section 633A.6301 - Definition and applicability.

Section 633A.6302 - Representation by holders of powers.

Section 633A.6303 - Representation by fiduciaries and parents.

Section 633A.6304 - Representation by holders of similar interests.

Section 633A.6305 - Notice of judicial settlement.

Section 633A.6306 - Appointment of guardian ad litem.

Section 633A.6307 - Appointment of special representative.

Section 633A.6308 - Nonjudicial settlement agreements.