§ 633F.17 — Distribution on termination

Iowa § 633F.17

• Jurisdiction: Iowa
• Title XV: JUDICIAL BRANCH AND JUDICIAL PROCEDURES
• Ch. 633F: IOWA UNIFORM CUSTODIAL TRUST ACT

Text

1. Upon termination of a custodial trust, the custodial trustee shall transfer the
unexpended custodial trust property:
a. To the beneficiary, if not incapacitated or deceased.
b. To the beneficiary’s legal representative or other recipient designated by the court for
an incapacitated beneficiary.
c. Upon the beneficiary’s death, in the following order:
(1) Aslastdirectedinawritingsignedbythedeceasedbeneficiarywhilenotincapacitated
and received by the custodial trustee during the life of the deceased.
(2) As designated in the instrument creating the custodial trust.
(3) To the estate of the deceased beneficiary.
2. The direction to the custodial trustee by a beneficiary who is not incapacitated,
for distribution on termination of the custodial trust may be in any written form clearly
identifying the distributee and may be substantially similar to the following:
I, ________________ (name of beneficiary) hereby direct
_____________________ (name of custodial trustee) as custodial
trustee, totransferandpaytheunexpendedbalanceofthecustodial
trust property of which I am beneficiary to __________________
(name of distributee) as distributee on the termination of the
trust at my death. In the event of the prior death of _________
(name of distributee) above named as distributee, I designate
________________ (name of distributee) as distributee of the
custodial trust property.
Signed ______________________ (signature of beneficiary).
Date ____________________
Receipt Acknowledged: ____________________ (signature of
custodial trustee)
Date ___________________
3. If, when the custodial trust would otherwise terminate, the distributee is incapacitated,
the custodial trust continues for the use and benefit of the distributee as beneficiary until the
incapacity is removed or the custodial trust is otherwise terminated.
4. Death of a beneficiary does not terminate the power of the custodial trustee to
discharge obligations of the custodial trustee or beneficiary incurred before the termination
of the custodial trust.