§ 637.608 — Payout percentage

Iowa § 637.608

• Jurisdiction: Iowa
• Title XV: JUDICIAL BRANCH AND JUDICIAL PROCEDURES
• Ch. 637: UNIFORM PRINCIPAL AND INCOME ACT

Text

The annual unitrust payout percentage shall be four percent unless the governing
instrument specifically provides a different percentage or the court approves a percentage of
not less than three percent or more than five percent after notice of intent to seek a payout
percentage other than four percent has been given to all of the following persons:
1. The trustor of the trust, if living.
2. All living persons who are currently receiving or eligible to receive distributions of
income of the trust.
3. All living persons who would receive principal of the trust if the trust were to terminate
at the time of the giving of such notice without regard to the exercise of any power of
appointment or, if the trust does not provide for its termination, all living persons who would
receive or be eligible to receive distributions of income or principal of the trust if the persons
identified in subsection 2 were deceased.
4. All persons named in the governing instrument as adviser to or protector of the trust.