HF 2517 — A bill for an act relating to trusts, including irrevocable trusts, trust petitions, and trust proceedings.

KimHouse ReynoldsFile O2517 f- fEnrolled iHouse cFile e2517 oAN fACT tRELATING hTO eTRUSTS, GINCLUDING oIRREVOCABLE vTRUSTS, eTRUST rPETITIONS, nAND oTRUST rPROCEEDINGS. A d a m G r e g g G O V E R N O R L T G O V E R N O R April19,2024 Tlie Honorable Paul Pate SecretaiyofStateofIowa StateCapitol DesMoines,Iowa50319 DearMl".Secretaiy, Iherebytransmit:

HouseFile2517,anActrelatingtotrusts,includingiiTevocabletnists,tnistpetitions,andBE trustproceedings.IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

TheaboveHouseFileisherebyapprovedonthisdate.

Sincer^y, Kim Reynolds Governor ofIowa cc:

SecretaryoftheSenate Clerk oftheHouse STATE CAPITOL DES MOINES,IOWA 50319 515.281.5211 FAX 515.725.3527 WWW.GOVERNOR.IOWA.GOV 6PRIZE«>J8^Vbi.».,CHT VfVVILL MAINTAI I'-,:

■■•:ihi>ii:iii!;!;i::'" G E N E l ^ L A S S E M B E Y iiiniiigiiiniiiiiiiiiiHiiiiiiiiiiimiuiiHiiiiiiitiisfiiisiiiiiiiiiiiitniiiinRiiiiiiiniifiiiiiitiiiiHitniiiiiiiiiniHiiiiiiiintnHiniiiiniitiiiiiiiiiiiniiinitiiiiiiiiiiHiiiiiitiiiiiirt!!!!) H o u sF i l e2 5 1 7 A NA C T RELATING TO TRUSTS, INCLUDING IRREVOCABLE TRUSTS, TRUST P E T I T I O N S , A N D T R U S T P R O C E E D I N G S .

B E IT E N A C T E D T H E G E N E R A S S E M BO F T H E S T A T E I O W A :

Section 633A.2203, subsection 5, Code 2024, is aamended mto e n d t o read aas sfollows: f o l l o w s :

A spendthrift provision, or a provision giving the trustee discretion to distribute income or principal to a beneficiary or among beneficiaries, in the terms of the trust is presumed to constitute a material purpose of the trust may help implement a material purpose of the settlor.settlor .

A spendthrift provision, or a provision giving the trustee discretion to distribute income or principal to a beneficiary or among beneficiaries, does not create a presumption that the settlor would not want the trust to be mmodified oor dterminated iwhen fall iorof dtthe ebeneficiaries rconsent m i n a whend a l l o ft h eb e n e f i c i a r i e s c o n s e n t and if circumstances not anticipated by the settlor indicate that the best interests of the beneficiaries as a class will be better sserved eif rthe vtrust eifis tmodified hor eterminated. t r u s t im o d i f ior dt e r m i n a t e d .

Section 633A.6202, subsection 1, Code 2024, is aamended mto e n d t o read aas sfollows: f o l l o w s :

Except as otherwise provided in section 633A.3103, a trusteej_trustee, et-or beneficiary, or other interested party of a trust may petition the court concerning the internal affairs of the trust or to determine the existence of the trust.

Section 533A.6202,633A.6202, subsection 2, paragraphs e, f, h, i, j, and k.k, Code 2024, are amended to read as follows:

Code 2024, are amended to read as follows:

Instruct the any trustee, trust director, or trust protector.protector .

Grant powers to or modify powers of the any trustee_j_trustee, trust director, or trust protector.protector .

i.

Fix or allow payment of the trustee’s compensation of the trustee or any trust director or trust protector or review the reasonableness of the compensation.

FixAppoint or allowremove paymenta of the truotoo's compensation of the trustee or any trustee, trust directordirector, or trust protector or. review the reasonableness of the compensation.

j.

Appoint or remove a any trustee, trust director, or trust p r o t e c t o r .

Accept the resignation of a any trustee, trust director, or ttrust rprotector. u s t p r o t e c t o r .

______________________________ ______________________________ PAT GRASSLE^rGRASSLEY AMY SINmSINCLAIR -R Speaker pxof the House President of the Senate I hereby certify that this bill originated in the House and is known as House File 2517, Ninetieth General Assembly.

N______________________________ EMEGHAN LNELSON SChief OClerk Nof Cthe hHouse i j ^ f /off t hH o u s Approved _______________, 2024 KTM______________________________ XgY^LDSKIM GREYNOLDS oGovernor v e r n o r