Iowa Code § 633.681
Exhausted or minimal assets of minor protected person
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2023
As of January 1, 2012
When the assets of a minor ward’s conservatorship are exhausted or consist of personal property only of an aggregate value not in excess of twenty-five thousand dollars, the court, upon application or upon its own motion, may terminate the conservatorship. The order for termination shall direct the conservator to deliver any property remaining after the payment of allowed claims and expenses of administration to a custodian under any uniform transfers to minors Act. Such delivery shall have the same force and effect as if delivery had been made to the ward after attaining majority.
1. When the assets of a minor protected person’s conservatorship are exhausted or consist of personal property only of an aggregate value not in excess of fifty thousand dollars, the court, upon application or upon its own motion, may terminate the conservatorship. The order for termination shall direct the conservator to deliver any property remaining after the payment of allowed claims and expenses of administration to a fiduciary acting under one or more of the following accounts:
a. A uniform transfer to minor account established for the minor pursuant to chapter 565B or the laws of any other state.
b. A uniform custodial trust account established for the minor pursuant to chapter 633F or the laws of any other state.
c. A college savings plan account established for the minor pursuant to Internal Revenue Code section 529 or chapter 12D or the laws of any other state.
d. An ABLE account established for the minor with disabilities pursuant to Internal Revenue Code section 529A or chapter 12I or the laws of any other state.
2. Such delivery shall have the same force and effect as if delivery had been made to the protected person after attaining majority.
98 Acts, ch 1118, §2; 2005 Acts, ch 38, §30
98 Acts, ch 1118, §2; 2005 Acts, ch 38, §30; 2021 Acts, ch 8, §27
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.