§ 633.357

633.357 Custodial independent retirement accounts. 1. As used in this section, unless the context otherwise requires:a. 'Custodial independent retirement account' means an individual retirement account in accordance with section 408(a) of the Internal Revenue Code or a Roth individual retirementaccount in accordance with section 408A of the Internal Revenue Code, the assets of whichare not held in trust. b. 'Designator' means a person entitled to designate the beneficiary or beneficiaries of a custodial independent retirement account. 2. The assets of a custodial independent retirement account shall pass on or after the death of the designator of the custodial independent retirement account to the beneficiaryor beneficiaries specified in the custodial independent retirement account agreement signedby the designator or designated by the designator in writing pursuant to the custodialindependent retirement account agreement. Assets that pass to a beneficiary pursuant tothis section shall not be considered part of the designator’s probate estate except to theextent that the designator’s estate is a beneficiary.

agreement. Assets that pass to a beneficiary pursuant tothis section shall not be considered part of the designator’s probate estate except to theextent that the designator’s estate is a beneficiary. The designation of a beneficiary shall notbe considered testamentary and does not have to be witnessed. 3. This section applies to a custodial independent retirement account established and a beneficiary designation made prior to, on, or after July 1, 1999. This section shall beconsidered to be declarative of the law as the law existed immediately prior to July 1, 1999. 4. This section shall not be construed to imply that assets or benefits that are payable upon the death of a person to a beneficiary or beneficiaries designated in or pursuant to a writtenarrangement not described in this section, other than a will, are part of the person’s probateestate or that the arrangement is testamentary. 99 Acts, ch 56, §4 Sat Dec 23 11:25:27 2023 Iowa Code 2024, Section 633.357 (34, 0)