633A.3104 Claims against revocable trust. 1. During the lifetime of the settlor, the trust property of a revocable trust is subject to the debts of the settlor to the extent of the settlor’s power of revocation. 2. Following the death of a settlor, if the settlor’s estate is inadequate to satisfy the debts of the settlor and the charges of the settlor’s estate, the property of a revocable trust, to theextent of the value of the property over which the settlor had a power of revocation, is subjectto all of the following: a. The charges of the settlor’s estate.b. The debts of the settlor unless barred as provided in section 633A.3109.3. The personal representative of the settlor’s estate shall submit a statement to the trustee within the period for filing claims against the trust of the amount by which the assets ofthe estate are insufficient to pay the debts and charges. Subject to the provisions of section633A.3111, the trustee shall remit to the personal representative the amount needed to paythe charges and shall pay the debts directly to the creditors unless the trustee and personalrepresentative agree to a different manner of payment. 4. personal representative the amount needed to paythe charges and shall pay the debts directly to the creditors unless the trustee and personalrepresentative agree to a different manner of payment. 4. If a revocable trust becomes subject to the debts of a settlor and the charges of the settlor’s estate pursuant to this section, following the payment of the proper costs ofadministration of the trust and any claims against the trust, the debts and charges of thesettlor’s estate payable by the trust shall be classified pursuant to sections 633.425 and633.426 as such sections exist on the date of the settlor’s death and paid in the order listedtherein to the extent the settlor’s estate is inadequate to satisfy the listed debts and charges. 99 Acts, ch 125, §28, 109; 2000 Acts, ch 1150, §15C2001, §633.31042005 Acts, ch 38, §54CS2005, §633A.31042006 Acts, ch 1104, §6; 2012 Acts, ch 1123, §17, 18, 32 Sat Dec 23 12:13:15 2023 Iowa Code 2024, Section 633A.3104 (22, 0)
Iowa Legal Code