633A.4213 Duty to inform and account. A trustee of an irrevocable trust shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and the material facts necessary to protect thebeneficiaries’ interests. 1. The trustee shall inform each qualified beneficiary of the beneficiary’s right to receive an annual accounting and a copy of the trust instrument. The trustee shall also informeach qualified beneficiary about the process necessary to obtain an annual accounting or acopy of the trust instrument, if not provided. The trustee shall further inform each qualifiedbeneficiary whether the beneficiary will, or will not, receive an annual accounting if thebeneficiary fails to take any action. If a qualified beneficiary has previously been providedthe notice required by this section, additional notice shall not be required due to a change oftrustees or a change in the composition of the qualified beneficiaries. 2. The trustee shall provide the notice required in subsection 1 to each qualified beneficiary within a reasonable time following any of the following events: a. The commencement of the trust administration.b. stee shall provide the notice required in subsection 1 to each qualified beneficiary within a reasonable time following any of the following events: a. The commencement of the trust administration.b. The trustee becoming aware that there is a new qualified beneficiary or a representative of any minor or incompetent beneficiary. c. The trust becoming irrevocable.d. The time that no person, except the trustee, has the right to change the beneficiaries of the trust. 3. Except as provided in subsection 4, a trustee shall provide annually to each adult beneficiary and the representative of any minor or incompetent beneficiary who may receivea distribution of income or principal during the accounting time period, an accounting,unless an accounting has been waived specifically for that accounting time period. Uponrequest, the accounting shall include the beginning balance and the ending balance. 4. If a settlor has retained the right to change the beneficiaries of the trust or if a party is the holder of a presently exercisable general power of appointment, the trustee shall only berequired to report to the settlor or the party. 5. a. ange the beneficiaries of the trust or if a party is the holder of a presently exercisable general power of appointment, the trustee shall only berequired to report to the settlor or the party. 5. a. If the trustee has refused, after written request, to provide an accounting or other required notice under this section to a qualified beneficiary, the court may do any of thefollowing: (1) Order the trustee to comply with the trustee’s duties under this section.(2) Assess costs, including attorney fees, against the trustee personally.b. Except as provided in paragraph 'a', the only consequence to a trustee’s failure to provide the required accounting or notice is that the trustee shall not be able to rely upon thestatute of limitations under section 633A.4504. 6. The format and content of an accounting required by this section shall be within the discretion of the trustee, as long as sufficient to reasonably inform the beneficiary of thecondition and activities of the trust during the accounting period. 7. This section does not apply to any trust created prior to July 1, 2002. This section applies to any trust created on or after July 1, 2002, unless the settlor has specifically e accounting period. 7. This section does not apply to any trust created prior to July 1, 2002. This section applies to any trust created on or after July 1, 2002, unless the settlor has specifically waivedthe requirements of this section in the trust instrument. Waiver of this section shall not barany beneficiary’s common-law right to an accounting, and shall not provide any immunity toa trustee, acting under the terms of the trust, for liability to any beneficiary who discoversfacts giving rise to a cause of action against the trustee. 8. Notwithstanding anything in this chapter to the contrary, if a trust instrument, or a trust protector authorized by the trust instrument, designates that a notice, accounting, or reportmay be delivered to the settlor or to a designated representative on behalf of a beneficiaryprior to such beneficiary’s twenty-fifth birthday, then, to the extent there is no conflict ofinterest between the representative and the beneficiary, all notices, accountings, and reportsserved on such representative with respect to such period will have the same effect as if suchbeneficiary had been served directly. sentative and the beneficiary, all notices, accountings, and reportsserved on such representative with respect to such period will have the same effect as if suchbeneficiary had been served directly. 99 Acts, ch 125, §59, 109C2001, §633.42132001 Acts, ch 176, §78; 2002 Acts, ch 1107, §12; 2002 Acts, ch 1175, §93; 2003 Acts, ch 95, §15; 2005 Acts, ch 38, §54, 55 Sat Dec 23 12:13:30 2023 Iowa Code 2024, Section 633A.4213 (21, 0) §633A.4213, IOWA TRUST CODE 2 CS2005, §633A.42132006 Acts, ch 1104, §12, 13, 16; 2012 Acts, ch 1123, §27; 2020 Acts, ch 1076, §5; 2022 Acts, ch 1084, §2 Referred to in §633A.3110, 633A.4202, 633A.4215, 633A.4502, 633A.4504, 633A.4805, 633A.4810, 633A.5107 Sat Dec 23 12:13:30 2023 Iowa Code 2024, Section 633A.4213 (21, 0)
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