633A.4703 General order for abatement. Except as otherwise provided by the governing instrument, where necessary to abate shares of the beneficiaries of a trust for the payment of debts and charges, federal estatetaxes, bequests, the share of the surviving spouse who takes an elective share, and theshares of children born or adopted after the execution of the trust, abatement shall occur inthe following order: 1. Shares allocated to the residuary beneficiaries of the trust shall be abated first, on a pro rata basis. 2. Shares defined by a dollar amount, on a pro rata basis.3. Shares described as specific items of property whether tangible or intangible shall be abated last, and such abatement shall be done as equitably by the trustee among the variousbeneficiaries as circumstances reasonably allow. 4. Notwithstanding subsections 1, 2, or 3, a disposition in favor of the settlor’s surviving spouse who does not take an elective share shall be abated last. 2005 Acts, ch 38, §44; 2007 Acts, ch 134, §19, 20, 28; 2008 Acts, ch 1119, §31; 2010 Acts, ch 1138, §60; 2014 Acts, ch 1076, §24; 2021 Acts, ch 5, §3 Sat Dec 23 12:13:42 2023 Iowa Code 2024, Section 633A.4703 (23, 0)
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