633F.3 Custodial trustee for future payment or transfer. 1. A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event bydesignating in writing the recipient, followed in substance by: 'as custodial trustee for __________________ (name of beneficiary)under the Iowa Uniform Custodial Trust Act'. 2. Persons may be designated as substitute or successor custodial trustees to whom the property must be paid or transferred in the order named if the first designated custodialtrustee is unable or unwilling to serve. 3. A designation under this section may be made in a will, a trust, a multiple-party account, an insurance policy, an instrument exercising a power of appointment, or a writingdesignating a beneficiary of contractual rights. Otherwise, to be effective, the designationmust be registered with or delivered to the fiduciary, payor, issuer, or obligor of the futureright. 2021 Acts, ch 8, §3Referred to in §633F.5, 633F.13, 633F.15 Sat Dec 23 12:17:47 2023 Iowa Code 2024, Section 633F.3 (3, 0)
Iowa Legal Code