633F.9 Use of custodial trust property. 1. A custodial trustee shall pay to the beneficiary or expend for the beneficiary’s use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitatedmay direct from time to time. 2. If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the custodial trust property as the custodial trustee considers advisable for the use andbenefit of the beneficiary and individuals who are legally entitled to support by the beneficiary.Expenditures may be made in the manner, when, and to the extent that the custodial trusteedetermines suitable and proper, without court order and without regard to other support,income, or property of the beneficiary. 3. To facilitate distributions to the beneficiary, a custodial trustee may establish checking, savings, or other similar accounts of reasonable amounts under which either the custodialtrustee or the beneficiary, if authorized, may withdraw funds from, or draw checks against,the accounts in amounts authorized by the custodian. Funds withdrawn from, or checkswritten against, the account by the beneficiary are distributions of custodial w funds from, or draw checks against,the accounts in amounts authorized by the custodian. Funds withdrawn from, or checkswritten against, the account by the beneficiary are distributions of custodial trust property bythe custodial trustee to the beneficiary. 2021 Acts, ch 8, §9 Sat Dec 23 12:17:50 2023 Iowa Code 2024, Section 633F.9 (2, 0)
Iowa Legal Code