637.103 Fiduciary duties — general principles. 1. In allocating receipts and disbursements to or between principal and income, and in any matter within the scope of subchapters II and III, a fiduciary shall do all of the following: a. Administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this chapter. b. Administer a trust or estate by the exercise of a discretionary power of administration given the fiduciary by the terms of the trust or the will, although the fiduciary may exercisethat power in a manner different from a provision of this chapter. c. Administer a trust or estate in accordance with this chapter if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary powerof administration. d. Add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this chapter do not provide a rule for allocating the receipt or disbursement to orbetween principal and income. 2. In exercising a discretionary power of administration regarding a matter within the scope of this chapter, whether granted by the terms of a trust, disbursement to orbetween principal and income. 2. In exercising a discretionary power of administration regarding a matter within the scope of this chapter, whether granted by the terms of a trust, a will, or this chapter, a fiduciaryshall administer a trust or estate impartially, based on what is fair and reasonable to all of thebeneficiaries, unless the terms of the trust or the will clearly manifest an intention that thefiduciary shall or may favor one or more of the beneficiaries. A determination in accordancewith this chapter is presumed to be fair and reasonable to all of the beneficiaries. 99 Acts, ch 124, §3; 2021 Acts, ch 76, §150 Sat Dec 23 12:19:04 2023 Iowa Code 2024, Section 637.103 (17, 0)
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