637.613 Construction and applicability. This subchapter shall be construed as pertaining to the administration of a trust and shall be available to any trust that is administered in Iowa under Iowa law unless any of the followingapply: 1. The governing instrument reflects an intention that the current beneficiary or beneficiaries are to receive an amount other than a reasonable current return from the trust. 2. The trust is a trust described in section 170(f)(2)(B), 664(d), 1361(d), 2702(a)(3), or 2702(b) of the Internal Revenue Code. 3. One or more persons to whom the trustee could distribute income have a power of withdrawal over the trust that is not subject to an ascertainable standard under section 2041or 2514 of the Internal Revenue Code or that can be exercised to discharge a duty of supportthe person possesses. 4. The governing instrument expressly prohibits use of this subchapter by specific reference to the subchapter. A provision in the governing instrument that the provisions ofsections 637.601 through 637.615 or any corresponding provision of future law shall notbe used in the administration of this trust or similar words reflecting such intent shall besufficient to ions ofsections 637.601 through 637.615 or any corresponding provision of future law shall notbe used in the administration of this trust or similar words reflecting such intent shall besufficient to preclude the use of this subchapter. 2002 Acts, ch 1086, §17, 21 Sat Dec 23 12:19:26 2023 Iowa Code 2024, Section 637.613 (17, 0)
Iowa Legal Code