HF 2517: Relating to trusts, including irrevocable trusts, trust petitions, and trust proceedings

What it does

This bill relates to trusts, including irrevocable trust provisions, petitions, and proceedings. The bill provides that a spendthrift provision may help implement a material purpose of a trust. The bill provides that spendthrift provisions, or provisions giving the trustee discretion to distribute income or principal to a beneficiary or among beneficiaries, shall be enforceable against beneficiaries and third parties that (1) try to force the trustee to do something against the provisions of the trust or (2) try to gain access to the trust assets.

Senate subcommittee · named March 11, 2024

• Sen. Mike Bousselot (R) · mike.bousselot@legis.iowa.gov
• Sen. Jeff Reichman (R) · jeff.reichman@legis.iowa.gov
• Sen. Janice Weiner (D) · janice.weiner@legis.iowa.gov

Lobbying · 4 for, 0 against

For: AARP Iowa; Iowa State Bar Association; Iowa Trust Association; The Iowa Academy of Trust and Estate Counsel

In plain words

1. February 14, 2024Filed in the House
2. March 7, 2024Passed the House, 93–0
3. March 11, 2024Arrived in the Senate
4. March 11, 2024Senate subcommittee named: Bousselot, Reichman and Weiner
5. March 13, 2024Subcommittee recommended passing it
6. March 13, 2024Approved by the Senate committee
7. April 9, 2024Passed the Senate, 46–0
8. April 19, 2024Sent to the Governor
9. April 19, 2024Signed into law