HF 713: Relating to probate law, including providing notice to named beneficiaries and a process for named beneficiaries to obtain ownership of property held by others

What it does

This bill relates to probate law regarding notice provided to named beneficiaries. The bill provides that if a holder of property that has a beneficiary designation owned by a decedent has been notified of the death of the decedent, the property holder shall within business days notify each person listed under the beneficiary designation that the person may have a right to the property and provide contact information of the holder. For purposes of the bill, beneficiary designation means the provision in an instrument designating a beneficiary, including an annuity or insurance policy, an account with a designation for payment on death, a security registered in beneficiary form, a pension, profit-sharing, retirement, or other employment-related benefit plan, and any other nonprobate transfer at death.

House subcommittee · named March 3, 2025

• Rep. Charley Thomson (R) · charley.thomson@legis.iowa.gov
• Rep. Ken Croken (D) · ken.croken@legis.iowa.gov
• Rep. Bill Gustoff (R) · bill.gustoff@legis.iowa.gov

Lobbying · 1 for, 2 against

For: The Iowa Academy of Trust and Estate Counsel

Against: Iowa Bankers Association; Iowa Trust Association

In plain words

1. March 3, 2025Filed in the House and sent to the Judiciary committee
2. March 3, 2025House subcommittee named: Thomson, C., Croken and Gustoff
3. March 5, 2025Subcommittee recommended passing it
4. March 6, 2025Approved by the House committee
5. March 6, 2025Committee vote: 21–0
6. March 12, 2025Approved by the House committee, and given a new number: HF 940
7. March 31, 2025Withdrawn