HF 940: Relating to civil law, including providing notice to named beneficiaries in probate law, a process for named beneficiaries to obtain ownership of property held by others in probate law, and authorizing spouses to amend premarital agreements, and including applicability provisions

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.

Senate subcommittee · named January 27, 2026

• Sen. Mike Bousselot (R) · mike.bousselot@legis.iowa.gov
• Sen. Matt Blake (D) · matt.blake@legis.iowa.gov
• Sen. Jason Schultz (R) · jason.schultz@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 12, 2025Filed in the House
2. March 26, 2025Passed the House, 96–0
3. March 27, 2025Arrived in the Senate
4. March 31, 2025Senate subcommittee named: Schultz, Blake and Bousselot
5. January 27, 2026Senate subcommittee named: Bousselot, Blake and Schultz
6. January 29, 2026Subcommittee recommended passing it with changes
7. February 4, 2026Approved by the Senate committee
8. April 8, 2026Passed the Senate, 45–0