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Current as of January 01, 2024 | Updated by Findlaw Staff
1. When the assets of a minor protected person's conservatorship are exhausted or consist of personal property only of an aggregate value not in excess of fifty thousand dollars, the court, upon application or upon its own motion, may terminate the conservatorship. The order for termination shall direct the conservator to deliver any property remaining after the payment of allowed claims and expenses of administration to a fiduciary acting under one or more of the following accounts:
a. A uniform transfer to minor account established for the minor pursuant to chapter 565B or the laws of any other state.
b. A uniform custodial trust account established for the minor pursuant to chapter 633F or the laws of any other state.
c. A college savings plan account established for the minor pursuant to Internal Revenue Code section 529 or chapter 12D or the laws of any other state.
d. An ABLE account established for the minor with disabilities pursuant to Internal Revenue Code section 529A or chapter 12I or the laws of any other state.
2. Such delivery shall have the same force and effect as if delivery had been made to the protected person after attaining majority.
Cite this article: FindLaw.com - Iowa Code Title XV. Judicial Branch and Judicial Procedures [Chs. 595-686] § 633.681. Exhausted or minimal assets of minor protected person - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-xv-judicial-branch-and-judicial-procedures-chs-595-686/ia-code-sect-633-681/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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