Iowa Code Title XV. Judicial Branch and Judicial Procedures [Chs. 595-686] § 633F.17. Distribution on termination

1. Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:

2. The direction to the custodial trustee by a beneficiary who is not incapacitated, for distribution on termination of the custodial trust may be in any written form clearly identifying the distributee and may be substantially similar to the following:

I, _______________ (name of beneficiary) hereby direct _______________ (name of custodial trustee) as custodial trustee, to transfer and pay the unexpended balance of the custodial trust property of which I am beneficiary to _______________ (name of distributee) as distributee on the termination of the trust at my death. In the event of the prior death of _______________ (name of distributee) above named as distributee, I designate _______________ (name of distributee) as distributee of the custodial trust property.

Signed _________________________ (signature of beneficiary).

Date _________________________

Receipt Acknowledged: _________________________ (signature of custodial trustee)

Date _________________________

3. If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.

4. Death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.