Text: HF627            Text: HF629
Complete Bill History


House File 628

HOUSE FILE BY HORBACH Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to a surviving spouse's elective share involving 2 a revocable trust and including an effective and retroactive 3 applicability provision. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 2300HH 82 6 rh/cf/24 PAG LIN 1 1 Section 1. Section 633.237, subsection 2, Code 2007, is 1 2 amended to read as follows: 1 3 2. Following the death of a settlor of a revocable trust, 1 4 the trustee of such revocable trust who is not the spouse 1 5 shall cause to be served a written notice upon the surviving 1 6 spouse pursuant to section 633.40, subsection 5, notifying the 1 7 surviving spouse that unless, within four months after service 1 8 of the notice, the spouse files an election with the trustee 1 9 electing the share as set forth in section 633.236 and 1 10 sections 633.238 633.239 through 633.246, the spouse shall be 1 11 deemed to take under the terms of the revocable trust. If, 1 12 within the four=month period following service of the notice, 1 13 an affidavit is filed setting forth that the surviving spouse 1 14 is incapable of making the election and does not have a 1 15 conservator, the trustee shall make application to the court 1 16 for an order pursuant to section 633.244. 1 17 Sec. 2. Section 633.238, subsection 1, paragraph d, Code 1 18 2007, is amended by striking the paragraph. 1 19 Sec. 3. Section 633.238, subsection 2, Code 2007, is 1 20 amended to read as follows: 1 21 2. The elective share described in this section shall be 1 22 in lieu of any property the spouse would otherwise receive 1 23 under the last will and testament of the decedent, through 1 24 intestacy, or under the terms of a revocable trust. 1 25 Sec. 4. EFFECTIVE AND RETROACTIVE APPLICABILITY DATE. 1 26 This Act, being deemed of immediate importance, takes effect 1 27 upon enactment and applies to all estates of decedents dying 1 28 on or after September 25, 2003. 1 29 EXPLANATION 1 30 This bill relates to a surviving spouse's elective share 1 31 involving a revocable trust. 1 32 Current law provides that the assets held in a revocable 1 33 trust created by a deceased spouse during the deceased 1 34 spouse's lifetime can be included in a surviving spouse's 1 35 statutory share following the surviving spouse's election 2 1 against the will of the decedent spouse pursuant to Code 2 2 section 633.238. The bill provides that such assets held in a 2 3 revocable trust shall not be subject to a surviving spouse's 2 4 elective share when the spouse elects to take against the 2 5 deceased spouse's will. 2 6 The bill takes effect upon enactment and applies to all 2 7 estates of decedents dying on or after September 25, 2003. 2 8 LSB 2300HH 82 2 9 rh:rj/cf/24
Text: HF627            Text: HF629 Complete Bill History