A bill for an act relating to probate proceedings, including fiduciary and trustee duties, and including applicability provisions.(Formerly SSB 1067.)
Impact
The bill modifies existing statutes to enhance fiduciary actions, particularly allowing for increased efficiency in accessing and administering estate assets. A notable change includes the adjustment of the threshold for transferring funds to minors without conservatorship, raising the limit from $25,000 to $50,000. Also, it ensures that costs incurred by indigent respondents, including those for court transcripts, are assessed against the county, which could impact county budgets and legal processes for low-income individuals involved in probate cases.
Summary
Senate File 468 addresses various aspects of probate proceedings, particularly focusing on the duties of fiduciaries and trustees. The bill imparts the ability for fiduciaries to present written requests for information regarding properties held by the decedent or protected individuals. This aims to streamline the process of estate administration, ensuring trustees can efficiently manage and distribute assets in line with legal requirements. The necessity for written requests to be affirmed under penalty of perjury underscores the seriousness of these obligations and the need for accuracy in estate matters.
Contention
A significant point of contention surrounds the provision requiring a party alleging tortious interference with inheritance to contest the will in a timely manner. This requirement may place additional burdens on individuals who perceive they have been wronged under complicated circumstances of inheritance, potentially limiting their recourse. The bill's overall changes aim to clarify processes within probate law, yet they offer mixed receptions regarding how they may impact rights and accessibility for beneficiaries, particularly in contentious or complex family situations.
Similar To
A bill for an act relating to probate proceedings, including fiduciary and trustee duties, and including applicability provisions. (Formerly HSB 106.) Effective date: 07/01/2023. Applicability date: 07/01/2023.
Related
A bill for an act relating to probate proceedings, including fiduciary and trustee duties, and including applicability provisions.(See SF 468.)
Related
A bill for an act relating to probate proceedings, including fiduciary and trustee duties, and including applicability provisions.(See HF 232.)
A bill for an act relating to probate proceedings, including fiduciary and trustee duties, and including applicability provisions. (Formerly HSB 106.) Effective date: 07/01/2023. Applicability date: 07/01/2023.
A bill for an act relating to nonsubstantive Code corrections, and including effective date and retroactive applicability provisions.(Formerly SSB 1136.)
A bill for an act 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. (Formerly HF 713.)
A bill for an act relating to the treasurer of state's duties, including Iowa educational savings plan trust and Iowa ABLE savings plan trust requirements and disposition of unclaimed property, and including effective date and retroactive applicability provisions.(Formerly SSB 3116.)
Probate: powers of attorney; reference to powers of attorney in natural resources and environmental protection act; revise to reflect adoption of uniform power of attorney act. Amends sec. 20101b of 1994 PA 451 (MCL 324.20101b). TIE BAR WITH: HB 4644'23
Probate: powers of attorney; reference to powers of attorney in natural resources and environmental protection act; revise to reflect adoption of uniform power of attorney act. Amends sec. 20101b of 1994 PA 451 (MCL 324.20101b). TIE BAR WITH: HB 4597'23
Authorizes payments from unclaimed funds to certain agents for locating, delivering, recovering, or assisting in the recovery of unclaimed property (EN INCREASE SG EX See Note)