A bill for an act relating to probate proceedings, including fiduciary and trustee duties, and including applicability provisions.(See SF 468.)
Impact
The amendments proposed in SSB1067 will considerably impact existing probate laws by outlining clearer procedures for fiduciaries to acquire essential information related to the estates they manage. Notably, it raises the threshold for when conservatorship can be skipped for minors, increasing the amount from $25,000 to $50,000 before a court’s approval becomes necessary. Such changes could simplify the financial handling of minor estates and enhance the fiduciary's ability to make timely decisions on asset management.
Summary
Senate Study Bill 1067 aims to revise the regulations surrounding probate proceedings in the state of Iowa. The bill explicitly addresses the duties of fiduciaries and trustees by allowing them to present written requests for information regarding the property of decedents or protected persons. This process is streamlined to enhance the efficiency of estate management and distribution. Moreover, it requires written requests to be affirmed under penalty of perjury to ensure the accountability of fiduciaries in their roles.
Contention
One of the points of contention surrounding SSB1067 relates to the clause that mandates parties claiming that a decedent's will was obtained through tortious interference to join such claims in a timely will contest. Critics argue that this could complicate legal proceedings and potentially disadvantage claimants. Additionally, while the bill includes provisions to protect trustees when they request information, concerns have been raised about the potential for misuse or misrepresentation within the newly outlined frameworks.
Related
A bill for an act relating to probate proceedings, including fiduciary and trustee duties, and including applicability provisions.(See HF 232.)
IA HF232
Replaced by
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.
IA SF468
Replaced by
A bill for an act relating to probate proceedings, including fiduciary and trustee duties, and including applicability provisions.(Formerly SSB 1067.)
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.
Relating to guardianships, management trusts, and certain other procedures and proceedings for persons who are incapacitated, probate matters and proceedings, and other matters involving statutory county courts, including statutory probate courts.
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)