Iowa Admin. Code r. 189-8.5 - Trust accounts
(1) Credit
unions shall receive trust accounts only as depositories and not as trustees of
trust accounts .
(2) Trust accounts
shall include irrevocable trust accounts , revocable trust accounts and
testamentary accounts . Testamentary accounts shall include tentative or
"Totten" trust accounts , payable-upon-death accounts , or any account which
evidences an intention that the funds of the account shall pass on the death of
the owner of the funds to a named beneficiary.
(3) To the extent required by law, funds held
in revocable trust accounts and testamentary accounts shall be subject to the
debts of the owner of the account and to inheritance tax. Within 30 days of
notice of the death of an owner of funds held in a revocable trust account or a
testamentary account , the credit union shall notify the executor of the
deceased owner's estate, or the beneficiary, of the existence and current
balance of the account .
Notes
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