In this video our Polk County probate litigation attorneys explain the recent changes to Iowa state and probate. The Iowa State Legislature modified a Iowa Law as it relates to the transfer of real estate. A “transfer” under Iowa Law, for the purposes of real estate disclosures, is the transfer or conveyance by sale, exchange, real estate contract, or any other method by which real estate and improvements are purchased, if a property includes at least one but not more than four dwelling units. A written disclosure usually must be given by the transferor to the person interested in being transferred the real property.
The legislature created provisions for the creation of directed trusts. In traditional trusts, the trustee is the only party responsible for managing and diversifying investments. In directed trusts, the trustee is responsible for administrative duties, but another party manages the underlying assets and is responsible for how the investments perform. The new law creates methods for appointing trust directors and protectors through the creating instrument, who have fiduciary powers.