2009 Iowa Code
Title 15 - Judicial Branch and Judicial Procedures
Subtitle 4 - Probate - Fiduciaries
CHAPTER 633A - IOWA TRUST CODE
633A.2208 - DIVISION OF TRUSTS.

        633A.2208  DIVISION OF TRUSTS.
         1.  Without approval of a court, a trustee may divide a trust into
      two or more separate trusts with substantially similar terms if the
      division will not defeat or substantially impair the accomplishment
      of the trust purposes or the rights of the beneficiaries unless the
      trust is a court reporting trust.
         2.  On petition by a trustee or beneficiary, the court may divide
      a trust into two or more separate trusts, whether or not their terms
      are similar, if the court determines that dividing the trust is in
      the best interest of the beneficiaries and will not defeat or
      substantially impair the accomplishment of the trust purposes or the
      rights of the beneficiaries.  To facilitate the division, the trustee
      may divide the trust assets in kind, by pro rata or non-pro rata
      division, or by any combination of the methods.
         3.  By way of illustration and without limitation, a trust may be
      divided pursuant to this section to allow a trust to qualify as a
      marital deduction trust for tax purposes, as a qualified subchapter S
      trust for federal income tax purposes, as a separate trust for
      federal generation skipping tax purposes, or for any other federal or
      state income, estate, excise, or inheritance tax benefit, or to
      facilitate the administration of a trust.  

         99 Acts, ch 125, §21, 109; 2000 Acts, ch 1150, §13
         C2001, §633.2208
         2005 Acts, ch 38, §37, 54
         CS2005, §633A.2208