2009 Iowa Code
Title 15 - Judicial Branch and Judicial Procedures
Subtitle 4 - Probate - Fiduciaries
CHAPTER 633A - IOWA TRUST CODE
633A.4703 - GENERAL ORDER FOR ABATEMENT.

        633A.4703  GENERAL ORDER FOR ABATEMENT.
         Except as otherwise provided by the governing instrument, where
      necessary to abate shares of the beneficiaries of a trust for the
      payment of debts and charges, federal estate taxes, bequests, the
      share of the surviving spouse who takes an elective share, and the
      shares of children born or adopted after the execution of the trust,
      abatement shall occur in the following order:
         1.  Shares allocated to the residuary beneficiaries of the trust
      shall be abated first, on a pro rata basis.
         2.  Shares defined by a dollar amount, on a pro rata basis.
         3.  Shares described as specific items of property whether
      tangible or intangible shall be abated last, and such abatement shall
      be done as equitably by the trustee among the various beneficiaries
      as circumstances reasonably allow.
         4.  Notwithstanding subsections 1, 2, or 3, a disposition in favor
      of the settlor's surviving spouse who does not take an elective share
      shall not be abated where such abatement would have the effect of
      increasing the amount of federal estate or federal gift taxes payable
      by a person or an entity.  

         Section History: Recent Form

         2005 Acts, ch 38, §44; 2007 Acts, ch 134, §19, 20, 28; 2008 Acts,
      ch 1119, §31 

         Footnotes

         2007 amendments to unnumbered paragraph 1 and subsection 4 apply
      to estates of decedents dying on or after July 1, 2007; 2007 Acts, ch
      134, §28