633A.4101 - ACCEPTANCE OR DECLINATION TO SERVE AS TRUSTEE.
633A.4101 ACCEPTANCE OR DECLINATION TO SERVE AS TRUSTEE. 1. A person named as trustee accepts the office of trustee by doing one of the following: a. Signing the trust instrument, or signing a separate written acceptance. b. Except as provided in subsection 3, knowingly accepting delivery of the trust property or exercising powers or performing duties as trustee. 2. A person named as trustee who has not yet accepted the office of trustee may in writing decline to serve as trustee. 3. If there is an immediate risk of damage to the trust property, the person named as trustee may act to preserve the trust property without accepting the office of trustee, if within a reasonable time after acting, the person delivers a written declination to serve to the settlor, or if the settlor is dead or lacks capacity, to the beneficiaries eligible to receive income or principal distributions from the trust.
Section History: Recent Form 99 Acts, ch 125, §36, 109; 2000 Acts, ch 1150, §20 C2001, §633.4101 2005 Acts, ch 38, §54 CS2005, §633A.4101