Who can serve as an executor of a Last will and testament?

04/01/2007 - Category:Wills and Estates - Executors and Administrators - State: IA #2421

Full Question:

Who can serve as an executor of a Last will and testament and must they be a resident of Iowa?

Answer:

The following ar Iowa statutes:

633.63 Qualification of fiduciary -- resident.
1. Any natural person of full age, who is a resident of this state, is qualified to serve as a fiduciary, except the following:
a. One who is under legal incompetency or is a chronic alcoholic or a spendthrift.
b. Any other person whom the court determines to be unsuitable.
2. Banks and trust companies organized under the laws of the United States or state banks, when approved by the superintendent of banking under section 524.1001, and trust companies authorized to engage in trust business pursuant to section 524.1005, are authorized to act in a fiduciary capacity in Iowa.
3. A private nonprofit corporation organized under chapter 504 or 504A is qualified to act as a guardian, as defined in section 633.3, subsection 20, or a conservator, as defined in section 633.3, subsection 7, where the assets subject to the conservatorship at the time when such corporation is appointed conservator are less than or equal to seventy-five thousand dollars and the corporation does not possess a proprietary or legal interest in an organization which provides direct services to the individual.
The court may, upon application, appoint the following nonresidents as fiduciaries:
1. Natural persons. A natural person who is a nonresident of this state and who is otherwise qualified under the provisions of section 633.63, provided a resident fiduciary is appointed to serve with such nonresident fiduciary; and provided further that the court, for good cause shown, may appoint such nonresident fiduciary to serve alone without the appointment of a resident fiduciary.
2. Banks and trust companies. Banks and trust companies organized under the laws of the United States or of another state and authorized to act in a fiduciary capacity in another state, if banks and trust companies of this state are permitted to act as fiduciary under similar conditions in the state where such bank or trust company is located.


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04/01/2007 - Category: Executors and Administrators - State: IA #2421

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