Title 30, TRUSTS AND FIDUCIARIES

Sec. 4. The trustee, in the administration of funds accepted under this chapter, may be reimbursed and receive from the funds its reasonable expenses in the custody and administration of the funds, and is entitled to the usual and reasonable compensation for its services as trust…

Sec. 5. The contract under which funds are accepted under this chapter must be in writing and contain, as a minimum, the following provisions: (1) Details of the professional services, facilities, equipment, and a description of merchandise to be provided by the beneficiary. If t…

Sec. 6. If the settlor changes the beneficiary, he must: (1) select a new beneficiary licensed under IC 25-15, or a funeral home or a funeral director licensed in another state; and (2) give written notification to the funeral home originally named as beneficiary. As added by Act…

Sec. 7. (a) The settlor shall be furnished an executed copy of the contract. (b) If a contract has been approved and signed by both parties and a copy of the contract has been delivered to the settlor, no further notification to the settlor related to the contract is required. As…

Sec. 8. (a) Indiana financial institutions in which trust funds have been deposited in accordance with this chapter may place the funds in a common or commingled trust fund under a single trust instrument. The trustee shall maintain a separate accounting record for each trust fun…

Sec. 8.5. (a) The bank, trust company, savings association, or credit union that receives the payments made by a settlor under section 2 of this chapter may enter into a contract under which the account into which the settlor's payments are deposited is managed by a third party. …

Sec. 9. (a) Except as provided in subsections (b) and (c), a person who knowingly violates this chapter commits a Class A misdemeanor. (b) A person who knowingly or intentionally uses or disburses funds in a funeral trust established under this chapter for purposes other than the…

Sec. 1. (a) This chapter applies to a trust created before, on, or after July 1, 2022, that: (1) has its principal place of administration in this state, including a trust whose principal place of administration has been changed to this state; or (2) provides by its trust instrum…

Sec. 10. As used in this chapter, "court" has the meaning set forth in IC 30-4-1-2(6). As added by P.L.161-2022, SEC.3.

Sec. 11. As used in this chapter, "current beneficiary" means a beneficiary who, on the date that the beneficiary's qualification is determined, is a distributee or permissible distributee of trust income or principal. The term includes the holder of a presently exercisable gener…

Sec. 12. As used in this chapter, "decanting power" means the power of an authorized fiduciary under this chapter to: (1) distribute property of a first trust to one (1) or more second trusts; or (2) to modify the terms of the first trust. As added by P.L.161-2022, SEC.3.…

Sec. 13. As used in this chapter, "designated representative" has the meaning set forth in IC 30-4-1-2(8). As added by P.L.161-2022, SEC.3.

Sec. 14. As used in this chapter, "expanded distributive discretion" means a discretionary power of distribution that is not limited to an ascertainable standard or a reasonably definite standard. As added by P.L.161-2022, SEC.3.

Sec. 15. As used in this chapter, "first trust" means a trust over which an authorized fiduciary may exercise the decanting power. As added by P.L.161-2022, SEC.3.

Sec. 16. As used in this chapter, "first-trust instrument" means the trust instrument for a first trust. As added by P.L.161-2022, SEC.3.

Sec. 17. As used in this chapter, "general power of appointment" means a power of appointment exercisable in favor of: (1) a powerholder; (2) a powerholder's estate; (3) a creditor of the powerholder; or (4) a creditor of the powerholder's estate. As added by P.L.161-2022, SEC.3.…

Sec. 18. As used in this chapter, "jurisdiction" means a geographic area, including a state or country. As added by P.L.161-2022, SEC.3.

Sec. 19. As used in this chapter, "person" means: (1) an individual; (2) a corporation; (3) a business trust; (4) an estate; (5) a trust; (6) a partnership; (7) a limited liability company; (8) an association; (9) a joint venture; (10) a government; (11) a governmental subdivisio…

Sec. 2. As used in this chapter, "appointive property" means the property or property interest subject to a power of appointment. As added by P.L.161-2022, SEC.3.

Sec. 20. As used in this chapter, "power of appointment" means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. The term does not include a power…

Sec. 21. As used in this chapter, "powerholder" means a person in which a donor creates a power of appointment. As added by P.L.161-2022, SEC.3.

Sec. 22. (a) As used in this chapter, "presently exercisable power of appointment" means a power of appointment exercisable by the powerholder at the relevant time. (b) The term includes a power of appointment exercisable only after the occurrence of a specified event, the satisf…

Sec. 23. As used in this chapter, "qualified beneficiary" has the meaning set forth in IC 30-4-1-2(19). As added by P.L.161-2022, SEC.3.

Sec. 24. As used in this chapter, "reasonably definite standard" means a clearly measurable standard under which a holder of a power of distribution is legally accountable within the meaning of 26 U.S.C. 674(b)(5)(A) and applicable regulations. As added by P.L.161-2022, SEC.3.

Sec. 25. As used in this chapter, "record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. As added by P.L.161-2022, SEC.3.

Sec. 26. As used in this chapter, "second trust" means: (1) a first trust after modification under this chapter; or (2) a trust to which a distribution of property from a first trust is or may be made under this chapter. As added by P.L.161-2022, SEC.3.

Sec. 27. As used in this chapter, "second-trust instrument" means the trust instrument for a second trust. As added by P.L.161-2022, SEC.3.

Sec. 28. (a) As used in this chapter, except as provided in section 55 of this chapter, "settlor" has the meaning set forth in IC 30-4-1-2(21). (b) If more than one (1) person creates or contributes property to a trust, each person is a settlor of the portion of the trust propert…

Sec. 29. As used in this chapter, "sign" means with present intent to authenticate or adopt a record to: (1) execute or adopt a tangible symbol; or (2) attach to or logically associate with the record of an electronic symbol, sound, or process. As added by P.L.161-2022, SEC.3.…

Sec. 3. As used in this chapter, "ascertainable standard" means a standard relating to an individual's health, education, support, or maintenance as defined by 26 U.S.C. 2041(b)(1)(A) or 26 U.S.C. 2514(c)(1) and applicable regulations. As added by P.L.161-2022, SEC.3.

Sec. 30. As used in this chapter, "state" means: (1) a state of the United States; (2) the District of Columbia; (3) Puerto Rico; (4) the United States Virgin Islands; or (5) a territory or insular possession subject to the jurisdiction of the United States. As added by P.L.161-2…

Sec. 31. As used in this chapter, "terms of the trust" has the meaning set forth in IC 30-4-1-2(22). As added by P.L.161-2022, SEC.3.

Sec. 32. As used in this chapter, "trust instrument" has the meaning set forth in IC 30-4-1-2(25). The term includes a written document executed by the settlor to create a trust or by a person to create a second trust that contains some or all of the terms of the trust, including…

Sec. 33. (a) Except as provided in this chapter, an authorized fiduciary may exercise the decanting power without the consent of any person and without court approval. (b) An authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in acco…

Sec. 34. A trustee or person that reasonably relies on: (1) the validity of a distribution of the property of a trust to another trust; or (2) a modification of a trust under this chapter, law of this state other than this article, or the law of another jurisdiction; is not liabl…

Sec. 35. (a) Except as provided in subsection (c), an authorized fiduciary shall give notice in a record of the intended exercise of the decanting power not later than sixty (60) days before the exercise of the decanting power to: (1) each settlor of the first trust, if living or…

Sec. 36. A notice under section 35 of this chapter must: (1) specify the manner in which the authorized fiduciary intends to exercise the decanting power; (2) specify the proposed effective date for the exercise of the decanting power; (3) include a copy of the first-trust instru…

Sec. 37. (a) The receipt of notice, waiver of the notice period, or expiration of the notice period does not affect the right of a person to file a petition under section 39 of this chapter asserting that: (1) an exercise of the decanting power: (A) is ineffective because it did …

Sec. 38. (a) Notice to a person with authority to represent and bind another person under a first-trust instrument or this article has the same effect as notice given directly to the person represented. (b) Consent of or waiver by a person with authority to represent and bind ano…

Sec. 39. (a) Upon a petition by an authorized fiduciary, a beneficiary, or a person entitled to notice under section 35 of this chapter or with respect to a charitable interest by the attorney general or other person that has standing to enforce the charitable interest, the court…

Sec. 4. As used in this chapter, "authorized fiduciary" means: (1) a trustee, trust director, or other fiduciary, other than a settlor, that has discretion to distribute or direct a trustee to distribute part or all of the principal of the first trust to one (1) or more current b…

Sec. 40. An exercise of the decanting power must be made in a record signed by an authorized fiduciary. The signed record must: (1) directly or indirectly reference the notice required by section 35 of this chapter; (2) identify the first trust and the second trust; (3) identify …

Sec. 41. (a) As used in this section, "noncontingent right" means a right that is not subject to the: (1) exercise of discretion; or (2) occurrence of a specified event that is not certain to occur. The term does not include a right held by a beneficiary if any person has discret…

Sec. 42. (a) As used in this section, "limited distributive discretion" means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard. (b) An authorized fiduciary that has limited distributive discretion over the princi…

Sec. 43. (a) This section applies to any trust that has a beneficiary with a disability, without limitation, whenever a special-needs fiduciary for the trust determines that the beneficiary with a disability may qualify for governmental benefits based on a disability, whether the…

Sec. 44. (a) As used in this section, "determinable charitable interest" means a charitable interest that is a right to a mandatory distribution currently, periodically, on the occurrence of a specified event, or after the passage of a specified time and that is unconditional or …