Title 30, TRUSTS AND FIDUCIARIES

Sec. 13. If the court finds that the conversion, reconversion, or change in the unitrust rate under this chapter will enable the trustee to better carry out: (1) in the case of a trust described in section 2(1) of this chapter, the intent of the settlor or testator and the purpos…

Sec. 14. This section applies if a total return unitrust is reconverted to an income trust. The trustee's release of the trustee's power under IC 30-2-14-15, if it was given at the time the trust was converted to a total return unitrust, is void when the trust is reconverted. As …

Sec. 15. (a) This section applies to a trust described in section 2(1) of this chapter. (b) When a trustee gives notice of a proposed action under section 10(a)(1)(A) of this chapter to convert a trust to a unitrust, the trustee must include the unitrust rate in the notice of pro…

Sec. 15.2. (a) This section applies to a trust described in section 2(2) of this chapter. (b) A trust may have a unitrust rate that represents a reasonable current return from the trust and best serves the purpose of the perpetual care (as defined in IC 23-14-33-30) of the cemete…

Sec. 16. For the first two (2) years of the trust or the first two (2) years after the conversion to a total return unitrust under this chapter, the unitrust amount for a current valuation year of the trust must be the product of the unitrust rate multiplied by the net fair marke…

Sec. 17. Beginning with the third year of the trust, and each year after that year, the unitrust amount for a current valuation year of the trust is the product of the unitrust rate multiplied by the average of the net fair market values of the assets held in the trust on the fir…

Sec. 18. In determining the net fair market value of each asset held in the trust under sections 16 and 17 of this chapter, the value of the following may not be included: (1) Any residential property or tangible personal property that, as of the first business day of the current…

Sec. 19. (a) The trustee may exclude any assets for which the fair market value is not readily determinable from the determination of net fair market value of trust assets. However, the terms of the trust continue to apply to these assets. (b) The trustee may determine any other …

Sec. 2. As used in this chapter, "income trust" means: (1) a trust created by an inter vivos or a testamentary instrument that has terms that describe the amount that may or must be distributed to a beneficiary by referring to the trust's income; or (2) a cemetery perpetual care …

Sec. 20. The unitrust amount may not be reduced for expenses that would be deducted from income if the trust were not a total return unitrust. As added by P.L.3-2003, SEC.2.

Sec. 21. For purposes of section 16 of this chapter, the net fair market values of the assets held in trust on the first business day of a proper valuation year shall be adjusted to reflect any: (1) reduction, in the case of a distribution or payment; or (2) increase, in the case…

Sec. 22. (a) As used in this section, "short year" refers to a part of a calendar year that: (1) begins when the interest of the current beneficiary or class of current beneficiaries begins; or (2) ends when the interest of the current beneficiary or class of beneficiaries ends. …

Sec. 23. (a) This section applies to the following trusts: (1) A trust for which a marital deduction has been taken for federal tax purposes during the lifetime of the spouse for whom the trust was created under Section 2056 or 2523 of the Internal Revenue Code. (2) A trust to wh…

Sec. 24. After the income trust is converted to a total return unitrust under this chapter, both of the following apply: (1) The term "income" in the governing instrument means the unitrust amount plus any income from the trust assets excluded from the determination of net fair m…

Sec. 25. (a) Except as provided in subsection (b), and unless otherwise provided by the governing instrument, the unitrust amount shall be considered to have been paid from net income. The net income of the trust shall be determined as if the trust were not a unitrust. (b) To the…

Sec. 26. (a) A trustee who in good faith acts or fails to act under section 9 of this chapter is not liable to any person affected by the action or inaction, regardless of whether the person: (1) received written notice as provided in section 10 of this chapter; and (2) was under…

Sec. 3. As used in this chapter, "net fair market value" means the fair market value of each asset comprising the trust reduced by the liens, debts, and encumbrances of the trust, regardless of whether the liens, debts, and encumbrances are allocable to a specific asset. As added…

Sec. 4. As used in this chapter, "total return unitrust" means an income trust that has been converted to a total return unitrust in accordance with this chapter. As added by P.L.3-2003, SEC.2.

Sec. 5. As used in this chapter, "trustee" refers to the: (1) trustee of a trust; or (2) if at least two (2) persons are acting as trustee, a majority of the trustees. As added by P.L.3-2003, SEC.2.

Sec. 6. As used in this chapter, "unitrust amount" means an amount computed as a percentage of the fair market value of the trust as set forth in this chapter. As added by P.L.3-2003, SEC.2.

Sec. 7. As used in this chapter, "unitrust rate" means the percentage of the fair market value of the trust that is determined under section 15 of this chapter and used to calculate the unitrust amount. As added by P.L.3-2003, SEC.2.

Sec. 8. As used in this chapter, "year" means a calendar year. As added by P.L.3-2003, SEC.2.

Sec. 9. A trustee may: (1) release the trustee's power to adjust between trust principal and income under IC 30-2-14-15 and convert an income trust to a total return unitrust; (2) reconvert a total return unitrust to an income trust; or (3) change the unitrust rate; if the requir…