Title 30, TRUSTS AND FIDUCIARIES

Sec. 16. Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters: (1) Acceptance (IC 30-4-2-2). (2) Giving of bond to secure performance (IC 30-4-6-8). (3) Reasonable compensation (IC 30-4-5-16). (…

Sec. 17. In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among the states that enact it. As added by P.L.221-2019, SEC.10.

Sec. 2. As used in this chapter, the following definitions apply: (1) "Breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or the law of this state other than this chapter. (2)…

Sec. 3. (a) This chapter applies to a trust, whenever created, that has its principal place of administration in Indiana, subject to the following: (1) If the trust was created before July 1, 2019, this chapter applies only to a decision or action occurring after June 30, 2019. (…

Sec. 4. The common law and principles of equity supplement this chapter, except to the extent modified by this chapter or law of Indiana other than this chapter. As added by P.L.221-2019, SEC.10.

Sec. 5. (a) As used in this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property. (b) This chapter does not apply to a: (1) po…

Sec. 6. (a) Subject to section 7 of this chapter, the terms of the trust may grant a power of direction to a trust director. (b) Unless the terms of a trust provide otherwise: (1) a trust director may exercise any further power appropriate to the exercise or nonexercise of a powe…

Sec. 7. A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under section 6(b)(1) of this chapter regarding: (1) a payback provision in the terms of a…

Sec. 8. (a) Subject to subsection (b), with respect to a power of direction or further power under section 6(b)(1) of this chapter: (1) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power: (A) if the power is held individually, a…

Sec. 9. (a) Subject to subsection (b), a directed trustee shall take reasonable action to comply with a trust director's exercise or nonexercise of a power of direction or further power under section 6(b)(1) of this chapter, and the trustee is not liable for the action. (b) A dir…

Sec. 1. (a) An attorney in fact is liable for the negligent exercise of the power of attorney, except for the exercise of the attorney in fact's power under IC 30-5-5-16 or IC 30-5-5-17. (b) An attorney in fact is liable for the exercise of authority or failure to exercise author…

Sec. 10. A health care provider or other person who acts in good faith reliance on a direction or decision of an attorney in fact that is not clearly contrary to the terms of the power of attorney is protected and released from liability to the same extent as the provider or othe…

Sec. 11. An attorney in fact that violates this article is liable to the principal or the principal's successors in interest for damages and an amount required to reimburse the principal or the principal's successors in interest for the attorney's fees and costs paid as a result …

Sec. 2. (a) An attorney in fact who acts with due care for the benefit of the principal is not liable or limited only because the attorney in fact: (1) also benefits from the act; (2) has individual or conflicting interests in relation to the property, care, or affairs of the pri…

Sec. 3. The attorney in fact is not liable for actions taken under an amended or terminated power of attorney if the attorney in fact does not have actual knowledge of the amendment or termination. As added by P.L.149-1991, SEC.2.

Sec. 4. The attorney in fact is not liable for a loss due to an error of judgment or for the act or default of another person. As added by P.L.149-1991, SEC.2.

Sec. 5. The principal may provide in the power of attorney that the attorney in fact is liable only if the attorney in fact acts in bad faith. This exoneration is binding on the principal and the principal's successors in interest. As added by P.L.149-1991, SEC.2.

Sec. 6. A successor attorney in fact who is named in a power of attorney to succeed an attorney in fact who fails or ceases to serve is not liable for the actions taken by a previous attorney in fact. As added by P.L.149-1991, SEC.2.

Sec. 7. If two (2) or more attorneys in fact are authorized to act on behalf of a principal, an attorney in fact who did not join in or consent to the action of one (1) or more of the co-attorneys in fact is not liable for the action. Failure to object to an action is not consent…

Sec. 8. (a) A good faith purchaser from a person who has obtained an interest in property from an attorney in fact is not liable to the principal, the heirs or assigns of the principal, or the personal representative of the estate of the principal. (b) A person accepting the auth…

Sec. 9. (a) Except as provided in subsection (b), a person who, not more than three (3) business days after receiving a power of attorney, refuses to accept the authority of an attorney in fact to exercise a power granted under a power of attorney is liable to the principal and t…

Sec. 1. An individual may establish one (1) funeral trust under this chapter, in lieu of any other arrangements for advance payment for funeral and burial expense. As added by Acts 1982, P.L.179, SEC.2.

Sec. 10. IC 30-4-3-29 governs procedures concerning the incapacity, resignation, or removal of a trustee. As added by Acts 1982, P.L.179, SEC.2.

Sec. 2. It is unlawful to enter into any agreement or contract for a purpose described in section 1 of this chapter unless the agreement or contract requires that all payments be made by the settlor to an account in a: (1) bank; (2) trust company; (3) savings association; or (4) …

Sec. 3. A funeral trust established under this chapter is valid only if it: (1) is irrevocable; (2) has only one (1) settlor; (3) names as trustee an Indiana institution qualified under section 2 of this chapter, and requires that all funds be deposited in that institution; (4) n…

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.