Title 30, TRUSTS AND FIDUCIARIES

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 …

Sec. 45. (a) An authorized fiduciary may not exercise the decanting power to the extent the first-trust instrument expressly prohibits exercise of: (1) the decanting power; or (2) a power granted by state law to the fiduciary to distribute part or all of the principal of the trus…

Sec. 46. (a) If a first-trust instrument specifies an authorized fiduciary's compensation, the fiduciary may not exercise the decanting power to increase the fiduciary's compensation above the specified compensation unless: (1) all qualified beneficiaries of the second trust cons…

Sec. 47. (a) Except as otherwise provided in this section, a second-trust instrument must not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument. (b) A second trust instrument may provide for indemnification of a…

Sec. 48. An authorized fiduciary must not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless: (1) the person holding the power consents to the modification in a signed record and t…

Sec. 49. (a) As used in this section, "grantor trust" means a trust as to which a settlor of a first trust is considered the owner under 26 U.S.C. 671 through 677, as amended and in effect on July 1, 2022, or 26 U.S.C. 679, as amended and in effect on July 1, 2022. (b) As used in…

Sec. 5. As used in this chapter, "beneficiary" means a person that: (1) has a present or future, vested or contingent, beneficial interest in a trust; (2) holds a power of appointment over trust property; or (3) is an identified charitable organization that may receive distributi…

trust and second trust Sec. 50. (a) Subject to subsection (b), a second trust may have a duration that is the same as or different from the duration of the first trust. (b) To the extent that property of a second trust is attributable to property of the first trust, the property …

Sec. 51. An authorized fiduciary may exercise the decanting power whether under the first trust's discretionary distribution standard the fiduciary would have made or could have been compelled to make a discretionary distribution of principal at the time of the exercise. As added…

Sec. 52. (a) If exercise of the decanting power would be effective under this chapter except that the second-trust instrument in part does not comply with this chapter, the exercise of the power is effective and the following rules apply with respect to the principal of the secon…

Sec. 53. (a) As used in this section, "animal trust" means a trust or an interest in a trust created to provide for the care of one (1) or more animals. (b) As used in this section, "protector" means a person appointed in an animal trust to enforce the trust on behalf of the anim…

Sec. 54. A reference in this article to a trust instrument or terms of the trust includes a second-trust instrument and the terms of the second trust. As added by P.L.161-2022, SEC.3.

second trust Sec. 55. (a) For purposes of law of this state other than this chapter and subject to subsection (b), a settlor of a first trust is deemed to be the settlor of the second trust with respect to the portion of the principal of the first trust subject to the exercise of…

Sec. 56. (a) Except as provided in subsection (c), if exercise of the decanting power was intended to distribute all of the principal of the first trust to one (1) or more second trusts, later discovered property belonging to the first trust and property paid to or acquired by th…

Sec. 57. A debt, liability, or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the second trust after exercise of the decanting power. As added by P.L.161-2022, SEC.3.

Sec. 58. 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 states that enact it. As added by P.L.161-2022, SEC.3.

Sec. 59. This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 as amended and in effect on July 1, 2022, but does not modify, limit, or supersede Section 101(c) of that act, 15 U.S.C. 7001(c) as amended and in e…

Sec. 6. As used in this chapter, "beneficiary with a disability" means a beneficiary who is determined, in the exercise of an authorized fiduciary's discretion, to have one (1) of the following conditions: (1) Dementia, memory loss, Parkinson's disease, or other progressive condi…

Sec. 60. If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and to this end the p…

Sec. 7. As used in this chapter, "charitable interest" means an interest in a trust that: (1) is held by an identified charitable organization and makes the organization a qualified beneficiary; (2) benefits only a charitable organization and, if the interest were held by an iden…

Sec. 8. As used in this chapter, "charitable organization" means: (1) a person, other than an individual, organized and operated exclusively for a charitable purpose; or (2) a government or governmental subdivision, agency, or instrumentality to the extent it holds funds exclusiv…

Sec. 9. As used in this chapter, "charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or a purpose that is beneficial to the community. As added by P.L.161-2022, SEC.3.

Sec. 0.5. Unless the power of attorney provides otherwise, an attorney in fact may exercise authority until the authority terminates under this chapter, even if time has passed since the execution of the power of attorney. As added by P.L.143-2009, SEC.32.

Sec. 1. (a) Except as otherwise stated in the power of attorney, an executed power of attorney may be revoked only by a written instrument of revocation that: (1) identifies the power of attorney revoked; and (2) is signed by the principal. (b) A revocation under subsection (a) i…

Sec. 2. If a power of attorney specifies a termination date and time, the power of attorney terminates at that date and time. As added by P.L.149-1991, SEC.2.

Sec. 3. (a) Except as otherwise stated in the power of attorney, a power of attorney is not terminated by the incapacity of the principal. (b) The incapacity of a principal who has previously executed a power of attorney that terminates on the principal's incapacity does not revo…