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 instrument that it is governed by the […]
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 general power of appointment but does not include a person that is a […]
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 subdivision; (12) an agency or instrumentality; (13) a public […]
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 of attorney. As added by P.L.161-2022, SEC.3.
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 satisfaction of an ascertainable standard, or the passage of a specified […]
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.
