30-4-10-37. Effect of Notice on Exercise of Decanting Power
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 not comply with this […]
30-4-10-38. Notice to a Person Authorized to Represent Another Person
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 another person under a first-trust instrument or […]
30-4-10-39. Petition to Determine the Permissibility of the Decanting Power; Judicial Modification of Fiduciary Compensation
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 may: (1) provide instructions to the authorized […]
30-4-10-40. Exercise of Decanting Power; Written Record
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 and state the property of the first […]
30-4-10-41. Exercise of Decanting Power and Distributive Discretion; Limitations; General or Nongeneral Appointment
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 discretion to distribute property […]
30-4-10-42. Limited Distributive Discretion
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 principal of the first trust for the benefit of one (1) or more current beneficiaries […]
30-4-10-43. Beneficiary With a Disability
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 beneficiary currently receives those benefits or has been adjudicated to be an […]
30-4-10-28. “Settlor”
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 property attributable to the […]
30-4-10-44. Determinable Charitable Interest; Authority of the Attorney General
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 will be held solely for charitable purposes. (b) As used […]
30-4-10-29. “Sign”
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.