Sec. 24.5. (a) This section does not apply to an easement for conservation or preservation. (b) This subsection applies to a trust consisting of trust property having a total value of less than seventy-five thousand dollars ($75,000). Unless the terms of the trust provide otherwise, the trustee may terminate the trust: (1) if the trustee […]
Sec. 25. (Recission and Reformation) Upon petition by an interested party, the court may rescind or reform a trust according to the same general rules applying to recission or reformation of non-trust transfers of property. Formerly: Acts 1971, P.L.416, SEC.4.
Sec. 25.5. (a) This section applies beginning October 1, 2009. (b) Except as provided in subsection (d), when a trust created to comply with 42 U.S.C. 1396p(d)(4)(A) is terminated, the trustee shall not distribute trust property to any person entitled to payment from the trust until the office of Medicaid policy and planning has been […]
Sec. 26. (Power to Direct a Deviation from the Terms of the Trust) (a) Upon petition by the trustee or a beneficiary, the court shall direct or permit the trustee to deviate from a term of the trust if, owing to circumstances not known to the settlor and not anticipated by him, compliance would defeat […]
Sec. 27. (a) If property is given to a trust for a benevolent public purpose and the property is to be applied to a particular charitable purpose, and it is or becomes impossible, impracticable, wasteful, or illegal to carry out the particular purpose, and if the settlor manifested a more general intention to devote the […]
Formerly: Acts 1971, P.L.416, SEC.4. Repealed by P.L.238-2005, SEC.63.
Sec. 29. (a) A trustee may be removed as follows: (1) By the court. (2) By the person, if any, who by the terms of the trust is authorized to remove the trustee. (3) Unless the terms of the trust instrument provide otherwise, by a beneficiary of the trust whose petition is granted by the […]
Sec. 29.3. (a) The power to appoint a successor trustee under a governing instrument or under section 33 of this chapter includes: (1) the power to appoint multiple successor trustees; and (2) the power to allocate trustee powers to one (1) or more trustees. (b) A trustee to whom powers: (1) have been exclusively allocated […]
Sec. 29.5. (a) Except as provided in subsection (b) and unless the trust instrument provides otherwise, a corporate trustee that acquires a trust as a result of a change in control may not: (1) decline to accept the trust property; (2) resign as trustee; or (3) otherwise refuse to administer the trust; based upon the […]
Sec. 3. (a) Except as provided in the terms of the trust and subject to subsection (c), a trustee has the power to perform without court authorization, except as provided in sections 4(b) and 5(a) of this chapter, every act necessary or appropriate for the purposes of the trust including, by way of illustration and […]
Sec. 3.2. The trustee of a trust established as the perpetual care fund of a cemetery under IC 23-14-48-2 may, under IC 23-14-48-2.2, without court authorization, withdraw from the trust the amounts allowed by IC 23-14-48-2 to pay the cost of perpetual care of the cemetery, notwithstanding any provision in the terms of the trust […]
Sec. 30. (Effect of This Article on the Court’s Equity Powers) Except as otherwise provided in this article, the article shall not be construed to limit the general equity powers of the court over the administration of trusts. Formerly: Acts 1971, P.L.416, SEC.4.
Sec. 31. (a) This section is enacted for the purpose of confirming the power of Indiana courts to modify trusts for a benevolent public purpose, and transfers not in trust as described in Section 170(f)(3)(A) of the Internal Revenue Code, to effect compliance with Sections 170, 664, 2055, 2106, and 2522 of the Internal Revenue […]
Sec. 32. (a) Except as stated in subsections (b) and (c), the trustee, by provisions of the trust, can be relieved of liability for breach of trust. (b) A provision in the trust instrument is not effective to relieve the trustee of liability for breach of trust committed in bad faith, intentionally, or with reckless […]
Sec. 33. (a) In addition to the terms of a trust regarding the circumstances under which a trustee vacancy occurs, a trustee vacancy occurs if: (1) a person designated as trustee does not accept being trustee; (2) a person designated as trustee cannot be identified or does not exist; (3) a trustee resigns; (4) a […]
Sec. 34. (a) At any time during the administration of a trust, a trustee or any interested person may petition the court to determine the: (1) heirs of: (A) the settlor; or (B) any person named in the trust; and (2) respective interests of the persons described in subdivision (1) in the trust estate or […]
Sec. 35. (a) This section is intended to ensure that if real property is transferred to one (1) or more revocable trusts created by a husband and wife for estate planning purposes, the husband and wife will maintain real estate ownership protections equivalent to those they would have if they owned that real property in […]
As added by P.L.6-2010, SEC.19. Amended by P.L.51-2014, SEC.22. Repealed by P.L.161-2022, SEC.2.
Sec. 37. (a) If a beneficiary of a trust cannot be found after a reasonable search, the trustee may file a petition setting out the facts of the unsuccessful search. The court may order the trustee to sell the shares of the trust to which the beneficiary is entitled and to pay the proceeds to […]
Sec. 4. (Exercise of Powers by Multiple, Successor, or Surviving Trustees) Unless the terms of the trust provide otherwise: (a) Any power vested in two (2) trustees must be exercised by them jointly; any power vested in three (3) or more trustees must be exercised by a majority. (b) If there are two (2) or […]
