30-4-10-32. “Trust Instrument”
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 any amendments. As […]
30-4-10-33. Fiduciary Duty
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 accordance with the purposes of the first trust in exercising […]
30-4-10-34. Liability for an Action or Failure to Act by a Trustee or Person
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 liable to any person […]
30-4-10-19. “Person”
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 […]
30-4-10-20. “Power of Appointment”
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.
30-4-10-21. “Powerholder”
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.
30-4-10-22. “Presently Exercisable Power of Appointment”
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 […]
30-4-10-23. “Qualified Beneficiary”
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.
30-4-10-8. “Charitable Organization”
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 exclusively for a charitable purpose. As added by P.L.161-2022, SEC.3.
30-4-10-24. “Reasonably Definite Standard”
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.