30-4-10-14. “Expanded Distributive Discretion”
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.
30-4-10-15. “First Trust”
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.
30-4-10-16. “First-Trust Instrument”
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.
30-4-10-1. Application
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 […]
30-4-10-2. “Appointive Property”
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.
30-4-10-3. “Ascertainable Standard”
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.
30-4-9-5. Powers of Appointment
Sec. 5. (a) As used in this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property. (b) This chapter does not apply to a: (1) power of appointment; (2) power to […]
30-4-10-4. “Authorized Fiduciary”
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 beneficiaries; (2) a special fiduciary appointed […]
30-4-9-6. Powers of Direction
Sec. 6. (a) Subject to section 7 of this chapter, the terms of the trust may grant a power of direction to a trust director. (b) Unless the terms of a trust provide otherwise: (1) a trust director may exercise any further power appropriate to the exercise or nonexercise of a power of direction granted […]
30-4-10-5. “Beneficiary”
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 distributions under the terms of the trust. As added by […]