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 […]
30-4-9-7. Rules Relating to Payback Provisions; Charitable Interest
Sec. 7. A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under section 6(b)(1) of this chapter regarding: (1) a payback provision in the terms of a trust necessary to comply […]
30-4-10-6. “Beneficiary With Disability”
Sec. 6. As used in this chapter, “beneficiary with disability” means a beneficiary who is determined, in the exercise of an authorized fiduciary’s discretion, to have one (1) of the following conditions: (1) Dementia, memory loss, Parkinson’s disease, or other progressive condition that, currently or in the future, may impair the ability of the beneficiary […]
30-4-9-8. Duties and Liabilities of a Trust Director
Sec. 8. (a) Subject to subsection (b), with respect to a power of direction or further power under section 6(b)(1) of this chapter: (1) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power: (A) if the power is held individually, as a sole trustee in a […]
30-4-10-7. “Charitable Interest”
Sec. 7. As used in this chapter, “charitable interest” means an interest in a trust that: (1) is held by an identified charitable organization and makes the organization a qualified beneficiary; (2) benefits only a charitable organization and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary; […]
30-4-9-9. Duties and Liabilities of a Directed Trustee
Sec. 9. (a) Subject to subsection (b), a directed trustee shall take reasonable action to comply with a trust director’s exercise or nonexercise of a power of direction or further power under section 6(b)(1) of this chapter, and the trustee is not liable for the action. (b) A directed trustee must not comply with a […]
30-4-9-10. Providing Information to a Trust Director; Liability; Breach of Trust
Sec. 10. (a) Subject to section 11 of this chapter, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: (1) the powers or duties of the trustee; and (2) the powers or duties of the director. (b) Subject to section 11 of this chapter, a […]
30-4-9-11. Duties of Trust Director and Trustee Under the Terms of the Trust
Sec. 11. (a) Unless the terms of a trust provide otherwise: (1) a trustee does not have a duty to: (A) monitor a trust director; or (B) inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the director; and (2) […]
30-4-9-12. Relief of Cotrustee From Duties and Liabilities
Sec. 12. The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee’s exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty and liability with respect to a trust director’s power […]
30-4-9-13. Causes of Action; Statutes of Limitations
Sec. 13. (a) An action against a trust director for breach of trust must be commenced within the same limitation period as an action against a trustee under IC 30-4-6-12. (b) A report or accounting has the same effect on the limitation period for an action against a trust director for breach of trust that […]