Sec. 1. (a) A trust in either real or personal property is enforceable only if there is written evidence of the terms of the trust bearing the signature of any of the following persons: (1) The settlor. (2) The settlor’s authorized agent. (3) An adult who is not an ineligible person under subsection (b) and […]
Sec. 1.5. (a) Except as provided in subsection (b), a trust that is not created by a will is validly created if the trust’s creation complies with the law of the jurisdiction in which the trust instrument was executed or the law of the jurisdiction in which, at the time of creation: (1) the settlor […]
Sec. 10. (a) If a trust is created by a will, the settlor’s capacity that is required to create the trust is determined by the applicable probate law. (b) The capacity of a settlor that is required to create, amend, revoke, or add property to a revocable trust is the same as the capacity of […]
Sec. 11. (a) If the trustee is a natural person, the trustee must have the capacity to take, hold, and deal with property for the trustee’s own benefit and must be at least eighteen (18) years of age, be of sound mind and of good moral character. (b) If the trustee is a corporation, it […]
Sec. 12. (Illegality) (a) The terms of the trust may not require the trustee to commit a criminal or tortious act or an act which is contrary to public policy. (b) A trust with terms which violate subsection (a) of this section is invalid unless the prohibited term is separable. If the prohibited term is […]
Sec. 13. (Application of Statute of Uses) If the trust property includes real property, and, under the terms of the trust, (a) The beneficiary has the power to manage the trust property, including the power to direct the trustee to sell the property; and (b) The trustee may sell the trust property only on direction […]
Sec. 14. (Assignment of Beneficiary’s Interest) (a) If the terms of the trust give the trustee the power to sell the trust property upon direction by the beneficiary or other person or to sell it after a stipulated period of time in the absence of a direction as provided in 30-4-2-13, the beneficiary may treat […]
Sec. 15. (a) This section does not apply to a trust: (1) that is irrevocable on the date of a divorce or an annulment; or (2) created by: (A) the settlor and the settlor’s spouse or former spouse under a written agreement with each other that requires the creation of the trust; or (B) a […]
Sec. 16. (a) This section applies to: (1) property in a trust that is subject to a spouse’s right of election under IC 29-1-3; and (2) a trust that receives property from the settlor’s estate; if the settlor’s spouse files an effective election to take a share of the settlor’s estate against the settlor’s will […]
Sec. 17. (a) A charitable trust may be created for the following purposes: (1) The relief of poverty. (2) The advancement of education or religion. (3) The promotion of health. (4) Governmental and municipal purposes. (5) A purpose that is beneficial to the community. (b) If the terms of a charitable trust do not indicate […]
Sec. 18. (a) A trust may be created to provide for the care of an animal alive during the settlor’s lifetime. (b) A trust authorized by this section terminates as follows: (1) If the trust is created to provide for the care of one (1) animal alive during the settlor’s lifetime, the trust terminates on […]
Sec. 19. (a) Except as provided in section 18 of this chapter, a trust may be created for a: (1) noncharitable purpose without a beneficiary; or (2) noncharitable and valid purpose to be selected by the trustee. (b) A trust authorized by this section may be enforced for not more than twenty-one (21) years. (c) […]
Sec. 2. (a) This section applies to the acceptance of a trust by a person named as trustee. (b) The appearance of the named person’s signature on the writing which is the evidence of the trust or on a separate written acceptance will be conclusive that the named person accepted the trust. (c) Except as […]
Formerly: Acts 1971, P.L.416, SEC.3. As amended by Acts 1979, P.L.269, SEC.2. Repealed by P.L.293-1983, SEC.2.
Formerly: Acts 1971, P.L.416, SEC.3. Repealed by P.L.293-1983, SEC.2.
Sec. 5. (Life Insurance Trusts) Proceeds of life insurance policies heretofore made payable to a trustee or trustees named as beneficiary or hereafter to be named beneficiary under an inter vivos trust shall be paid directly to the trustee or trustees and held and disposed of by the trustee or trustees as provided in the […]
Sec. 6. (Nature of the Trustee’s Estate) (a) The trustee takes the title to the trust property. (b) The extent of the trustee’s estate in the trust property is limited to that which is necessary to enable him to perform the trust. Formerly: Acts 1971, P.L.416, SEC.3.
Sec. 7. (Nature of the Beneficiary’s Estate) (a) The beneficiary takes an equitable interest in the trust property. (b) The extent of the beneficiary’s estate shall be determined from the terms of the trust. The Rule in Shelley’s Case and the Doctrine of Worthier Title shall not be applied to determine the meaning or application […]
Sec. 8. (a) If the settlor transfers both the title and the entire equitable interest in property to the same person as both the sole trustee and the sole beneficiary, no trust will be deemed to have been created and the transferee shall treat the property as the transferee’s own. (b) Except as provided in […]
Sec. 9. (Necessity of Powers or Duties) Subject to 30-4-2-13, if the trustee has neither a power nor a duty related to the administration of the trust, the title to the trust property will be treated as having vested directly in the beneficiary on the date of delivery to the trustee. Formerly: Acts 1971, P.L.416, […]
