Ind. Code § 30-5-4-1.7 — Indiana Code / Title 30 / Article 5 / Chapter 4 / Section 30-5-4-1.7
Self-proving clause; counterparts
Status: in_force

Sec. 1.7. (a) This section applies to a power of attorney executed in the presence of witnesses under section 1 of this chapter on or after March 31, 2020.

(b) When a power of attorney is executed, the power of attorney may be:

(1) attested; and

(2) made self-proving;

by incorporating into or attaching to the power of attorney a self-proving clause that meets the requirements of subsection (d) or (e). If the principal and witnesses sign a self-proving clause that meets the requirements of subsection (d) or (e) at the time the power of attorney is executed, no other signature of the principal or witnesses is required in order for the power of attorney to be validly executed and self-proved.

(c) If a power of attorney is executed by the signatures of the principal and witnesses on an attestation clause under section 1.5(c) of this chapter, the power of attorney may be made self-proving at a later date by attaching to the power of attorney a self-proving clause that:

(1) is signed by the principal and witnesses; and

(2) meets the requirements specified in subsections (d) and (e).

(d) A self-proving clause must:

(1) contain the acknowledgment of the power of attorney by the:

(A) principal; and

(B) statements of the witnesses;

under the laws of Indiana;

(2) evidence the acknowledgment described in subdivision (1) by the signatures of the principal and witnesses (which may be made under the penalties of perjury); and

(3) be attached or annexed to the power of attorney in a form that is substantially as follows:

"We, the undersigned principal and the undersigned witnesses, respectively, whose names are signed to the attached or foregoing instrument declare that:

(1) the principal executed the instrument as the principal's power of attorney;

(2) in the presence of both witnesses, the principal signed or acknowledged the signature already made or directed another to sign for the principal in the principal's presence;

(3) the principal executed the power of attorney as a free and voluntary act for the purposes expressed in it;

(4) each of the witnesses, in the presence of the principal and of each other, signed the power of attorney as a witness;

(5) the principal was of sound mind when the power of attorney was executed; and

(6) to the best knowledge of each witness, the principal was, at the time the power of attorney was executed, at least eighteen (18) years of age or was a member of the armed forces or the merchant marine of the United States or its allies.

Date __________

Principal __________

Witness __________

Witness __________".

(e) A power of attorney is attested and self-proved if the power of attorney includes or has attached a clause signed by the principal and the witnesses that indicates that:

(1) the principal signified that the instrument is the principal's power of attorney;

(2) in the presence of least two (2) witnesses, the principal signed the instrument or acknowledged the principal's signature already made or directed another to sign for the principal in the principal's presence;

(3) the principal executed the instrument freely and voluntarily for the purposes expressed in it;

(4) each of the witnesses, in the principal's presence and in the presence of all other witnesses, is executing the instrument as a witness;

(5) the principal was of sound mind when the power of attorney was executed; and

(6) the principal is, to the best knowledge of each of the witnesses:

(A) at least eighteen (18) years of age; or

(B) a member of the armed forces or the merchant marine of the United States or its allies.

(f) If the principal and the attesting witnesses executed the power of attorney in two (2) or more counterparts on paper under section 1.5(d) of this chapter, the self-proving clause, if any, for that power of attorney must substantially be in the following form:

"We, the undersigned principal and the undersigned witnesses, respectively, whose names are signed to the attached or foregoing instrument declare:

(1) that the undersigned principal and witnesses interacted with each other in real time through the use of technology and the witnesses were able to observe the principal throughout the signing process;

(2) that the principal executed a complete counterpart of the instrument, in readable form on paper, as the principal's power of attorney;

(3) that, in the presence of both witnesses, the principal signed the paper counterpart of the power of attorney or acknowledged the principal's signature already made or directed another individual to sign the paper counterpart of the power of attorney for the principal in the principal's presence;

(4) that the principal executed the power of attorney as a free and voluntary act for the purposes expressed in it;

(5) that each of the witnesses, in the presence of the principal and of each other, signed one (1) or more other complete counterparts of the power of attorney as a witness;

(6) that each paper counterpart of the power of attorney that was signed by a witness was complete, in readable form, and with content identical to the paper counterpart signed by the principal;

(7) that the principal was of sound mind when the power of attorney was executed; and

(8) that, to the best knowledge of each of the witnesses, the principal was, at the time the power of attorney was executed, at least eighteen (18) years of age or was a member of the armed forces or the merchant marine of the United States or its allies.

Date __________

Principal __________

Witness __________

Witness __________".

(g) This section shall be construed to favor the effectuating of the principal's intent to make a valid power of attorney.

As added by P.L.185-2021, SEC.21.
Ind. Code § 30-4-10-44 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-44
Determinable charitable interest; authority of the attorney general
Status: in_force

Sec. 44. (a) As used in this section, "determinable charitable interest" means a charitable interest that is a right to a mandatory distribution currently, periodically, on the occurrence of a specified event, or after the passage of a specified time and that is unconditional or will be held solely for charitable purposes.

(b) As used in this section, "unconditional" means not subject to the occurrence of a specified event that is not certain to occur, other than a requirement in a trust instrument that a charitable organization be in existence or qualify under a particular provision of the United States Internal Revenue Code of 1986, as amended and in effect on July 1, 2022, on the date of the distribution, if the charitable organization meets the requirement on the date of determination.

(c) If a first trust contains a determinable charitable interest, the attorney general has the rights of a qualified beneficiary and may represent and bind the charitable interest.

(d) If a first trust contains a charitable interest, the second trust must not:

(1) diminish the charitable interest;

(2) diminish the interest of an identified charitable organization that holds the charitable interest;

(3) alter any charitable purpose stated in the first-trust instrument; or

(4) alter any condition or restriction related to the charitable interest.

(e) If there are two (2) or more second trusts, the second trusts shall be treated as one (1) trust for purposes of determining whether the exercise of the decanting power diminishes the charitable interest or diminishes the interest of an identified charitable organization for purposes of subsection (d).

(f) If a first trust contains a determinable charitable interest, the second trust that includes a charitable interest pursuant to subsection (c) must be administered under the law of this state unless:

(1) the attorney general, after receiving notice under section 35 of this chapter, fails to object in a signed record delivered to the authorized fiduciary within the notice period;

(2) the attorney general consents in a signed record to the second trust being administered under the law of another jurisdiction; or

(3) the court approves the exercise of the decanting power.

(g) This chapter does not limit the powers and duties of the attorney general under the laws of this state other than this chapter.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-4-3 — Indiana Code / Title 30 / Article 4 / Chapter 4 / Section 30-4-4-3
Judgment lien against the trustee or beneficiary
Status: in_force

Sec. 3. (Judgment Lien against the Trustee or Beneficiary)

(a) A judgment against a person individually who may also be a trustee shall not be a lien against the trust estate.

(b) When trust property is properly sold or disposed of by the trustee to a third person, the liens against a beneficiary's interest in the trust estate, if any, will be divested from that property and will attach to the interest of that beneficiary in the proceeds from its sale or other disposition.

Formerly: Acts 1971, P.L.416, SEC.5.
Ind. Code § 30-5-2-1.8 — Indiana Code / Title 30 / Article 5 / Chapter 2 / Section 30-5-2-1.8
"All other matters"
Status: in_force

Sec. 1.8. "All other matters", for purposes of IC 30-5-5-6.5, has the meaning set forth in IC 30-5-5-19.

As added by P.L.231-2019, SEC.34.
Ind. Code § 30-2-12-4 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-4
Repealed
Status: repealed

As added by P.L.268-1989, SEC.1. Repealed by P.L.226-2007, SEC.24.
Ind. Code § 30-2-13-17 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-17
Successors to seller; obligations
Status: in_force

Sec. 17. A seller may not sell the seller's stock, business, or assets, transfer assets, merge or consolidate, in whole or in part, or sell, transfer, or consolidate contracts unless:

(1) the purchaser of the stock, business, or assets or the successor in interest is liable for shortages in a trust under this chapter existing before or after the sale, however, the purchaser or successor in interest has no obligation to cure a shortage in a contract between the seller and the purchaser that is not performed by the purchaser or successor in interest; or

(2) the purchaser of the stock, business, or assets or the successor in interest will perform all obligations imposed under this chapter, all obligations imposed under contracts between the seller and the purchaser, and any other related obligations.

As added by P.L.200-1991, SEC.1.
Ind. Code § 30-2-14-14 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-14
Allocating receipts and disbursements between principal and income
Status: in_force

Sec. 14. (a) The following applies to a fiduciary in allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of this chapter:

(1) A fiduciary shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this chapter.

(2) A fiduciary may administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this chapter. An inference that the fiduciary has improperly exercised the discretion does not arise from the fact that the fiduciary has made or has not made an allocation contrary to a provision of this chapter.

(3) A fiduciary shall administer a trust in accordance with this chapter if the terms of the trust do not contain a different provision or do not give the fiduciary a discretionary power of administration.

(4) A fiduciary shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust or the will and this chapter do not provide a rule for allocating the receipt or disbursement to or between principal and income.

(b) In exercising the power to adjust under section 15 of this chapter or a discretionary power of administration regarding a matter within the scope of this chapter, whether granted by the terms of a trust, a will, or this chapter, a fiduciary shall administer a trust or an estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one (1) or more of the beneficiaries. A determination in accordance with this chapter is presumed to be fair and reasonable to all of the beneficiaries.

As added by P.L.84-2002, SEC.2. Amended by P.L.51-2014, SEC.12.
Ind. Code § 30-2-13-0.1 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-0.1
Repealed
Status: repealed

As added by P.L.220-2011, SEC.485. Repealed by P.L.63-2012, SEC.33.
Ind. Code § 30-4-2-7 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-7
Nature of beneficiary's estate
Status: in_force

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 of the terms.

(c) Except as provided in 30-4-2-14, if, under the terms of the trust, the trustee is required at some time to distribute real property from the trust estate to a beneficiary, that beneficiary's equitable interest is real property. In all other cases the beneficiary's interest is personal property.

Formerly: Acts 1971, P.L.416, SEC.3.
Ind. Code § 30-2-8.6-6 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-6
"Beneficiary"
Status: in_force

Sec. 6. As used in this chapter, "beneficiary" means an individual for whom property:

(1) has been transferred to; or

(2) is held under a declaration of trust by;

a custodial trustee for the individual's use and benefit under this chapter.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-1-8-5 — Indiana Code / Title 30 / Article 1 / Chapter 8 / Section 30-1-8-5
Governing laws and regulations
Status: in_force

Sec. 5. Investment and reinvestment of the money paid into every such fund shall be made, retained and disposed of in accordance with the laws of this state governing trustees, and with said regulations of the Board of Governors of the Federal Reserve System.

Formerly: Acts 1949, c.70, s.5.
Ind. Code § 30-2-15-10 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-10
Acting without court approval
Status: in_force

Sec. 10. (a) Unless expressly prohibited in the governing trust instrument, and if the trustee would not be prohibited from exercising the power to adjust under IC 30-2-14-15(a) because at least one (1) of the provisions of IC 30-2-14-15(c)(3) through IC 30-2-14-15(c)(7) would be applicable, a trustee may, without the approval of the court having jurisdiction of the trust, take an action set forth in section 9 of this chapter:

(1) if, in the case of a trust described in section 2(1) of this chapter:

(A) the trustee sends written notice of the trustee's proposed action to:

(i) the settlor of the trust, if the settlor is living; and

(ii) the trust beneficiaries described in IC 30-2-14-16(b); and

(B) no person who receives a written notice under clause (A) objects to the proposed action; or

(2) if, in the case of a trust described in section 2(2) of this chapter, the owner of the cemetery:

(A) directs the trustee to take the action; or

(B) consents to the action of the trustee.

(b) To the extent applicable, the notice provided under subsection (a)(1)(A) must:

(1) state the trustee's intent to release the power to adjust under IC 30-2-14-15 and to convert the trust to a total return unitrust; and

(2) describe how the unitrust will operate and any decisions made by the trustee under this chapter.

In the notice, the trustee shall also specify an effective date of the conversion, reconversion, or change in the unitrust rate.

(c) A person who receives notice under subsection (a)(1)(A) of a trustee's proposed action may object to the proposed action by delivering a written objection to the trustee not later than sixty (60) days after receiving the notice.

As added by P.L.3-2003, SEC.2. Amended by P.L.33-2019, SEC.9.
Ind. Code § 30-2-13-31 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-31
Annual report
Status: in_force

Sec. 31. (a) A seller who is required to register under this article, a cemetery under IC 25-15-9-17, a funeral home under IC 25-15, and a perpetual care fund under IC 23-14-48 shall file an annual report with the board that provides the following information:

(1) The name and location of each seller, cemetery, funeral home, and perpetual care fund.

(2) The name and business address of the owner and the names and business addresses of the resident agent and chief officer if the owner is not a natural person.

(3) If a cemetery, the amount of funds received by the owner during the previous fiscal year that are subject to trust requirements set forth in IC 23-14-48 and the amount required to be placed in trust, the amount of funds actually placed in trust to satisfy the requirements of IC 23-14-48, the name and address of the trustee, and if the funds are not held in trust by a corporate trustee, the name of the corporate surety and the amount of the trustee's fidelity bond as required by IC 23-14-51-4.

(4) The amount of money or identity of other property received subject to the trust or escrow requirements of this chapter, the amount required to be placed in trust or escrow, the amount actually placed in trust or escrow, and the name and address of the trustee.

(5) For a holder of a certificate of authority under section 33 of this chapter, the information that is listed in section 33(b)(2) through 33(b)(4) of this chapter.

(b) The annual report required by this section must meet the following requirements:

(1) Be made on a form prescribed and furnished by the board.

(2) Be signed by the owner if an individual or by the president or vice president and the treasurer or secretary if the owner is not an individual.

(3) Be notarized and affirmed under penalties of perjury by the individuals signing the annual report.

(4) Be filed in the office of the board by the seller not later than ninety (90) days after the end of the seller's fiscal year.

(5) Be accompanied by an annual fee of ten dollars ($10) if the seller is a funeral home or cemetery.

(6) Be accompanied by the fee required by section 27 of this chapter.

(c) Each geographic location of a seller is a separate and distinct business and requires a separate report.

(d) The board may suspend the certificate of authority of a seller who fails to file the seller's annual report within the period required under this section.

As added by P.L.200-1991, SEC.1. Amended by P.L.207-1993, SEC.32; P.L.241-1995, SEC.13; P.L.52-1997, SEC.55; P.L.195-1997, SEC.3; P.L.253-1997(ss), SEC.28.
Ind. Code § 30-2-14-6 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-6
"Income interest" defined
Status: in_force

Sec. 6. As used in this chapter, "income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-2-5-4 — Indiana Code / Title 30 / Article 2 / Chapter 5 / Section 30-2-5-4
Evidence of appointment or incumbency
Status: in_force

Sec. 4. A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency:

(a) In the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of that court or an officer thereof and dated within sixty (60) days before the transfer; or

(b) In any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by the corporation or transfer agent to be responsible or, in the absence of such a document or certificate, other evidence reasonably deemed by the corporation or transfer agent to be appropriate. Corporations and transfer agents may adopt standards with respect to evidence of appointment or incumbency under this subsection (b) provided such standards are not manifestly unreasonable. Neither the corporation nor transfer agent is charged with notice of the contents of any document obtained pursuant to this subsection (b) except to the extent that the contents relate directly to the appointment or incumbency.

Formerly: Acts 1961, c.124, s.4.
Ind. Code § 30-5-8-6 — Indiana Code / Title 30 / Article 5 / Chapter 8 / Section 30-5-8-6
Concurrent appointments; independent execution
Status: in_force

Sec. 6. Subject to IC 16-36-7, appointments made under this article, IC 16-36-4, IC 16-36-1, and IC 16-36-7 can be made concurrently and will be given full effect under the law. However, the appointments may be executed independently and remain valid in their own right.

As added by P.L.149-1991, SEC.2. Amended by P.L.2-1993, SEC.159; P.L.50-2021, SEC.78.
Ind. Code § 30-2-9-2 — Indiana Code / Title 30 / Article 2 / Chapter 9 / Section 30-2-9-2
Deposit of funds; investments
Status: in_force

Sec. 2. All trust funds paid under section 1(a) of this chapter shall be deposited in a bank or trust company whose principal office is in this state, or invested in a savings and loan, or building and loan association whose principal office is in this state, in the name of the trustee, as trustee, within thirty (30) days after receipt thereof, and shall be held by such trustee in trust, subject to the provisions of this chapter.

Formerly: Acts 1963, c.303, s.2. As amended by Acts 1978, P.L.133, SEC.3.
Ind. Code § 30-4-10-11 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-11
"Current beneficiary"
Status: in_force

Sec. 11. As used in this chapter, "current beneficiary" means a beneficiary who, on the date that the beneficiary's qualification is determined, is a distributee or permissible distributee of trust income or principal. The term includes the holder of a presently exercisable general power of appointment but does not include a person that is a beneficiary only because the person holds any other power of appointment.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-1-6-2 — Indiana Code / Title 30 / Article 1 / Chapter 6 / Section 30-1-6-2
Sale of leases; order of court; notice; royalties; bonus
Status: in_force

Sec. 2. Upon the filing of a petition under section 1 of this chapter, the court in its discretion and upon showing of benefit to the estate of the decedent or protected person shall make an order authorizing and directing the administrator, executor, or guardian to sell a lease upon the lands for oil, and gas, coal, or other mining purposes. The sale may be either public or private as the court may direct and upon notice as may be fixed by the court in its order of sale. Should the court determine from the petition that the sale price of the lease would not be sufficient to justify the giving of notice of sale, the court may order the lease sold without notice. Any sale of oil, and gas, coal leases, or other mineral rights under this chapter shall be on a royalty basis and bonus if any. The bonus shall be payable in cash at the time of the execution and delivery of the lease or on terms as the court shall deem just and proper. Where an estate is solvent, no administrator or executor may lease land as provided in this chapter unless the administrator or executor is joined in the lease by the heirs, or their guardians if the heirs are under the age of eighteen (18) years or incapacitated, of the deceased person whose estate is being administered. If the lands to be leased are situated in any other county than that in which the probate proceeding is pending, then the notices of sale, if any are to be given, shall be published and posted in the county of the location of the lands.

Formerly: Acts 1943, c.270, s.2; Acts 1973, P.L.264, SEC.6. As amended by Acts 1982, P.L.171, SEC.89; P.L.33-1989, SEC.86.
Ind. Code § 30-4-3-29 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-29
Removal, resignation, and appointment of trustees
Status: in_force

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 court under subsection (d).

(b) Unless the terms of the trust requires a different time, the trustee may resign:

(1) if the trustee gives at least thirty (30) days notice to:

(A) the qualified beneficiaries;

(B) the settlor, if living; and

(C) all cotrustees; or

(2) with the approval of the court.

In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.

(c) For good cause shown, the court may at any time appoint a temporary trustee for such period of time, and to perform such duties, as the court may direct.

(d) This subsection applies only to a trust executed after June 30, 1996. A beneficiary of a trust may petition the court for the removal of a corporate trustee if there has been a change in control of the corporate trustee after the date of the execution of the trust. The court may remove the corporate trustee if the court determines the removal is in the best interests of all the beneficiaries of the trust. For purposes of this subsection a change in control of the corporate trustee occurs whenever a person or group of persons acting in concert acquires the beneficial ownership of an aggregate of at least twenty-five percent (25%) of the outstanding shares of voting stock of:

(1) a trustee; or

(2) a corporation controlling a trustee;

after June 30, 1996.

(e) A trustee who has resigned or been removed shall expeditiously deliver the trust property within the trustee's possession to the cotrustee, successor trustee, or other person entitled to the trust property. A trustee who has resigned or been removed has the duties of trustee and the powers necessary to protect the trust property:

(1) unless a cotrustee remains in the office of trustee or the court orders otherwise; and

(2) until the trust property is delivered to a successor trustee or other person entitled to the trust property.

Formerly: Acts 1971, P.L.416, SEC.4. As amended by P.L.199-1996, SEC.1; P.L.165-2002, SEC.6; P.L.238-2005, SEC.38.
Ind. Code § 30-2-8.5-1 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-1
"Adult" defined
Status: in_force

Sec. 1. As used in this chapter, "adult" means an individual who is at least twenty-one (21) years of age.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-5-5-4.5 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-4.5
Retirement plans
Status: in_force

Sec. 4.5. (a) Language conferring general authority with respect to retirement plans means the principal authorizes the attorney in fact to:

(1) make contributions, including rollover contributions, or cause contributions to be made on behalf of the principal to any retirement plan, including any:

(A) pension;

(B) profit sharing or stock bonus plan;

(C) individual retirement arrangement;

(D) individual retirement account described in Section 408(A) of the Internal Revenue Code;

(E) deferred compensation plan;

(F) qualified plan under Section 403(b) of the Internal Revenue Code; or

(G) other qualified or nonqualified retirement plan, arrangement, or annuity in which the principal is a participant or a beneficiary;

(2) establish at least one (1) individual retirement account or other retirement plan in the principal's name;

(3) elect a form of payment of benefits from a retirement plan and withdraw benefits from a retirement plan;

(4) exercise investment powers available under a retirement plan;

(5) designate at least one (1) beneficiary or contingent beneficiary for any benefits payable under a retirement plan on account of the principal's death and change any earlier designation of beneficiary;

(6) borrow from, sell assets to, and purchase assets from the retirement plan if authorized by the retirement plan; and

(7) waive the right of the principal to be a beneficiary of a joint or survivor annuity.

(b) The powers described in this section are equally exercisable with respect to a retirement plan established or operated in Indiana or another jurisdiction and:

(1) owned by the principal;

(2) in which the principal was a participant; or

(3) of which the principal was a beneficiary;

when the powers are given or after the powers are given.

(c) A power of attorney executed before July 1, 2005, that confers general authority with respect to all other matters under section 19 of this chapter, includes general authority with respect to retirement plans as described in this section.

As added by P.L.238-2005, SEC.48.
Ind. Code § 30-2-12-6 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-6
"Institutional fund" defined
Status: in_force

Sec. 6. As used in this chapter, "institutional fund" means a fund held by an institution exclusively for charitable purposes. The term does not include the following:

(1) A fund held for an institution by a trustee that is not an institution.

(2) A fund in which a beneficiary that is not an institution has an interest, other than possible rights that could arise upon violation or failure of the purposes of the fund.

(3) Assets held by an institution primarily for charitable purposes and not primarily for investment purposes.

As added by P.L.268-1989, SEC.1. Amended by P.L.266-1995, SEC.3; P.L.226-2007, SEC.12.
Ind. Code § 30-4-5-20 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-20
Private corporate foundations; effective dates of IC 30-4-5-18
Status: in_force

Sec. 20. The provisions of 30-4-5-18 shall be effective as to corporations to which such section applies in accordance with the following subsections (a) and (b):

(a) With respect to each such corporation organized on or after January 1, 1970, the provisions of 30-4-5-18 shall be effective from and after the date of such corporation's organization.

(b) With respect to each such corporation organized before January 1, 1970, the provisions of 30-4-5-18 shall be effective during taxable years commencing after December 31, 1971.

Formerly: Acts 1971, P.L.416, SEC.6.
Ind. Code § 30-5-9-11 — Indiana Code / Title 30 / Article 5 / Chapter 9 / Section 30-5-9-11
Liability of an attorney in fact
Status: in_force

Sec. 11. An attorney in fact that violates this article is liable to the principal or the principal's successors in interest for damages and an amount required to reimburse the principal or the principal's successors in interest for the attorney's fees and costs paid as a result of the violation.

As added by P.L.143-2009, SEC.31.
Ind. Code § 30-2-4-3 — Indiana Code / Title 30 / Article 2 / Chapter 4 / Section 30-2-4-3
Registration or transfer of securities held by fiduciaries
Status: in_force

Sec. 3. If an executor, administrator, trustee, guardian or other fiduciary or the nominee of a fiduciary in whose name are registered or to be registered any shares of stock, bonds or other securities of any corporation, public or private, or company or other association, applies for the registration or transfer of the same, such corporation or company or other association, or its or their transfer agent, is not bound to inquire whether the fiduciary or nominee is committing a breach of his obligation as fiduciary or nominee in making such registration or transfer, or to see to the performance of the fiduciary obligation, and is liable for such registration or transfer only where such registration or transfer is made with actual knowledge that such fiduciary or nominee is committing a breach of trust in requesting such registration or transfer, or with knowledge of such facts that its or their participation in such registration or transfer amounts to bad faith.

Formerly: Acts 1927, c.17, s.3; Acts 1947, c.351, s.3.
Ind. Code § 30-2-8.5-19 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-19
Transfer by gift or exercise of power of appointment
Status: in_force

Sec. 19. A person may make:

(1) a transfer by irrevocable gift to; or

(2) an irrevocable exercise of a power of appointment in favor of;

a custodian for the benefit of a minor under section 24 of this chapter.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-4-2-18 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-18
Trust for care of animal
Status: in_force

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 the death of the animal.

(2) If the trust is created to provide for the care of more than one (1) animal alive during the settlor's lifetime, the trust terminates on the death of the last surviving animal.

(c) A trust authorized by this section may be enforced by the following:

(1) A person appointed in the terms of the trust.

(2) A person appointed by the court, if the terms of the trust do not appoint a person.

(d) A person having an interest in the welfare of an animal for whose care a trust is established may request the court to:

(1) appoint a person to enforce the trust; or

(2) remove a person appointed to enforce the trust.

(e) Property of a trust authorized by this section may be applied only to the trust's intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the trust's intended use.

(f) Except as provided in the terms of the trust, property not required for the trust's intended use must be distributed to the following:

(1) The settlor, if the settlor is living.

(2) The settlor's successors in interest, if the settlor is deceased.

As added by P.L.238-2005, SEC.26.
Ind. Code § 30-2-16-2 — Indiana Code / Title 30 / Article 2 / Chapter 16 / Section 30-2-16-2
"Payroll savings plan"
Status: in_force

Sec. 2. As used in this chapter, "payroll savings plan" means a method provided by an employer to the employer's employees for the voluntary purchase of United States savings bonds on a regular schedule through the designation of an amount to be deducted each pay period until a sufficient amount accumulates to pay the purchase price of at least one (1) United States savings bond.

As added by P.L.141-2005, SEC.27.
Ind. Code § 30-2-8.5-32 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-32
Liability to third person
Status: in_force

Sec. 32. (a) A claim based on:

(1) a contract entered into by a custodian acting in a custodial capacity;

(2) an obligation arising from the ownership or control of custodial property, or both; or

(3) a tort committed during the custodianship;

may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable.

(b) A custodian is not personally liable:

(1) on a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and fails to identify the custodianship in the contract; or

(2) for an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.

(c) A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-5-1-2 — Indiana Code / Title 30 / Article 5 / Chapter 1 / Section 30-5-1-2
Powers created before July 1, 1991
Status: in_force

Sec. 2. This article applies to all powers of attorney created before July 1, 1991, unless the application of this article would cause one (1) of the following to occur:

(1) An adverse effect on a right given a principal or an attorney in fact.

(2) The extension of a right not intended to be given at the time the power of attorney was created.

(3) The imposition of a duty or liability on a person that was not intended to be imposed at the time the power of attorney was created.

(4) The relief of a person from a duty or liability imposed by the terms of a power of attorney or the operation of law.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-4-1-11 — Indiana Code / Title 30 / Article 4 / Chapter 1 / Section 30-4-1-11
Choice of law
Status: in_force

Sec. 11. The meaning and legal effect of a distribution under a trust shall be determined by the law of the state selected by the settlor in the trust, unless the application of that law is contrary to the public policy of this state.

As added by P.L.252-2001, SEC.33.
Ind. Code § 30-4-10-50 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-50
Duration of second trust; property attributable to both first trust and second trust
Status: in_force

Sec. 50. (a) Subject to subsection (b), a second trust may have a duration that is the same as or different from the duration of the first trust.

(b) To the extent that property of a second trust is attributable to property of the first trust, the property of the second trust is subject to any rules governing maximum perpetuity, accumulation, or suspension of the power of alienation that apply to property of the first trust.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-3-17 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-17
Remedies of trustee against beneficiary
Status: in_force

Sec. 17. (Remedies of Trustee against Beneficiary)

The trustee may maintain a civil action against a beneficiary for any legal or equitable remedy, including, among others, a charge against the beneficiary's interest in the trust estate, in any case in which the beneficiary is liable under 30-4-3-20.

Formerly: Acts 1971, P.L.416, SEC.4.
Ind. Code § 30-2-14-23 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-23
Receipts from an entity
Status: in_force

Sec. 23. (a) As used in this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest. The term does not include the following:

(1) A trust or an estate to which section 24 of this chapter applies.

(2) A business or an activity to which section 25 of this chapter applies.

(3) An asset backed security to which section 37 of this chapter applies.

(b) Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity.

(c) A trustee shall allocate the following receipts from an entity to principal:

(1) Property other than money.

(2) Money received in one (1) distribution or a series of related distributions in exchange for part or all of a trust's interest in the entity.

(3) Money received in total or partial liquidation of the entity.

(4) Money received from an entity that is:

(A) a regulated investment company; or

(B) a real estate investment trust;

if the money distributed is a capital gain dividend for federal income tax purposes.

(d) Money is received in partial liquidation:

(1) to the extent that the entity, at or near the time of a distribution, indicates that it is a distribution in partial liquidation; or

(2) if the total amount of money and property received in a distribution or series of related distributions is greater than twenty percent (20%) of the entity's gross assets, as shown by the entity's year-end financial statements immediately preceding the initial receipt.

(e) Money is not received in partial liquidation, nor may it be taken into account under subsection (d)(2), to the extent that it does not exceed the amount of income tax that a trustee or beneficiary must pay on taxable income of the entity that distributes the money.

(f) A trustee may rely upon a statement made by an entity about the source or character of a distribution if the statement is made at or near the time of distribution by:

(1) the entity's board of directors; or

(2) a person or group of persons authorized to exercise powers to pay money or transfer property comparable to those of a corporation's board of directors.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-2-13-34 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-34
Rules
Status: in_force

Sec. 34. The board may adopt rules under IC 4-22-2 to implement this chapter.

As added by P.L.200-1991, SEC.1.
Ind. Code § 30-4-5-1 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-1
Repealed
Status: repealed

Formerly: Acts 1971, P.L.416, SEC.6. Repealed by P.L.84-2002, SEC.11.
Ind. Code § 30-2-4-10 — Indiana Code / Title 30 / Article 2 / Chapter 4 / Section 30-2-4-10
Deposit in names of two or more trustees
Status: in_force

Sec. 10. When a deposit is made in a bank in the name of two (2) or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, neither the payee nor other holder nor the bank is bound to inquire whether it is a breach of trust to authorize such trustee or trustees to draw checks upon the trust account, and is not liable unless the circumstances be such that the action of the payee or other holder or the bank amounts to bad faith.

Formerly: Acts 1927, c.17, s.10.
Ind. Code § 30-2-15-12 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-12
Petition by trust beneficiary
Status: in_force

Sec. 12. A trust beneficiary described in IC 30-2-14-16(b) may petition the court having jurisdiction of the trust to order the trustee to take an action described in section 9 of this chapter, if the action would not alter any amount in the trust that is permanently set aside for charitable purposes unless both income and principal are set aside.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-2-8.6-26 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-26
Multiple beneficiaries
Status: in_force

Sec. 26. (a) Beneficial interests in a custodial trust created for multiple beneficiaries are considered to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.

(b) Custodial trust property held under this chapter by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.

(c) A custodial trustee of custodial trust property held for at least two (2) beneficiaries shall separately account to each beneficiary under sections 27 and 35 of this chapter for the administration of the custodial trust.

(d) The custodial trust property or the income from the custodial trust property may not be subject to:

(1) anticipation;

(2) alienation;

(3) assignment;

(4) pledge;

(5) appointment; or

(6) any other voluntary or involuntary transfer;

before distribution by the custodial trustee. The custodial trustee may disregard and defeat an attempt to violate the requirements of this subsection.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-4-10-2 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-2
"Appointive property"
Status: in_force

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.
Ind. Code § 30-2-10-6 — Indiana Code / Title 30 / Article 2 / Chapter 10 / Section 30-2-10-6
Change of beneficiary; procedure
Status: in_force

Sec. 6. If the settlor changes the beneficiary, he must:

(1) select a new beneficiary licensed under IC 25-15, or a funeral home or a funeral director licensed in another state; and

(2) give written notification to the funeral home originally named as beneficiary.

As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.246-1985, SEC.25.
Ind. Code § 30-4-10-37 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-37
Effect of notice on exercise of decanting power
Status: in_force

Sec. 37. (a) The receipt of notice, waiver of the notice period, or expiration of the notice period does not affect the right of a person to file a petition under section 39 of this chapter asserting that:

(1) an exercise of the decanting power:

(A) is ineffective because it did not comply with this chapter;

(B) was an abuse of discretion; or

(C) was a breach of a fiduciary duty; or

(2) section 52 of this chapter applies to the exercise of the decanting power.

(b) An exercise of the decanting power is not ineffective because of the failure to give notice to one (1) or more persons under section 35 of this chapter if the authorized fiduciary acted with reasonable care to comply with section 35 of this chapter.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-2-8.6-3 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-3
Construction
Status: in_force

Sec. 3. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-5-9-3 — Indiana Code / Title 30 / Article 5 / Chapter 9 / Section 30-5-9-3
Amended or terminated power of attorney
Status: in_force

Sec. 3. The attorney in fact is not liable for actions taken under an amended or terminated power of attorney if the attorney in fact does not have actual knowledge of the amendment or termination.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-2-15-5 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-5
"Trustee"
Status: in_force

Sec. 5. As used in this chapter, "trustee" refers to the:

(1) trustee of a trust; or

(2) if at least two (2) persons are acting as trustee, a majority of the trustees.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-4-6-5 — Indiana Code / Title 30 / Article 4 / Chapter 6 / Section 30-4-6-5
Pleadings
Status: in_force

Sec. 5. (Pleadings)

Any proceedings under this article may be initiated on either a petition or complaint and upon notice as provided in 30-4-6-6.

Formerly: Acts 1971, P.L.416, SEC.7.
Ind. Code § 30-4-5-16 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-16
Right to compensation
Status: in_force

Sec. 16. (a) Unless the terms of the trust provide otherwise, and except as provided in section 17 of this chapter, the trustee is entitled to reasonable compensation from the trust estate for acting as trustee.

(b) If the terms of the trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if:

(1) the duties of the trustee are substantially different from those contemplated when the trust was created; or

(2) the compensation specified in the terms of the trust would be unreasonably low or high.

(c) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:

(1) expenses that were properly incurred in the administration of the trust; and

(2) expenses that were not properly incurred in the administration of the trust, to the extent necessary to prevent unjust enrichment of the trust.

An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.

Formerly: Acts 1971, P.L.416, SEC.6. As amended by P.L.238-2005, SEC.42.
Ind. Code § 30-4-5-25 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-25
"Interested person"; matters resolved by nonjudicial settlement agreement
Status: in_force

Sec. 25. (a) As used in this section, "interested person" means a person whose consent would be required to achieve a binding settlement were the settlement to be approved by the court.

(b) Except as provided in subsection (c), an interested person may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust. This procedure is not intended to foreclose or limit any other procedure for settlement available under other applicable law.

(c) A nonjudicial settlement agreement is valid only to the extent it does not violate a material purpose of the trust and includes terms and conditions that could be properly approved by the court under this article or other applicable law. A nonjudicial settlement may not be used to produce a result not authorized by other provisions of this article, including but not limited to terminating or modifying a trust in an impermissible manner.

(d) Subject to subsection (c), matters that may be resolved by a nonjudicial settlement agreement include the following:

(1) The interpretation or construction of the terms of a trust.

(2) The approval of a trustee's report or accounting or waiver of the preparation of a trustee's report or accounting.

(3) Direction to a trustee to refrain from performing a particular act or the grant to a trustee of any necessary or desirable power.

(4) The resignation or appointment of a trustee and the determination of a trustee's compensation.

(5) Transfer of a trust's principal place of administration.

(6) Liability or release of a trustee for an action relating to a trust.

(7) The criteria for distribution to a beneficiary where a trustee is given discretion.

(8) The resolution of a dispute arising out of the administration or distribution of a trust.

(9) An investment action.

(10) The appointment of and powers granted to a trust director.

(11) Direction to a trust director to perform or refrain from performing a particular act or the grant of a power to a trust director.

(e) Before or after the parties enter into a nonjudicial settlement agreement, an interested person may request the court to approve a nonjudicial settlement agreement to determine whether the representation under IC 30-4-6-10.5 was adequate and to determine whether the agreement contains terms and conditions the court would approve.

As added by P.L.221-2019, SEC.7. Amended by P.L.231-2019, SEC.28.
Ind. Code § 30-1-7-1 — Indiana Code / Title 30 / Article 1 / Chapter 7 / Section 30-1-7-1
Guardians of minors and incapacitated persons; option contracts for exploring
Status: in_force

Sec. 1. Guardians of the estates of persons under the age of eighteen (18) years and incapacitated persons (as defined in IC 29-3-1-7.5) owning real estate in any county in Indiana in which coal and other solid minerals are being explored for, developed, recovered, marketed, or found by mining or other methods are authorized with the consent of the court to enter into option contracts with prospective mining operators for the purpose of exploring and testing the land for coal and other solid minerals, with tools, machinery, and appliances and for the purchase of the real estate and mineral deposits on terms, conditions, and considerations as the guardian shall consider to be for the best interest of the protected person's estate. All options for exploring, testing, and sale must be made with the consent of the court having probate jurisdiction in the county as provided in this chapter.

Formerly: Acts 1943, c.105, s.1; Acts 1973, P.L.264, SEC.7. As amended by P.L.33-1989, SEC.89.
Ind. Code § 30-2-15-1 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-1
"Current valuation year"
Status: in_force

Sec. 1. As used in this chapter, "current valuation year" means the year of the trust for which the unitrust amount is being determined.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-5-2-10 — Indiana Code / Title 30 / Article 5 / Chapter 2 / Section 30-5-2-10
"Trusted contact person"
Status: in_force

Sec. 10. "Trusted contact person", for purposes of IC 30-5-5-6.5, has the meaning set forth in IC 30-5-5-6.5(a)(5).

As added by P.L.231-2019, SEC.37.
Ind. Code § 30-4-3-9 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-9
Duty of trustee under control of third persons
Status: in_force

Sec. 9. (Duty of Trustee under Control of Third Person)

(a) This section applies to directions given to a trustee before July 1, 2019, by a person who has power under the terms of the trust to direct the trustee.

(b) If the terms of the trust give a person a power to direct the trustee in the administration of the trust and those terms expressly direct the trustee to rely, or relieve the trustee from liability if he does rely, on that person's directions, the trustee may do so and will incur no liability for any loss to the trust estate.

(c) If the terms of the trust give a person a power to direct the trustee in the administration of the trust, except as provided in subsection (b):

(1) if the person holds the power as a fiduciary, the trustee has a duty to refuse to comply with any direction which he knows or should know would constitute a breach of a duty owed by that person as a fiduciary; and

(2) if the person holds the power solely for his own benefit, the trustee may refuse to comply only if the attempted exercise of the power violates the terms of the trust with respect to that power.

Formerly: Acts 1971, P.L.416, SEC.4. As amended by P.L.221-2019, SEC.4; P.L.231-2019, SEC.25.
Ind. Code § 30-2-8.6-4 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-4
Citing chapter
Status: in_force

Sec. 4. This chapter may be cited as the "Indiana Uniform Custodial Trust Act".

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-4-7-4 — Indiana Code / Title 30 / Article 4 / Chapter 7 / Section 30-4-7-4
Appointment of guardian or guardian ad litem
Status: in_force

Sec. 4. The court may appoint a guardian or a guardian ad litem to represent the following persons or interests in a compromise executed under this chapter if the persons or interests do not have a guardian or guardian ad litem:

(1) A minor.

(2) A person who is without legal capacity to personally act.

(3) A person whose present existence or whereabouts cannot be ascertained.

(4) A person who is not yet born or adopted.

(5) An inalienable estate.

(6) A future contingent interest.

As added by P.L.200-1991, SEC.6.
Ind. Code § 30-5-5-18 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-18
Delegation of authority
Status: in_force

Sec. 18. Language conferring general authority with respect to delegating authority means the principal authorizes the attorney in fact to delegate in writing to one (1) or more persons any or all powers given to the attorney in fact by the power of attorney. An action taken by a person holding delegated authority under this section binds the principal and persons who are obligated under IC 30-5-8 to obey instructions issued by the attorney in fact who delegated the authority, even if the attorney in fact who delegated the authority fails to serve or ceases to serve as provided under IC 30-5-4-4 unless:

(1) the principal revokes the delegation of authority;

(2) the delegation of authority by the attorney in fact is revoked by another attorney in fact who:

(A) is named in the power of attorney; and

(B) currently has authority and priority to act for the principal;

(3) the power of attorney expires or is otherwise invalid or unenforceable; or

(4) the power of attorney or the document in which the attorney delegates authority specifically provides that the delegation of authority is terminated when the attorney in fact who delegated the authority fails to serve or ceases to serve as provided under IC 30-5-4-4.

As added by P.L.149-1991, SEC.2. Amended by P.L.51-2014, SEC.28.
Ind. Code § 30-2-10-1 — Indiana Code / Title 30 / Article 2 / Chapter 10 / Section 30-2-10-1
Establishment
Status: in_force

Sec. 1. An individual may establish one (1) funeral trust under this chapter, in lieu of any other arrangements for advance payment for funeral and burial expense.

As added by Acts 1982, P.L.179, SEC.2.
Ind. Code § 30-2-8.5-20 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-20
Transfer authorized by will or trust; designation of custodian
Status: in_force

Sec. 20. (a) A personal representative or trustee may make an irrevocable transfer under section 24 of this chapter to a custodian for the benefit of a minor as authorized in the governing will or trust.

(b) If the testator or settlor has nominated a custodian under section 18 of this chapter to receive the custodial property, the transfer shall be made to that person.

(c) If the testator or settlor has not nominated a custodian under section 18 of this chapter, or a person nominated as custodian dies before the transfer or is unable, declines, or is ineligible to serve, the personal representative or the trustee shall designate the custodian from among those eligible to serve as custodian for property of that kind under section 24(a) of this chapter. The personal representative or trustee may be designated as custodian under this subsection if the personal representative or trustee is eligible to serve as custodian for property of that kind under section 24(a) of this chapter.

As added by P.L.267-1989, SEC.2. Amended by P.L.95-2007, SEC.15.
Ind. Code § 30-2-4-5 — Indiana Code / Title 30 / Article 2 / Chapter 4 / Section 30-2-4-5
Check drawn by fiduciary payable to third person
Status: in_force

Sec. 5. If a check or other bill of exchange is drawn by a fiduciary as such, or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, the payee is not bound to inquire whether the fiduciary is committing a breach of his obligation as fiduciary in drawing or delivering the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his obligation as fiduciary unless he takes the instrument with actual knowledge of such breach or with knowledge of such facts that his action in taking the instrument amounts to bad faith. If, however, such instrument is payable to a personal creditor of the fiduciary and delivered to the creditor in payment of or as security for a personal debt of the fiduciary to the actual knowledge of the creditor, or is drawn and delivered in any transaction known by the payee to be for the personal benefit of the fiduciary, the creditor or other payee is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the instrument.

Formerly: Acts 1927, c.17, s.5.
Ind. Code § 30-2-14-26 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-26
Receipts and property allocated to principal
Status: in_force

Sec. 26. A trustee shall allocate to principal:

(1) to the extent not allocated to income under this chapter, assets received from:

(A) a transferor during the transferor's lifetime;

(B) a decedent's estate;

(C) a trust with a terminating income interest; or

(D) a payer under a contract naming the trust or its trustee as beneficiary;

(2) money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to sections 23 through 37 of this chapter;

(3) amounts recovered from third parties to reimburse the trust because of disbursements described in section 39(a)(7) of this chapter or for other reasons to the extent not based on the loss of income;

(4) proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;

(5) net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and

(6) other receipts as provided in sections 30 through 37 of this chapter.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-5-2-3 — Indiana Code / Title 30 / Article 5 / Chapter 2 / Section 30-5-2-3
"Court"
Status: in_force

Sec. 3. "Court" means the court having probate jurisdiction.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-2-6-3 — Indiana Code / Title 30 / Article 2 / Chapter 6 / Section 30-2-6-3
Termination of trust; limitation of actions
Status: in_force

Sec. 3. No rule of law against perpetuities or suspension of the power of alienation of the title to property, or the accumulation of income, shall operate to invalidate any trust created or attempted to be created before September 10, 1949, by an employer as part of a stock bonus, pension, disability, death benefit, or profit-sharing plan for the benefit of some or all of his employees, to which contributions are made by the employer or employees or both for the earnings and principal of the fund held in trust, unless the trust is terminated by a court of competent jurisdiction in a suit instituted before September 11, 1950.

Formerly: Acts 1949, c.184, s.3. As amended by Acts 1982, P.L.171, SEC.105.
Ind. Code § 30-2-12-6.4 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-6.4
"Person" defined
Status: in_force

Sec. 6.4. As used in this chapter, "person" means an individual, a corporation, a business trust, an estate, a trust, a partnership, a limited liability company, an association, a joint venture, a public corporation, the state of Indiana, a state agency or instrumentality, a unit of local government, or any other legal or commercial entity.

As added by P.L.226-2007, SEC.13.
Ind. Code § 30-2-13-37 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-37
Repealed
Status: repealed

As added by P.L.200-1991, SEC.1. Repealed by P.L.207-1993, SEC.35.
Ind. Code § 30-4-5-18 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-18
Private foundations
Status: in_force

Sec. 18. Subject to section 20 of this chapter, every corporation which is organized under the laws of this state and which is a private foundation as defined in Section 509(a) of the Internal Revenue Code shall, unless otherwise provided in the articles of incorporation of such corporation:

(a) distribute each taxable year amounts sufficient for such corporation to avoid liability for the tax imposed by Section 4942 of the Internal Revenue Code;

(b) not engage in any act of self-dealing (as defined in Section 4941(d) of the Internal Revenue Code) which would subject such corporation to liability for the taxes imposed by Section 4941 of the Internal Revenue Code;

(c) not retain any excess business holding (as defined in Section 4943(c) of the Internal Revenue Code) which would subject such corporation to liability for the taxes imposed by Section 4943 of the Internal Revenue Code;

(d) not make any investment which would jeopardize the carrying out of any of such corporation's exempt purposes (within the meaning of Section 4944 of the Internal Revenue Code) and which would subject such corporation to liability for the taxes imposed by Section 4944 of the Internal Revenue Code; and

(e) not make any taxable expenditure (as defined in Section 4945(d) of the Internal Revenue Code) which would subject such corporation to liability for the taxes imposed by Section 4945 of the Internal Revenue Code.

Formerly: Acts 1971, P.L.416, SEC.6. As amended by P.L.2-1987, SEC.47.
Ind. Code § 30-4-2.1-16 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-16
Rules of interpretation concerning a trustee's independence from the settlor
Status: in_force

Sec. 16. Absent clear and convincing evidence otherwise, a settlor of an irrevocable trust may not be considered the alter ego of a trustee. The following factors, alone or in combination, are not sufficient evidence to conclude that the settlor controls a trustee or is the alter ego of the trustee:

(1) Any combination of the factors listed in section 15 of this chapter.

(2) Isolated occurrences of the settlor signing checks, making disbursements, or executing other documents related to the trust as a trustee when the settlor is, in fact, not a trustee.

(3) Requesting a trustee to make distributions on behalf of a beneficiary.

(4) Requesting a trustee to hold, purchase, or sell any trust property.

As added by P.L.6-2010, SEC.16.
Ind. Code § 30-5-7-1 — Indiana Code / Title 30 / Article 5 / Chapter 7 / Section 30-5-7-1
Application of chapter
Status: in_force

Sec. 1. This chapter applies to a health care provider with whom an attorney in fact deals under a power of attorney.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-4-3-36 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-36
Repealed
Status: repealed

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.
Ind. Code § 30-2-8.6-29 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-29
Distribution of custodial trust property
Status: in_force

Sec. 29. (a) If a beneficiary is not incapacitated, the custodial trustee shall:

(1) pay to the beneficiary; or

(2) expend for the beneficiary's use and benefit;

so much or all of the custodial trust property as the beneficiary may direct from time to time.

(b) If the beneficiary is incapacitated, the custodial trustee, in the custodial trustee's sole discretion, may expend so much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of:

(1) the beneficiary; and

(2) individuals who:

(A) were supported by the beneficiary when the beneficiary became incapacitated; or

(B) are legally entitled to support by the beneficiary.

(c) The custodial trustee may make expenditures:

(1) in the manner;

(2) when; and

(3) to the extent;

that the custodial trustee determines suitable and proper. The custodial trustee may make expenditures without court order and without regard to other support, income, or property of the beneficiary.

(d) A custodial trustee may establish checking, savings, or other similar accounts of reasonable amounts under which:

(1) the custodial trustee; or

(2) the beneficiary;

may withdraw funds from, or draw checks against, the accounts. Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-2-9-5 — Indiana Code / Title 30 / Article 2 / Chapter 9 / Section 30-2-9-5
Compensation and expenses of trustee
Status: in_force

Sec. 5. This chapter shall not be construed to prohibit a trustee under section 1(a) of this chapter from being reimbursed and receiving from the fund its reasonable expenses in the custody and administration of the funds and the usual and reasonable compensation for its services as the trustee. However, the expenses and compensation shall be fixed by the state board of funeral service in a reasonable amount based upon the principal fund and the earnings of the fund deposited or invested under each of the agreements or series of agreements. A financial institution trustee under section 1.5 of this chapter may be reimbursed for its reasonable expenses from the fund, except the amount shall be fixed by the Indiana department of financial institutions.

Formerly: Acts 1963, c.303, s.5. As amended by Acts 1978, P.L.133, SEC.6; P.L.246-1985, SEC.22.
Ind. Code § 30-4-3-19 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-19
Relief of trustee's liability for breach of trust
Status: in_force

Sec. 19. (Relief of Trustee's Liability for Breach of Trust)

(a) Unless the terms of the trust provide otherwise or unless if to do so would frustrate, impair or defeat the purposes of the trust, a beneficiary, except as provided in subsection (b) of this section, relieves the trustee from liability for breach of trust as to that beneficiary's interest if he:

(1) consents to or acquiesces in the act or omission which constitutes a breach of trust;

(2) agrees to release or discharge the trustee from liability for breach of trust after the act or omission constituting the breach occurs;

(3) elects, under an option to affirm or reject a transaction entered into as a breach of trust, to affirm the transaction; or

(4) participates in the act of the trustee which constitutes the breach of trust.

(b) The consent, acquiescence, agreement to release or discharge, affirmance, or participation by a beneficiary will not relieve the trustee from liability if:

(1) at the time it was given the beneficiary was under an incapacity;

(2) at the time it was given the beneficiary did not know of his rights or all of the material facts which the trustee knew or should have known;

(3) it was induced by the trustee's improper conduct;

(4) the trustee had an adverse interest in the transaction and the transaction was not fair and reasonable; or

(5) the trustee pays or delivers a beneficiary's interest to that beneficiary contrary to the terms of a trust with protective provisions.

Formerly: Acts 1971, P.L.416, SEC.4.
Ind. Code § 30-5-3-5 — Indiana Code / Title 30 / Article 5 / Chapter 3 / Section 30-5-3-5
Construction of power and instruction to attorney in fact; petition; notice of hearing
Status: in_force

Sec. 5. Upon petition by an interested person, the court may construe a power of attorney and instruct the attorney in fact if the court finds that the principal lacks the capacity to control or revoke the power of attorney. Notice of a hearing on a petition under this subsection shall be given as the court directs.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-4-9-12 — Indiana Code / Title 30 / Article 4 / Chapter 9 / Section 30-4-9-12
Relief of cotrustee from duties and liabilities
Status: in_force

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 of direction under sections 9 through 11 of this chapter.

As added by P.L.221-2019, SEC.10.
Ind. Code § 30-2-5-5 — Indiana Code / Title 30 / Article 2 / Chapter 5 / Section 30-2-5-5
Adverse claims
Status: in_force

Sec. 5. (a) A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the written notice identifies the claimant, the registered owner, and the issue of which the security is a part, provides an address for communications directed to the claimant and is received before the transfer. Nothing in this chapter relieves the corporation or transfer agent of any liability for making or refusing to make the transfer after it is so put on notice, unless it proceeds in the manner authorized in subsection (b).

(b) As soon as practicable after the presentation of a security for transfer pursuant to an assignment by a fiduciary, a corporation or transfer agent which has received notice of a claim of beneficial interest adverse to the transfer may send notice of the presentation by registered or certified mail to the claimant at the address given by him. If the corporation or transfer agent so mails such a notice it shall withhold the transfer for thirty (30) days after the mailing and shall then make the transfer unless restrained by a court order.

Formerly: Acts 1961, c.124, s.5. As amended by Acts 1982, P.L.171, SEC.98.
Ind. Code § 30-4-7-1 — Indiana Code / Title 30 / Article 4 / Chapter 7 / Section 30-4-7-1
Application of chapter
Status: in_force

Sec. 1. This chapter applies to the compromise of a contest or controversy with respect to the following:

(1) The construction, validity, or effect of a trust instrument.

(2) The identity, rights, or interests of a beneficiary of a trust.

(3) The administration of a trust.

As added by P.L.200-1991, SEC.6.
Ind. Code § 30-2-8.6-7 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-7
"Custodial trust property"
Status: in_force

Sec. 7. As used in this chapter, "custodial trust property" means the following:

(1) An interest in property:

(A) transferred to; or

(B) held under a declaration of trust by;

a custodial trustee under this chapter.

(2) The income from and proceeds of the property interest described in subdivision (1).

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-2-7-9 — Indiana Code / Title 30 / Article 2 / Chapter 7 / Section 30-2-7-9
Short title
Status: in_force

Sec. 9. This chapter may be cited as Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings.

Formerly: Acts 1941, c.50, s.10. As amended by Acts 1982, P.L.171, SEC.110.
Ind. Code § 30-5-5-16 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-16
Health care powers; religious tenets; funeral planning declaration; application for public benefits
Status: in_force

Sec. 16. (a) This section does not prohibit an individual capable of consenting to the individual's own health care or to the health care of another from consenting to health care administered in good faith under the religious tenets and practices of the individual requiring health care.

(b) Language conferring general authority with respect to health care powers means the principal authorizes the attorney in fact to do the following:

(1) Employ or contract with health care providers to care for the principal.

(2) Consent to or refuse health care for the principal who is an individual in accordance with IC 16-36-4 and IC 16-36-1 by properly executing and attaching to the power of attorney a declaration or appointment, or both.

(3) Admit or release the principal from a hospital or health care facility.

(4) Have access to records, including medical records, concerning the principal's condition.

(5) Make anatomical gifts on the principal's behalf.

(6) Request an autopsy.

(7) Make plans for the disposition of the principal's body, including executing a funeral planning declaration on behalf of the principal in accordance with IC 29-2-19.

(c) Except as provided in subsection (d), if an individual has executed both:

(1) a power of attorney under this article that authorizes an attorney in fact to apply for public benefits on behalf of the individual; and

(2) an advance directive under IC 16-36-7 that authorizes a health care representative to apply for public benefits on behalf of the individual under IC 16-36-7-36(a)(6);

the authority of the attorney in fact described in subdivision (1) to apply for public benefits on behalf of the individual and to access the individual's assets, income, and banking and financial assets supersedes the authority of the health care representative described in subdivision (2).

(d) The authority of a health care representative described in subsection (c)(2) supersedes the authority of an attorney in fact described in subsection (c)(1) to apply for public benefits on behalf of the individual if the individual has specifically granted the authority of the health care representative to supersede the authority of the attorney in fact in the executed power of attorney.

(e) Notwithstanding any other law, a document granting health care powers to an attorney in fact for health care may not be executed under this chapter after December 31, 2022. However, if a power of attorney that is executed after December 31, 2022, is written to grant both:

(1) health care powers; and

(2) nonhealth care powers under this chapter;

to an attorney in fact, the health care powers are void, but all other powers granted by the power of attorney will remain effective and enforceable under this article.

As added by P.L.149-1991, SEC.2. Amended by P.L.2-1993, SEC.154; P.L.143-2009, SEC.30; P.L.81-2015, SEC.20; P.L.50-2021, SEC.74; P.L.38-2023, SEC.19; P.L.105-2026, SEC.9.
Ind. Code § 30-2-8.5-36 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-36
Applicability
Status: in_force

Sec. 36. This chapter applies to a transfer within the scope of section 17 of this chapter made after this chapter's effective date:

(1) if:

(A) the transfer purports to have been made under the Indiana uniform gifts to minors act (IC 30-2-8); or

(B) the instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the uniform gifts to minors act" or "as custodian under the uniform transfers to minors act" of any other state; and

(2) the application of this chapter is necessary to validate the transfer.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-4-8-10 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-10
Spendthrift provisions
Status: in_force

Sec. 10. A spendthrift provision described in section 4(4) of this chapter is considered a restriction on the transfer of the transferor's beneficial interest in the trust that is enforceable under applicable nonbankruptcy law within the meaning of Section 541(c)(2) of the federal Bankruptcy Code (11 U.S.C. 541(c)(2)) or any successor provision of the federal Bankruptcy Code.

As added by P.L.221-2019, SEC.9.
Ind. Code § 30-2-14-39 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-39
Disbursements from principal
Status: in_force

Sec. 39. (a) A trustee shall make the following disbursements from principal:

(1) the remaining one-half (1/2) of the disbursements described in section 38(1) and 38(2) of this chapter;

(2) all of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or termination, and disbursements made to prepare property for sale;

(3) payments on the principal of a trust debt;

(4) expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property;

(5) premiums paid on a policy of insurance not described in section 38(4) of this chapter of which the trust is the owner and beneficiary;

(6) estate, inheritance, and other transfer taxes, including penalties, apportioned to the trust; and

(7) disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters.

(b) If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-4-10-31 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-31
"Terms of the trust"
Status: in_force

Sec. 31. As used in this chapter, "terms of the trust" has the meaning set forth in IC 30-4-1-2(22).

As added by P.L.161-2022, SEC.3.