Ind. Code § 30-2-8.6-23 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-23
Custodial trust upon occurrence of future event
Status: in_force

Sec. 23. (a) A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: "as custodial trustee for _______________ (name of beneficiary) under the Indiana uniform custodial trust act".

(b) Persons may be designated as substitute or successor custodial trustees to whom the property must be paid or transferred in the order named if the first designated custodial trustee is unable or unwilling to serve.

(c) A designation under this section may be made by:

(1) making the designation in:

(A) a will;

(B) a trust;

(C) a deed;

(D) a multiple party account;

(E) an insurance policy;

(F) an instrument exercising a power of appointment; or

(G) a writing designating a beneficiary of contractual rights; or

(2) registering the designation with or delivering the designation to the fiduciary, payor, issuer, or obligor of the future right.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-2-8.6-22 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-22
Creation and enforcement of trust under other law
Status: in_force

Sec. 22. (a) This chapter does not supersede or restrict other means of creating trusts.

(b) A trust whose terms do not conform to this chapter may be enforceable according to the terms of the trust under another law.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-5-5-7 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-7
Insurance transactions
Status: in_force

Sec. 7. (a) Language conferring general authority with respect to insurance transactions means the principal authorizes the attorney in fact to do the following:

(1) Continue, pay the premium or assessment on, modify, rescind, release, or terminate a contract of life, accident, health, or disability insurance or for the provision of health care services or any combination of these contracts procured by or on behalf of the principal before the granting of the power of attorney that insures the principal or another person, without regard to whether the principal is or is not a beneficiary under the contract.

(2) Procure new, different, or additional contracts of life, accident, health, or disability insurance for the principal or for the provision of health care services for the principal, and select the amount, type of insurance, and mode of payment under each contract, pay the premium or assessment on, modify, release, or terminate a contract procured by the attorney in fact, and designate the beneficiary under the contract.

(3) Apply for and receive any available loan on the security of the contract of insurance, whether for the payment of the premium or for the procuring of cash, surrender and receive the cash surrender value, exercise an election as to beneficiary or mode of payment, change the manner of paying premiums, change or convert the type of insurance contract, with respect to a contract of life, accident, health, disability, or liability insurance in which the principal has, or claims to have, a power described in this subdivision, or change the beneficiary of the contract of insurance.

(4) Demand, receive, or obtain by action or proceeding money or other things of value to which the principal is, may become, or claims to be entitled to as the proceeds of a contract of insurance or a transaction permitted under this section, conserve, invest, disburse, or use anything received for a purpose permitted under this section, and reimburse the attorney in fact for expenditures properly made in the execution of powers conferred upon the attorney in fact.

(5) Apply for and procure available governmental aid in the guaranteeing or paying of premiums of a contract of insurance on the life of the principal.

(6) Sell, assign, hypothecate, borrow upon, or pledge the interest of the principal in a contract of insurance.

(7) Pay from the proceeds or otherwise, compromise, contest, and apply for refunds in connection with a tax or an assessment levied by a taxing authority with respect to a contract of insurance, the proceeds of the refunds, or liability accruing from a tax or an assessment.

(8) Agree and contract in any manner and on any terms with any person the attorney in fact selects to accomplish a purpose permitted under this section and perform, rescind, reform, release, or modify an agreement or a contract.

(9) Execute, acknowledge, seal, and deliver a consent, a demand, a request, an application, an agreement, an indemnity, an authorization, an assignment, a pledge, a notice, a check, a receipt, a waiver, or other instrument the attorney in fact considers useful to accomplish a purpose permitted under this section.

(10) Continue, procure, pay the premium or assessment on, modify, rescind, release, terminate, or otherwise deal with a contract of insurance, other than those permitted under subdivision (1) or (2), including fire, marine, burglary, compensation, liability, hurricane, casualty, or a combination of insurance, and do acts with respect to the contract or with respect to the contract's proceeds or enforcement that the attorney in fact considers necessary or desirable for the promotion or protection of the interests of the principal.

(11) Prosecute, defend, submit to arbitration, settle, and propose or accept a compromise with respect to a claim existing in favor of or against the principal based on or involving an insurance transaction or intervene in an action or proceeding relating to a claim.

(12) Hire, discharge, and compensate an attorney, accountant, expert witness, or other assistant when the attorney in fact considers the action to be desirable for the proper execution by the attorney in fact of a power described in this section and keep needed records.

(13) Perform any other acts in connection with procuring, supervising, managing, modifying, enforcing, and terminating contracts of insurance or for the provisions of health care services in which the principal is insured or is otherwise interested.

(b) The powers described in this section are exercisable equally with respect to a contract of insurance or for the provision of health care service in which the principal is interested, whether located in Indiana or in another jurisdiction.

As added by P.L.149-1991, SEC.2. Amended by P.L.238-2005, SEC.49.
Ind. Code § 30-2-8.5-37 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-37
Effect on existing custodianships
Status: in_force

Sec. 37. (a) A transfer of custodial property made before July 1, 1989, is validated even if there was no specific authority in the Indiana uniform gifts to minors act (IC 30-2-8) for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.

(b) This chapter applies to all transfers made before July 1, 1989, in a manner and form prescribed in the Indiana uniform gifts to minors act (IC 30-2-8) except to the extent:

(1) the application impairs constitutionally vested rights or extends the duration of custodianships in existence on July 1, 1989; or

(2) provided in subsection (c).

(c) The amendments to IC 30-2-8 made by Acts 1973, P.L.293; do not apply to a custodian account established in accordance with IC 30-2-8 before January 1, 1974.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-2-4-14 — Indiana Code / Title 30 / Article 2 / Chapter 4 / Section 30-2-4-14
Short title
Status: in_force

Sec. 14. This chapter may be cited as the Uniform Fiduciaries Act.

Formerly: Acts 1927, c.17, s.14. As amended by Acts 1982, P.L.171, SEC.96.
Ind. Code § 30-4-3-33 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-33
Trustee vacancies; priority for filling vacancy
Status: in_force

Sec. 33. (a) In addition to the terms of a trust regarding the circumstances under which a trustee vacancy occurs, a trustee vacancy occurs if:

(1) a person designated as trustee does not accept being trustee;

(2) a person designated as trustee cannot be identified or does not exist;

(3) a trustee resigns;

(4) a trustee is disqualified or removed;

(5) a trustee dies; or

(6) the person designated as trustee lacks capacity.

(b) Except as provided in the terms of a trust, if a trust has at least two (2) cotrustees and at least one (1) cotrustee remains in office, a cotrustee vacancy is not required to be filled. A cotrustee vacancy must be filled if the trust has no remaining cotrustee.

(c) Except as provided in the terms of a trust, a trustee vacancy of a noncharitable trust that is required to be filled must be filled according to the following priority:

(1) A person designated in the terms of the trust to act as successor trustee.

(2) A person appointed by a majority of the qualified beneficiaries.

(3) A person appointed by the court.

(d) Except as provided in the terms of a trust, a trustee vacancy of a charitable trust that is required to be filled must be filled according to the following priority:

(1) A person designated in the terms of the trust to be successor trustee.

(2) A person:

(A) selected by the charitable organizations expressly designated to receive distributions under the terms of the trust; and

(B) whose selection is approved by the attorney general.

(3) A person appointed by the court.

(e) Regardless of whether a trustee vacancy exists or is required to be filled, the court may appoint an additional trustee or a special fiduciary if the court considers the appointment necessary for the administration of the trust.

As added by P.L.238-2005, SEC.39.
Ind. Code § 30-4-6-11 — Indiana Code / Title 30 / Article 4 / Chapter 6 / Section 30-4-6-11
Appeals
Status: in_force

Sec. 11. (Appeals)

(a) Any person considering himself aggrieved by any decision of a court having jurisdiction in proceedings under this article may prosecute an appeal to the court having jurisdiction of such an appeal. That appeal shall be taken as appeals are taken in civil causes.

(b) In an appeal, the trustee will be entitled to a stay of proceedings without bond.

Formerly: Acts 1971, P.L.416, SEC.7.
Ind. Code § 30-4-9-11 — Indiana Code / Title 30 / Article 4 / Chapter 9 / Section 30-4-9-11
Duties of trust director and trustee under the terms of the trust
Status: in_force

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) by taking an action described in subdivision (1), a trustee does not assume the duty excluded by subdivision (1).

(b) Unless the terms of a trust provide otherwise:

(1) a trust director does not have a duty to:

(A) monitor a trustee or another trust director; or

(B) inform or give advice to a settlor, beneficiary, trustee, or another trust director concerning an instance in which the director might have acted differently than a trustee or another trust director; and

(2) by taking an action described in subdivision (1), a trust director does not assume the duty excluded by subdivision (1).

As added by P.L.221-2019, SEC.10.
Ind. Code § 30-4-2-3 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-3
Repealed
Status: repealed

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.
Ind. Code § 30-5-2-1.5 — Indiana Code / Title 30 / Article 5 / Chapter 2 / Section 30-5-2-1.5
"Account"
Status: in_force

Sec. 1.5. "Account", for purposes of IC 30-5-5-6.5, has the meaning set forth in IC 30-5-5-6.5(a)(1).

As added by P.L.231-2019, SEC.33.
Ind. Code § 30-4-3-1 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-1
Repealed
Status: repealed

Formerly: Acts 1971, P.L.416, SEC.4. Repealed by P.L.238-2005, SEC.63.
Ind. Code § 30-2-8.5-28 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-28
Powers of custodian
Status: in_force

Sec. 28. (a) A custodian acting in a custodial capacity has all the rights, powers, and authority over custodial property that an unmarried adult owner has over the adult owner's own property, but a custodian may exercise those rights, powers, and authority in a custodial capacity only.

(b) This section does not relieve a custodian from liability for breach of the requirements of section 27 of this chapter.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-4-10-33 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-33
Fiduciary duty
Status: in_force

Sec. 33. (a) Except as provided in this chapter, an authorized fiduciary may exercise the decanting power without the consent of any person and without court approval.

(b) An authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust in exercising the decanting power.

(c) This chapter does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the applicability of this chapter.

(d) Except as provided in a first-trust instrument, the terms of the first trust are deemed to include the decanting power.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-7-3 — Indiana Code / Title 30 / Article 4 / Chapter 7 / Section 30-4-7-3
Rights of creditors or taxing authorities
Status: in_force

Sec. 3. A compromise executed under this chapter does not impair the rights of creditors or taxing authorities that are not parties to the compromise.

As added by P.L.200-1991, SEC.6.
Ind. Code § 30-5-2-4 — Indiana Code / Title 30 / Article 5 / Chapter 2 / Section 30-5-2-4
"Health care"
Status: in_force

Sec. 4. "Health care" means any medical care, treatment, service, or procedure to maintain, diagnose, treat, or provide for the principal's physical or mental well-being. The term includes the providing of nutrition and hydration through intravenous, endotracheal, or nasogastric tubes.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-5-4-1.9 — Indiana Code / Title 30 / Article 5 / Chapter 4 / Section 30-5-4-1.9
Admissibility of recordings and images
Status: in_force

Sec. 1.9. (a) Subject to the Indiana Rules of Evidence and the Indiana Rules of Trial Procedure:

(1) a video or audio recording of a principal captured or made either before or after the execution of a power of attorney; or

(2) a video recording, one (1) or more photographic images, or an audio recording capture made during part or all of the execution of a power of attorney;

may be admissible as evidence under this section.

(b) Recordings or images described in subsection (a) may be admissible as evidence of the following:

(1) The proper execution of a power of attorney.

(2) The intentions of the principal.

(3) The mental state or capacity of a principal.

(4) The authenticity of a power of attorney.

(5) Matters that are determined by a court to be relevant to the validity or enforceability of a power of attorney.

As added by P.L.185-2021, SEC.22. Amended by P.L.162-2022, SEC.22.
Ind. Code § 30-2-8.6-17 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-17
"Trust company"
Status: in_force

Sec. 17. As used in this chapter, "trust company" means a financial institution, corporation, or other legal entity authorized to exercise general trust powers.

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

Sec. 2. As used in this article:

(1) "Adult" means any person eighteen (18) years of age or older.

(2) "Affiliate" means a parent, descendant, spouse, spouse of a descendant, brother, sister, spouse of a brother or sister, employee, director, officer, partner, joint venturer, a corporation subject to common control with the trustee, a shareholder, or corporation who controls the trustee or a corporation controlled by the trustee other than as a fiduciary, an attorney, or an agent.

(3) "Beneficiary" has the meaning set forth in IC 30-2-14-2.

(4) "Breach of trust" means a violation by the trustee of any duty which is owed to the settlor or beneficiary.

(5) "Charitable trust" means a trust in which all the beneficiaries are the general public or organizations, including trusts, corporations, and associations, and that is organized and operated wholly for religious, charitable, scientific, public safety testing, literary, or educational purposes. The term does not include charitable remainder trusts, charitable lead trusts, pooled income funds, or any other form of split-interest charitable trust that has at least one (1) noncharitable beneficiary.

(6) "Court" means a court having jurisdiction over trust matters.

(7) "Child" includes an adopted child or a child that is in gestation before the death of a deceased parent and born within forty-three (43) weeks after the death of that parent. The term does not include a grandchild or other more remote descendants, nor, except as provided in IC 29-1-2-7, a child born out of wedlock.

(8) "Designated representative" means a person who:

(A) is authorized, under the terms of a trust, to represent the interests of a beneficiary;

(B) delivers to the trustee a written acceptance of appointment as the designated representative; and

(C) is appointed or assigned to act and communicate on behalf of that beneficiary in one (1) or more of the following ways:

(i) The person is expressly appointed by the settlor, in the trust instrument or under a power reserved by the settlor, to act as a designated representative for one (1) or more beneficiaries of a trust.

(ii) The person is appointed as a designated representative by the trustee or by another authorized person under procedures provided in the trust instrument or described under this subdivision.

(iii) The person is authorized or directed under the trust instrument to represent or bind one (1) or more beneficiaries in connection with a judicial proceeding or nonjudicial matter.

(iv) The person is appointed by a beneficiary to act as a designated representative of that beneficiary.

Notwithstanding any contrary provision in the trust instrument or in any other writing that appoints a designated representative, a designated representative is a fiduciary and has a duty to act in good faith in representing the best interests of the beneficiary being represented, and to refrain from willful misconduct.

(9) "Income", except as otherwise stated in a trust agreement, has the meaning set forth in IC 30-2-14-4.

(10) "Income beneficiary" has the meaning set forth in IC 30-2-14-5.

(11) "Inventory value" means the cost of property to the settlor or the trustee at the time of acquisition or the market value of the property at the time it is delivered to the trustee, or the value of the property as finally determined for purposes of an estate or inheritance tax.

(12) "Judicial proceeding" means a proceeding involving a trust before a court having subject matter jurisdiction of the trust, whether or not the administration of the trust is governed by Indiana law.

(13) "Minor" means any person under the age of eighteen (18) years.

(14) "No contest provision" refers to a provision of a trust instrument that, if given effect, would reduce or eliminate the interest of a beneficiary of the trust who, directly or indirectly, initiates or otherwise pursues:

(A) an action to contest the validity of:

(i) the trust; or

(ii) the terms of the trust;

(B) an action to set aside or vary any term of the trust; or

(C) any other act to frustrate or defeat the settlor's intent as expressed in the terms of the trust.

(15) "Nonjudicial matter" includes but is not limited to any of the following matters or actions relating to a trust or its administration:

(A) A trustee's provision of accounting statements or notices to beneficiaries under IC 30-2-14, IC 30-2-15, or this article.

(B) The solicitation, execution, and delivery of waivers of notice, consent, or objections from beneficiaries under IC 30-2-14, IC 30-2-15, or this article.

(C) The solicitation, execution, and delivery of a consent, acquiescence, ratification, release, or discharge by a beneficiary under IC 30-4-3-19.

(16) "Person" has the meaning set forth in IC 30-2-14-9.

(17) "Personal representative" means an executor or administrator of a decedent's or absentee's estate, guardian of the person or estate, guardian ad litem or other court appointed representative, next friend, parent or custodian of a minor, attorney in fact, or custodian of an incapacitated person (as defined in IC 29-3-1-7.5).

(18) "Principal" has the meaning set forth in IC 30-2-14-10.

(19) "Qualified beneficiary" means:

(A) a beneficiary who, on the date the beneficiary's qualification is determined:

(i) is a distributee or permissible distributee of trust income or principal;

(ii) would be a distributee or permissible distributee of trust income or principal if the interest of the distributee described in item (i) terminated on that date;

(iii) would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date;

(iv) is a charitable organization expressly designated to receive distributions under the terms of a charitable trust;

(v) is a person appointed to enforce a trust for the care of an animal under IC 30-4-2-18; or

(vi) is a person appointed to enforce a trust for a noncharitable purpose under IC 30-4-2-19; or

(B) the attorney general, if the trust is a charitable trust having its principal place of administration in Indiana.

(20) "Remainderman" means a beneficiary entitled to principal, including income which has been accumulated and added to the principal.

(21) "Settlor" means a person who establishes a trust including the testator of a will under which a trust is created.

(22) "Terms of a trust", "terms of the trust", or "terms of a charitable trust" means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.

(23) "Trust estate" means the trust property and the income derived from its use.

(24) "Trust for a benevolent public purpose" means a charitable trust (as defined in subdivision (5)), a split-interest trust (as defined in Section 4947 of the Internal Revenue Code), a perpetual care fund established under IC 23-14-48-2, a prepaid funeral plan or funeral trust established under IC 30-2-9, a funeral trust established under IC 30-2-10, a trust or an escrow account created from payments of funeral, burial services, or merchandise in advance of need described in IC 30-2-13, and any other form of split-interest charitable trust that has both charitable and noncharitable beneficiaries, including but not limited to charitable remainder trusts, charitable lead trusts, and charitable pooled income funds.

(25) "Trust instrument" means an instrument, agreement, or other written document executed by the settlor that contains the terms of the trust, including any amendments to the terms of the trust.

(26) "Trust property" means property either placed in trust or purchased or otherwise acquired by the trustee for the trust regardless of whether the trust property is titled in the name of the trustee or the name of the trust.

(27) "Trustee" has the meaning set forth in IC 30-2-14-13.

Formerly: Acts 1971, P.L.416, SEC.2; Acts 1973, P.L.293, SEC.5. As amended by P.L.33-1989, SEC.94; P.L.138-1994, SEC.1; P.L.41-2000, SEC.2; P.L.84-2002, SEC.3; P.L.238-2005, SEC.19; P.L.61-2008, SEC.13; P.L.51-2014, SEC.18; P.L.163-2018, SEC.13; P.L.33-2019, SEC.13; P.L.221-2019, SEC.1; P.L.231-2019, SEC.21.
Ind. Code § 30-4-9-15 — Indiana Code / Title 30 / Article 4 / Chapter 9 / Section 30-4-9-15
Causes of action; personal jurisdiction
Status: in_force

Sec. 15. (a) By accepting appointment as a trust director of a trust under this chapter, the director submits to personal jurisdiction of the courts of the state of Indiana regarding any matter related to a power or duty of the director.

(b) This section does not preclude other methods of obtaining jurisdiction over a trust director.

As added by P.L.221-2019, SEC.10.
Ind. Code § 30-2-7-2 — Indiana Code / Title 30 / Article 2 / Chapter 7 / Section 30-2-7-2
Secured creditors' claim must disclose security
Status: in_force

Sec. 2. In a liquidation proceeding every secured creditor's claim against the general assets shall disclose the nature of the security. When a decedent's estate already in the course of administration is judicially declared insolvent or when in an equity receivership it is determined that the subject under receivership is insolvent, secured creditors having claims on file which do not comply with this section shall make disclosure within a time to be fixed by the court.

Formerly: Acts 1941, c.50, s.2.
Ind. Code § 30-5-5-19 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-19
All other matters
Status: in_force

Sec. 19. Language conferring general authority with respect to all other matters means the principal authorizes the attorney in fact to act as an alter ego of the principal with respect to all possible matters and affairs affecting property owned by the principal that the principal can perform through an attorney in fact.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-2-15-7 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-7
"Unitrust rate"
Status: in_force

Sec. 7. As used in this chapter, "unitrust rate" means the percentage of the fair market value of the trust that is determined under section 15 of this chapter and used to calculate the unitrust amount.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-2-8.6-33 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-33
Resigning or declining to serve as custodial trustee
Status: in_force

Sec. 33. (a) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve as custodial trustee by notifying:

(1) the person who made the designation;

(2) the transferor; or

(3) the transferor's legal representative.

(b) If the person designated to serve as custodial trustee declines to serve under subsection (a), and an event giving rise to a transfer has not occurred:

(1) the substitute custodial trustee designated under section 23 of this chapter becomes the custodial trustee; or

(2) if a substitute custodial trustee has not been designated:

(A) the person who made the designation may designate a substitute custodial trustee under section 23 of this chapter; or

(B) the transferor or the transferor's legal representative may designate a substitute custodial trustee.

(c) A custodial trustee who has accepted the custodial trust property may resign by:

(1) delivering written notice of resignation to:

(A) a successor custodial trustee, if any;

(B) the beneficiary; and

(C) if the beneficiary is incapacitated, the beneficiary's guardian, if any;

(2) transferring, registering, or recording an appropriate instrument relating to the custodial trust property in the name of the successor custodial trustee identified under subsection (d); and

(3) delivering the records to the successor trustee identified under subsection (d).

(d) If a custodial trustee or successor custodial trustee is ineligible, resigns, dies, or becomes incapacitated, the successor designated under section 21 or 23 of this chapter becomes custodial trustee. If there is no effective provision for a successor:

(1) the beneficiary, if not incapacitated, may designate a successor custodial trustee; or

(2) if the beneficiary is incapacitated, or fails to act within ninety (90) days after the ineligibility, resignation, death, or incapacity of the custodial trustee:

(A) the beneficiary's guardian becomes successor custodial trustee; or

(B) if the beneficiary does not have a guardian or the guardian fails to act, the resigning custodial trustee may designate a successor custodial trustee.

(e) If a successor custodial trustee is not designated under subsection (d), any of the following may petition the court to designate a successor custodial trustee:

(1) The transferor.

(2) The legal representative of the transferor.

(3) The legal representative of the custodial trustee.

(4) An adult member of the beneficiary's family.

(5) The guardian of the beneficiary.

(6) A person interested in the custodial trust property.

(7) A person interested in the welfare of the beneficiary.

(f) A custodial trustee who declines to serve or resigns, or the legal representative of a deceased or incapacitated custodial trustee, as soon as practicable, shall put the custodial trust property and records in the possession and control of the successor custodial trustee. The successor custodial trustee may enforce the obligation to deliver custodial trust property and records and becomes responsible for each item as received.

(g) A beneficiary, an adult member of the beneficiary's family, a guardian of the person of the beneficiary, a person interested in the custodial trust property, or a person interested in the welfare of the beneficiary, may petition the court:

(1) to remove the custodial trustee for cause and designate a successor custodial trustee;

(2) to require the custodial trustee to furnish a bond or other security for the faithful performance of fiduciary duties; or

(3) for other appropriate relief.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-2-8.5-25 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-25
Single custodianship
Status: in_force

Sec. 25. A transfer may be made only for one (1) minor, and only one (1) person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-2-13-39 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-39
Prohibited relationships between sellers and trustees or escrow agents
Status: in_force

Sec. 39. (a) This section does not apply to a trust funded by the method described in section 11(c) of this chapter.

(b) A seller may not be an affiliate, a parent, or a subsidiary organization of the trustee or escrow agent, acting as a fiduciary, of a trust or escrow account established after June 30, 2008, to hold consideration paid for services or merchandise subject to a contract entered into under this chapter by the seller and a purchaser.

As added by P.L.61-2008, SEC.11.
Ind. Code § 30-2-8.5-7 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-7
"Guardian" defined
Status: in_force

Sec. 7. As used in this chapter, "guardian" has the meaning set forth in IC 29-3-1-6.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-4-3.5-7 — Indiana Code / Title 30 / Article 4 / Chapter 3.5 / Section 30-4-3.5-7
Costs
Status: in_force

Sec. 7. In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.

As added by P.L.137-1999, SEC.3.
Ind. Code § 30-2-13-14 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-14
Conversion of trust or escrow agreement; change in method of funding; new or successor trustee or escrow agent
Status: in_force

Sec. 14. (a) A trust or an escrow agreement created under:

(1) IC 23-14-49-1;

(2) IC 30-2-9; or

(3) IC 30-2-10;

may not be converted to a trust or an escrow agreement required by section 12 or 12.5 of this chapter.

(b) A contract that has been funded with cash may not subsequently be changed to be funded with an insurance policy.

(c) A contract that has been funded with an insurance policy may not subsequently be changed to be funded with cash.

(d) Unless a transaction occurs under section 15(a)(4) of this chapter or the provisions of the contract permit otherwise, a new or successor trustee or escrow agent may not qualify and serve as trustee or escrow agent without the written consent of the purchaser and the seller designated to provide services or merchandise subject to a contract under this chapter.

As added by P.L.200-1991, SEC.1. Amended by P.L.241-1995, SEC.9; P.L.52-1997, SEC.53; P.L.114-1999, SEC.11.
Ind. Code § 30-4-2-1 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-1
Written evidence of terms; definite terms; validity of inter vivos trust; existence of trust beneficiaries; creation of trust by exercise of power of appointment
Status: in_force

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 who signs the trust's written terms:

(A) at the settlor's direction; and

(B) in the direct physical presence of the settlor.

If an adult signs at the settlor's direction under subdivision (3), the written evidence of the trust's terms must identify that adult signer, must state that the adult is signing at the direction of the settlor and in the settlor's direct physical presence, and must state that the adult signer is not a relative of the settlor, is not a trustee named in the trust's terms, and is not entitled to any beneficial interest or power of appointment under the trust's terms.

(b) The following persons are ineligible to sign the written terms of a trust at the direction of the settlor under subsection (a)(3):

(1) A trustee named in the trust's written terms.

(2) A relative of the settlor.

(3) A person who is entitled to receive a beneficial interest in the trust or a power of appointment under the trust's written terms.

(c) Except as required in the applicable probate law for the execution of wills, no formal language is required to create a trust, but the terms of the trust must be sufficiently definite so that the trust property, the identity of the trustee, the nature of the trustee's interest, the identity of the beneficiary, the nature of the beneficiary's interest, and the purpose of the trust may be ascertained with reasonable certainty.

(d) It is not necessary to the validity of a trust that the trust be funded with or have a corpus that includes property other than the present or future, vested or contingent right of the trustee to receive proceeds or property, including:

(1) as beneficiary of an estate under IC 29-1-6-1;

(2) life insurance benefits under section 5 of this chapter;

(3) retirement plan benefits; or

(4) the proceeds of an individual retirement account.

(e) A trust created under:

(1) section 18 of this chapter for the care of an animal; or

(2) section 19 of this chapter for a noncharitable purpose;

has a beneficiary.

(f) A trust has a beneficiary if the beneficiary can be presently ascertained or ascertained in the future, subject to any applicable rule against perpetuities.

(g) A power of a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.

(h) A trust may be created by exercise of a power of appointment in favor of a trustee.

Formerly: Acts 1971, P.L.416, SEC.3. As amended by P.L.132-1992, SEC.1; P.L.238-2005, SEC.21; P.L.51-2014, SEC.19; P.L.56-2020, SEC.9; P.L.185-2021, SEC.16.
Ind. Code § 30-4-6-10 — Indiana Code / Title 30 / Article 4 / Chapter 6 / Section 30-4-6-10
Representation by class or similar interest
Status: in_force

Sec. 10. (Representation by Class or Similar Interest)

Any adjudication involving the interests of persons represented by a personal representative shall be lawful and binding upon all interested persons, whether born or unborn, whether notified or not notified, and whether represented or not, provided, those interested persons are of the same class or have interests similar to the predominant interests of any person so notified or represented.

Formerly: Acts 1971, P.L.416, SEC.7.
Ind. Code § 30-5-11-4.7 — Indiana Code / Title 30 / Article 5 / Chapter 11 / Section 30-5-11-4.7
Electronic power of attorney; form of self-proving clause
Status: in_force

Sec. 4.7. (a) This section applies to an electronic power of attorney executed in the presence of witnesses under section 4(a)(2) of this chapter on or after March 31, 2020.

(b) When an electronic 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) at the time the electronic power of attorney is executed and no other signatures of the principal and witnesses are required for the power of attorney to be validly executed and self-proved.

(c) If an electronic power of attorney is executed by the signatures of the principal and witnesses on an attestation clause under section 4.5(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 signed by the principal and witnesses that meets the requirements of subsection (d) or (e).

(d) A self-proving clause must contain the acknowledgment of the power of attorney by the principal and the statements of the witnesses, each made under the laws of Indiana and evidenced by the signatures of the principal and witnesses (which may be made under the penalties of perjury) attached or annexed to the power of attorney in a form and with content substantially similar to the following:

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

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

(2) that the principal and the witnesses interacted with each other in real time either in the same physical space or through the use of technology and the witnesses were able to observe the principal throughout the signing process;

(3) that, in the presence of both witnesses, the principal electronically signed the power of attorney or acknowledged the principal's electronic signature already made or directed another individual to electronically sign 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 purpose expressed in it;

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

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

(7) 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 __________".

(e) An electronic power of attorney is attested and self-proved if the electronic record for the power of attorney includes a clause signed by the principal and the witnesses that indicates, in substance, that:

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

(2) in the presence of at least two (2) witnesses, the principal electronically signed the instrument or acknowledged the principal's electronic signature already made or directed another individual 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 each other, electronically signed the instrument as a witness;

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

(6) the principal was, to the best knowledge of each witness, either:

(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) 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.29.
Ind. Code § 30-4-10-28 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-28
"Settlor"
Status: in_force

Sec. 28. (a) As used in this chapter, except as provided in section 55 of this chapter, "settlor" has the meaning set forth in IC 30-4-1-2(21).

(b) If more than one (1) person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to the person's contribution except to the extent another person has power to revoke or withdraw that portion.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-9-8 — Indiana Code / Title 30 / Article 4 / Chapter 9 / Section 30-4-9-8
Duties and liabilities of a trust director
Status: in_force

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 like position and under similar circumstances; or

(B) if the power is held jointly with a trustee or another trust director, as a cotrustee in a like position and under similar circumstances; and

(2) the terms of the trust may vary the director's duty or liability to the same extent the terms of the trust could vary the duty or liability of a trustee in a like position and under similar circumstances.

(b) Unless the terms of a trust provide otherwise, if a trust director is licensed, certified, or otherwise authorized or permitted by law other than this chapter to provide health care in the ordinary course of the director's business or practice of a profession, to the extent the director acts in that capacity, the director has no duty or liability under this chapter.

(c) The terms of a trust may impose a duty or liability on a trust director in addition to the duties and liabilities under this section.

As added by P.L.221-2019, SEC.10.
Ind. Code § 30-2-13-12.1 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-12.1
Contracts entered into after December 31, 1995, and before July 1, 1999
Status: in_force

Sec. 12.1. (a) This section applies to contracts for prepaid services or merchandise, or both, entered into under this chapter after December 31, 1995, and before July 1, 1999.

(b) A purchaser may enter into more than one (1) contract under this chapter for prepaid services or merchandise, or both. Each contract may be funded with cash, either in a lump sum or installment payments, or an insurance policy, or both. The purchaser may revoke the contract if the purchaser sends the seller written notice of the revocation within thirty (30) days after the contract is signed by the purchaser and seller. If a purchaser revokes a contract, the seller shall refund to the purchaser, without interest, all property used to fund the contract. If the seller receives payment of at least five hundred dollars ($500) in cash that must ultimately be placed in trust or escrow under this section, the seller shall, not more than five (5) days after receiving the payment, deposit the payment in escrow pending irrevocable deposit to trust or escrow authorized by either subsection (h) or (i). Thirty (30) days after the contract is signed all property paid or delivered to the seller to fund each contract shall be irrevocably deposited by the seller to trust or escrow authorized by either subsection (h) or (i). Except for installment contracts funded with cash and contracts funded with a newly issued insurance policy that has a limited or qualified death benefit period, all sellers shall guarantee the provision of all services and merchandise sold under a contract authorized by this chapter. At delivery, a seller may not impose additional charges to recover a difference between the original contract retail prices or current retail prices for services and merchandise that are sold under the contract, whichever is greater, and the amount on deposit in trust or escrow.

(c) If a contract under this chapter is funded with an insurance policy, the ownership of the insurance policy must be irrevocably assigned to a trustee. The seller may not borrow against, pledge, withdraw, or impair the cash value of the policy.

(d) A finance charge may be assessed on a contract sold on an installment basis, and the seller shall disclose to the purchaser all the applicable requirements under federal and state law.

(e) A seller or successor seller who has accepted cash or an insurance policy, or both as full payment of a contract under subsection (b) is responsible for providing all contracted prepaid services and merchandise if the insurance company or trust company used to fund the contract is insolvent.

(f) A purchaser who purchases a contract with cash or through an insurance contract shall make the payment for the contract payable only to the seller or insurer, respectively.

(g) A seller may not accept or deposit to trust or escrow cash, an insurance policy, or any other property as consideration for services or merchandise to be provided in the future except in connection with a contract authorized by this chapter.

(h) A trust account authorized and established under this chapter must:

(1) be irrevocable and require the seller to deposit to trust all sums or property received from the purchaser;

(2) designate the seller as settlor and the seller as beneficiary;

(3) designate a trustee qualified under this chapter and authorize the trustee to charge a reasonable fee for services;

(4) require that a separate account be maintained in the name of each purchaser;

(5) require that interest earned on the account be added to the principal and reinvested;

(6) permit assets of the separate accounts of several purchasers to be commingled for investment; and

(7) require that on delivery of services or merchandise the trustee shall remit to the seller the amount on deposit in the purchaser's trust.

Upon full delivery of all services and merchandise under the contract, if the amount on deposit in the trust is greater than the seller's total current retail price of all services and merchandise under the contract, the remaining amount may but need not be returned to the individual, if any, designated by the purchaser to receive the remainder, or to the purchaser's estate.

(i) An escrow account authorized and established under this chapter must:

(1) be irrevocable and require the seller to deposit to escrow all sums or property received from the purchaser;

(2) designate the seller as settlor and beneficiary;

(3) designate a trustee qualified under this chapter and authorize the trustee to charge a reasonable fee for services;

(4) require that the escrow account be maintained in the name of the seller and serve as a depository for all cash or other property received by the seller to fund contracts sold by the seller;

(5) permit the commingling of cash for investment;

(6) permit the seller to withdraw from the escrow account the current retail value of prepaid services or merchandise delivered under this chapter; and

(7) permit any interest earned or appreciation in value of money or other property deposited in escrow to be paid to the seller not more frequently than monthly, to the extent that the total value of the escrow account after a payment under this subdivision is not less than the current retail value of all services and merchandise under the contracts that remain undelivered.

(j) A trust account or an escrow account established under this chapter:

(1) must include the provisions set forth in either subsection (h) or (i);

(2) may be included as an integral part of a seller's contract through the execution of an adoption agreement that references the trust account or escrow account; and

(3) is not required to be represented by a separate trust or escrow document for each contract.

(k) The entire value of an irrevocable trust or an escrow established under this chapter may not be considered as a resource in determining a person's eligibility for Medicaid under IC 12-15-2-17.

(l) A contract for prepaid services or merchandise, or both, entered into after June 30, 1997, must contain a statement that:

(1) the purchaser may revoke the contract under subsection (b) within thirty (30) days after the contract is signed; and

(2) after thirty (30) days, the contract is irrevocable.

(m) This chapter does not prohibit a purchaser from immediately making the trust or escrow required under this chapter irrevocable and assigning ownership of an insurance policy used to fund a contract to obtain favorable consideration for Medicaid, Supplemental Security Income, or another public assistance program under federal or state law.

As added by P.L.241-1995, SEC.7. Amended by P.L.113-1996, SEC.2; P.L.195-1997, SEC.1; P.L.114-1999, SEC.8.
Ind. Code § 30-1-6-4 — Indiana Code / Title 30 / Article 1 / Chapter 6 / Section 30-1-6-4
Consolidating with adjoining land; joint development
Status: in_force

Sec. 4. Every guardian, executor, or administrator shall have the power, upon approval by the court wherein the guardianship is pending, to execute agreements consolidating the lands of the protected person or of the estate covered by an oil and gas mining lease that has been executed, or which may be executed, or any part thereof, with other adjoining land for the purpose of joint development and operation of the entire consolidated premises as a unit, to the end that the protected person or estate shall share proportionately in the royalty on oil, gas and casinghead gas produced from the consolidated tract.

Formerly: Acts 1943, c.270, s.4. As amended by P.L.33-1989, SEC.87.
Ind. Code § 30-4-3-8 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-8
Duties of co-trustees
Status: in_force

Sec. 8. (Duties of Co-Trustee)

Unless the terms of the trust provide otherwise, if there are two (2) or more trustees, each has a duty to:

(a) participate in the administration of the trust;

(b) take whatever action is reasonable to prevent a co-trustee from committing a breach of trust; and

(c) take whatever action is reasonable to compel a co-trustee to redress a breach of trust.

Formerly: Acts 1971, P.L.416, SEC.4.
Ind. Code § 30-2-8.5-12 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-12
"Personal representative" defined
Status: in_force

Sec. 12. As used in this chapter, "personal representative" means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-2-8.6-27 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-27
Custodial trustee's powers and duties
Status: in_force

Sec. 27. (a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property.

(b) If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or retention of the custodial trust property. In the absence of effective contrary direction by the beneficiary while not incapacitated, the custodial trustee shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other law restricting investments by fiduciaries. However, a custodial trustee, in the custodial trustee's discretion, may retain any custodial trust property received from the transferor. If a custodial trustee has a special skill or expertise or is named custodial trustee on the basis of representation of a special skill or expertise, the custodial trustee shall use that skill or expertise.

(c) Subject to subsection (b), a custodial trustee shall take control of and collect, hold, manage, invest, and reinvest custodial trust property.

(d) A custodial trustee at all times shall keep custodial trust property of which the custodial trustee has control separate from all other property in a manner sufficient to identify it clearly as custodial trust property of the beneficiary. Custodial trust property, the title to which is subject to recordation, is so identified if an appropriate instrument identifying the property is recorded, and custodial trust property subject to registration is identified if it is registered, or held in an account in the name of the custodial trustee, designated in substance: "as custodial trustee for _______________ (name of beneficiary) under the Indiana uniform custodial trust act".

(e) A custodial trustee shall keep records of all transactions with respect to custodial trust property, including information necessary for the preparation of tax returns, and shall make the records and information available at reasonable times to the beneficiary or legal representative of the beneficiary.

(f) The exercise of a durable power of attorney for an incapacitated beneficiary is not effective to terminate or direct the administration or distribution of a custodial trust.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-2-8.5-5 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-5
"Custodian" defined
Status: in_force

Sec. 5. As used in this chapter, "custodian" means a person designated as a custodian under section 24 of this chapter or a successor or substitute custodian designated under section 33 of this chapter.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-5-7-2 — Indiana Code / Title 30 / Article 5 / Chapter 7 / Section 30-5-7-2
Medical records
Status: in_force

Sec. 2. (a) A health care provider furnished with a copy of a declaration under IC 16-36-4 or an appointment under IC 16-36-1 or IC 16-36-7 shall make the documents a part of the principal's medical records.

(b) If a change in or termination of a power of attorney becomes known to the health care provider, the change or termination shall be noted in the principal's medical records.

As added by P.L.149-1991, SEC.2. Amended by P.L.2-1993, SEC.156; P.L.50-2021, SEC.76.
Ind. Code § 30-4-3-10 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-10
Liability to third persons
Status: in_force

Sec. 10. (Liability to Third Persons)

(a) Unless the terms of the contract or other non-negotiable obligation expressly provide otherwise, the trustee is not personally liable on a contract or other non-negotiable obligation with a third person made by him in the administration of the trust.

(b) When a third person is entitled to compensation for injury suffered in the course of the administration of the trust:

(1) If the injury is the result of the trustee's personal act or omission as trustee, the trustee will be personally liable and the injured party will be entitled to satisfaction of his claim from the trustee's individual property first and then, to the extent the claim is yet unsatisfied, from the trust estate.

(2) If the injury is the result of the act or omission of an agent of the trustee, and the agent was properly selected and supervised and there was no improper delegation of authority to the agent, the injured party will be entitled to satisfaction of his claim from the trust estate first and then, to the extent that the claim is yet unsatisfied, from the trustee's individual property.

(3) If the injury is the result of the act or omission of the settlor or his agent, and not that of the trustee or his agent, the injured party will be entitled to satisfaction of his claim from the trust estate and not from the trustee's individual property.

(4) The question of ultimate liability as between the trust estate and the trustee individually, if it is to be determined, shall be determined in a proceeding for accounting, surcharge or indemnification.

Formerly: Acts 1971, P.L.416, SEC.4.
Ind. Code § 30-2-4-13 — Indiana Code / Title 30 / Article 2 / Chapter 4 / Section 30-2-4-13
Uniformity of interpretation
Status: in_force

Sec. 13. This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.

Formerly: Acts 1927, c.17, s.13. As amended by Acts 1982, P.L.171, SEC.95.
Ind. Code § 30-4-9-3 — Indiana Code / Title 30 / Article 4 / Chapter 9 / Section 30-4-9-3
Application
Status: in_force

Sec. 3. (a) This chapter applies to a trust, whenever created, that has its principal place of administration in Indiana, subject to the following:

(1) If the trust was created before July 1, 2019, this chapter applies only to a decision or action occurring after June 30, 2019.

(2) If the principal place of administration of the trust is changed to Indiana after June 30, 2019, this chapter applies only to a decision or action occurring on or after the date of the change.

(b) Without precluding other means to establish a sufficient connection with the designated jurisdiction in a directed trust, the terms of the trust that designate the principal place of administration of the trust are valid and controlling if:

(1) a trustee's principal place of business is located in or a trustee is a resident of the designated jurisdiction;

(2) a trust director's principal place of business is located in or a trust director is a resident of the designated jurisdiction; or

(3) all or part of the administration occurs in the designated jurisdiction.

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

Sec. 5. (a) Language conferring general authority with respect to banking transactions means the principal authorizes the attorney in fact to do the following:

(1) Continue, modify, or terminate a deposit account or other banking arrangement made by or on behalf of the principal before the execution of the power of attorney.

(2) Open in the name of the principal alone, or in a way that clearly evidences the principal and attorney in fact relationship, a deposit account with a bank, trust company, savings association, credit union, thrift company, brokerage firm, or other institution that serves as a depository for funds selected by the attorney in fact, or hire a safe deposit box or vault space and make other contracts to procure services made available by a banking institution as the attorney in fact considers desirable.

(3) Make, sign, and deliver checks or drafts for any purpose and withdraw by check, order, or other means funds or property of the principal deposited with or left in the custody of a banking institution either before or after the power of attorney was executed.

(4) Prepare necessary financial statements of assets and liabilities or income and expenses of the principal for submission to a banking institution.

(5) Receive statements, vouchers, notices, or other documents from a banking institution and act with respect to the documents.

(6) Enter at any time a safe deposit box or vault that the principal could enter if personally present.

(7) Borrow money at an interest rate the attorney in fact selects, pledge as security assets of the principal the attorney in fact considers desirable or necessary for borrowing, and pay, renew, or extend the time of the payment of a debt of the principal.

(8) Make, assign, pledge, draw, endorse, discount, guarantee, and negotiate promissory notes, bills of exchange, checks, drafts, or other negotiable or nonnegotiable paper of the principal or payable to the principal or the principal's order, receive cash or other proceeds of a transaction authorized under this subdivision, accept a bill of exchange or draft drawn by another person upon the principal, and pay a bill of exchange or a draft when the bill of exchange or draft is due.

(9) Receive for the principal and deal in or deal with a sight draft, warehouse receipt, or other negotiable or nonnegotiable instrument in which the principal has or claims to have an interest.

(10) Apply for and receive letters of credit for a banking institution selected by the attorney in fact giving indemnity or other agreement in connection with letters of credit the attorney in fact considers desirable or necessary.

(11) Consent to an extension in the time of payment with respect to a commercial paper or banking transaction in which the principal has an interest or by which the principal is or might be affected in any way.

(12) Demand, receive, or obtain by action or proceeding money or other things of value to which the principal is, may become, or claims to be entitled as the proceeds of a banking transaction, and reimburse the attorney in fact for expenditures properly made in the execution of powers conferred upon the attorney in fact under this section.

(13) Execute, acknowledge, and deliver an instrument in the name of the principal or other person the attorney in fact considers useful to accomplish a purpose permitted under this section.

(14) Prosecute, defend, submit to arbitration, settle, and propose or accept a compromise with respect to a claim existing in favor of or against the principal based on or involving a banking transaction, or intervene in a related action or proceeding.

(15) Hire, discharge, and compensate an attorney, accountant, expert witness, or other assistant when the attorney in fact considers the action to be desirable for the proper execution by the attorney in fact of a power described in this section and keep needed records.

(16) Perform any other acts with respect to a bond, a share, an instrument of similar character, a commodity, or an interest with respect to a commodity.

(b) The powers described in this section are exercisable equally with respect to a banking transaction engaged in by the principal at the time of the giving of the power of attorney or engaged in after that time, whether conducted in Indiana or in another jurisdiction.

As added by P.L.149-1991, SEC.2. Amended by P.L.79-1998, SEC.95.
Ind. Code § 30-4-3-18 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-18
Other remedies of the trustee
Status: in_force

Sec. 18. (Other Remedies of the Trustee)

(a) If there is reasonable doubt with respect to any matter relating to the administration of the trust, the trustee is entitled to be instructed by the court.

(b) The trustee is entitled to a review and settlement by the court of the accounts of his administration.

(c) The trustee is entitled to a lien against the trust estate:

(1) for any advances made by him under 30-4-3-3(a) (10); and

(2) for the value of his services for which he is entitled to, but has not received, compensation as provided either under the terms of the trust or under 30-4-5-16.

Formerly: Acts 1971, P.L.416, SEC.4.
Ind. Code § 30-4-3-7.5 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-7.5
Transactions authorized
Status: in_force

Sec. 7.5. A transaction otherwise prohibited by section 7 of this chapter is authorized if:

(1) the proposed prohibited transaction is authorized by the written consent of all qualified beneficiaries; or

(2) the proposed prohibited transaction is approved by an order of the court issued after:

(A) notice to all qualified beneficiaries; and

(B) a hearing to ensure that adequate consideration is received by or delivered from the trust for the interest transferred.

As added by P.L.194-2017, SEC.10.
Ind. Code § 30-5-11-4.1 — Indiana Code / Title 30 / Article 5 / Chapter 11 / Section 30-5-11-4.1
Certain powers of attorney created in reliance on supreme court order
Status: in_force

Sec. 4.1. (a) This section applies to a power of attorney that is electronically signed and notarized:

(1) on or after March 31, 2020; and

(2) before January 1, 2022.

(b) If a power of attorney described in subsection (a) was electronically signed and notarized by a notary public using audiovisual communication technology to positively identify the principal or someone signing at the principal's direction, the resulting power of attorney must be treated as validly executed under this chapter if it complies with all other requirements of section 4 of this chapter as they existed on June 30, 2020.

As added by P.L.185-2021, SEC.26.
Ind. Code § 30-4-2.1-9 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-9
Applicability of adultery and abandonment forfeiture provisions
Status: in_force

Sec. 9. A trust of a deceased spouse is subject to the following:

(1) IC 29-1-2-14.

(2) IC 29-1-2-15.

As added by P.L.238-2005, SEC.28.
Ind. Code § 30-2-13-2 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-2
"Agent"
Status: in_force

Sec. 2. As used in this chapter, "agent" means a person authorized by a seller to offer, sell, or solicit the sale of a contract on behalf of the seller and includes an employee or independent contractor of the seller.

As added by P.L.200-1991, SEC.1.
Ind. Code § 30-1-8-3 — Indiana Code / Title 30 / Article 1 / Chapter 8 / Section 30-1-8-3
Written plans; rights of participants
Status: in_force

Sec. 3. Each common trust fund administered by such bank shall be established and maintained in accordance with a written plan approved by a resolution of its board of directors and by competent legal counsel, which shall contain provisions not inconsistent with said regulations as to the manner in which the fund is to be operated, and define the rights of participants therein.

Formerly: Acts 1949, c.70, s.3.
Ind. Code § 30-4-3-32 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-32
Trustee's liability for breach of trust
Status: in_force

Sec. 32. (a) Except as stated in subsections (b) and (c), the trustee, by provisions of the trust, can be relieved of liability for breach of trust.

(b) A provision in the trust instrument is not effective to relieve the trustee of liability for breach of trust committed in bad faith, intentionally, or with reckless indifference to the interest of the beneficiary, or of liability for any profit that the trustee has derived from a breach of trust.

(c) A provision that relieves the trustee of liability for breach of trust is ineffective if it is inserted in the trust instrument as the result of an abuse by the trustee of a fiduciary or confidential relationship to the settlor.

As added by P.L.149-1984, SEC.1.
Ind. Code § 30-5-4-1 — Indiana Code / Title 30 / Article 5 / Chapter 4 / Section 30-5-4-1
Validity of power; conditions
Status: in_force

Sec. 1. (a) To be valid, a power of attorney must meet the following conditions:

(1) Be in writing.

(2) Name an attorney in fact.

(3) Give the attorney in fact the power to act on behalf of the principal.

(4) Be signed by the principal or at the principal's direction:

(A) in the presence of a notary public; or

(B) in the presence of witnesses as described under sections 1.3, 1.5, 1.7, and 1.9 of this chapter.

(b) In the case of a power of attorney signed at the direction of the principal, the notary must state that the individual who signed the power of attorney on behalf of the principal did so at the principal's direction.

As added by P.L.149-1991, SEC.2. Amended by P.L.101-2008, SEC.9; P.L.185-2021, SEC.18.
Ind. Code § 30-2-15-14 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-14
Reconversion's release of power to adjust void
Status: in_force

Sec. 14. This section applies if a total return unitrust is reconverted to an income trust. The trustee's release of the trustee's power under IC 30-2-14-15, if it was given at the time the trust was converted to a total return unitrust, is void when the trust is reconverted.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-4-2.1-15 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-15
Rules of interpretation concerning a beneficiary's influence over a trust
Status: in_force

Sec. 15. If a party challenges a settlor or a beneficiary's influence over a trust, none of the following factors, alone or in combination, may be considered dominion and control over a trust:

(1) A beneficiary serving as a trustee or co-trustee.

(2) The settlor or beneficiary holds an unrestricted power to remove or replace a trustee.

(3) The settlor or a beneficiary:

(A) is a trust administrator, a general partner of a partnership, a manager of a limited liability company, or an officer of a corporation; or

(B) has any other managerial function in any other entity;

that is owned in whole or in part by the trust.

(4) A person related by blood or adoption to a settlor or beneficiary is appointed as trustee.

(5) An agent, accountant, attorney, financial adviser, or friend of the settlor or a beneficiary is appointed as trustee.

(6) A business associate of the settlor or a beneficiary is appointed as trustee.

(7) A beneficiary holds any power of appointment over part or all of the trust property.

(8) The settlor holds a power to substitute property of equivalent value.

(9) The trustee may loan trust property to the settlor for less than a full and adequate rate of interest or without adequate security.

(10) The trust contains broad purposes or highly discretionary distribution language.

(11) The trust has only one (1) beneficiary eligible for current distributions.

As added by P.L.6-2010, SEC.15.
Ind. Code § 30-2-13-5 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-5
"Delivery"
Status: in_force

Sec. 5. As used in this chapter, "delivery" means the time when:

(1) services are performed in connection with the funeral or other disposition of the purchaser or the individual for whom services are to be provided under the contract;

(2) except for merchandise described in section 8(1)(A) and 8(1)(C) of this chapter, the merchandise is:

(A) in the possession of the purchaser or used for the intended purpose of the merchandise; or

(B) permanently installed on or in cemetery property, the burial rights to which have been transferred or granted to the purchaser or individual for whose interment the merchandise is to be used; or

(3) except for merchandise described in section 8(1)(A) and 8(1)(C) of this chapter, the merchandise is:

(A) purchased by the seller and stored in manufactured form, in a manner and number equal to all merchandise sold, on the premises where the merchandise is to be used or installed and specifically identified in the name of the purchaser, although any applicable installation or final finishing fees remain subject to the terms of the contract made under this chapter; or

(B) permanently identified with the name of the purchaser or individual for whom the merchandise is to be provided and delivered to a warehouse, with both title to the merchandise and a warehouse receipt delivered to the purchaser, and notification to and acceptance of delivery acknowledged in writing by the purchaser.

As added by P.L.200-1991, SEC.1. Amended by P.L.241-1995, SEC.3; P.L.236-1995, SEC.52; P.L.114-1999, SEC.2.
Ind. Code § 30-5-7-3 — Indiana Code / Title 30 / Article 5 / Chapter 7 / Section 30-5-7-3
Patient lacking capacity to give informed consent; consultation with attorney in fact
Status: in_force

Sec. 3. Whenever a health care provider believes a patient may lack the capacity to give informed consent to health care the provider considers necessary, the provider shall consult with the attorney in fact who has power to act for the patient under IC 16-36-4, IC 16-36-1, IC 16-36-7, or this article.

As added by P.L.149-1991, SEC.2. Amended by P.L.2-1993, SEC.157; P.L.50-2021, SEC.77.
Ind. Code § 30-5-5-6.5 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-6.5
Definitions
Status: in_force

Sec. 6.5. (a) The following definitions apply throughout this section:

(1) "Account" means any account that a specified adult may access or use to transact business.

(2) "All other matters" has the meaning set forth in IC 30-5-5-19.

(3) "Financial exploitation" means:

(A) the unlawful or unauthorized taking, withholding, appropriation, or use of a specified adult's funds or securities; or

(B) any:

(i) act;

(ii) omission;

(iii) use of a power of attorney;

(iv) use of a guardianship; or

(v) use of any other legal authority concerning a specified adult;

to obtain control over the specified adult's money, assets, or property or to convert the specified adult's money, assets, or property through use of deception, intimidation, or undue influence.

(4) "Specified adult" means:

(A) a person not less than sixty-five (65) years of age; or

(B) a person who:

(i) is at least eighteen (18) years of age; and

(ii) has a mental or physical impairment that prohibits the person from protecting the person's interests.

(5) "Trusted contact person" means a person who may be contacted about matters concerning a specified adult's account.

(b) Language conferring general authority concerning financial exploitation authorizes the attorney in fact to do one (1) or more of the following:

(1) Serve as the trusted contact person for the principal.

(2) Designate or change the trusted contact person for a specified adult.

(3) Authorize a person described in subdivision (1) or (2) to:

(A) receive notice of financial exploitation; or

(B) act on behalf of a specified adult in response to financial exploitation.

(4) Act to prevent, stop, correct, or remediate account losses incurred as a result of financial exploitation.

(c) A power of attorney that:

(1) is executed before July 1, 2019; and

(2) confers general authority with respect to all other matters;

also confers general authority to address any issues concerning the financial exploitation of an account.

As added by P.L.231-2019, SEC.38.
Ind. Code § 30-4-10-54 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-54
Reference to trust instrument or terms of trust instrument
Status: in_force

Sec. 54. A reference in this article to a trust instrument or terms of the trust includes a second-trust instrument and the terms of the second trust.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-2-10-8 — Indiana Code / Title 30 / Article 2 / Chapter 10 / Section 30-2-10-8
Management of funds by financial institutions; annual reports from beneficiaries
Status: in_force

Sec. 8. (a) Indiana financial institutions in which trust funds have been deposited in accordance with this chapter may place the funds in a common or commingled trust fund under a single trust instrument. The trustee shall maintain a separate accounting record for each trust fund.

(b) All interest earned by funds deposited in accordance with this chapter accrue to the trust.

(c) The trustee shall disburse the funds deposited in accordance with this chapter to the named beneficiary to discharge an obligation arising from any contract described in section 5 of this chapter, upon receipt of evidence satisfactory to the trustee that the contract has been performed.

(d) A funeral home, licensed under IC 25-15 that is named as beneficiary of funeral trust funds under this chapter shall annually report the following to the state board of funeral service:

(1) The funeral home's name, Indiana license number, and officers.

(2) The name and address of any trustee with which funeral trust funds are deposited for the funeral home.

(e) No bonds or permits are required from funeral homes that enter into contracts described in section 5 of this chapter.

As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.246-1985, SEC.26.
Ind. Code § 30-2-13-15 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-15
Loss of certificate of authority or license by seller; notice to purchaser; selection of new seller; transfer of unperformed contracts and funds to successor owner
Status: in_force

Sec. 15. (a) If a seller:

(1) ceases to have a certificate of authority or loses a professional license required to provide services under this chapter;

(2) ceases to exist or operate;

(3) is incapable of performing the seller's obligations under an unperformed contract for any reason; or

(4) sells or leases the seller's business, facilities, or assets;

the seller shall give notice to the board and to each purchaser for whom funds are held in a trust or escrow under this chapter. The notice shall specify the reason for the issuance of the notice.

(b) The seller's written notice under subsection (a) must be:

(1) addressed to the purchaser's last known address; and

(2) mailed within fifteen (15) days after the seller becomes incapable of performing the obligations under the contract.

(c) A purchaser who receives a notice under subsection (a) has thirty (30) days after the date the notice was mailed by the seller to select and designate a new seller under section 13 of this chapter to become the beneficiary of the trust or the designated recipient of the escrow funds. The first seller shall send written notice of the designation of a new seller to the newly designated seller or to the trustee.

(d) A seller shall transfer all unperformed contracts and funds held in trust or escrow under this chapter to the seller who is the successor owner or lessee of the transferring seller. The successor seller shall perform all contracts transferred under this subsection.

(e) If:

(1) the seller fails to comply with subsection (a)(1), (a)(2), or (a)(3); or

(2) a purchaser fails to designate a new seller;

the designation shall be made by the board.

As added by P.L.200-1991, SEC.1. Amended by P.L.241-1995, SEC.10; P.L.114-1999, SEC.12; P.L.177-2009, SEC.60.
Ind. Code § 30-4-2.1-5 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-5
Mistaken belief that settlor's child deceased
Status: in_force

Sec. 5. (a) Except as provided in subsection (b), if, at the time of the making of the trust, the settlor:

(1) believes a child of the settlor to be dead; and

(2) fails to provide for the child in the settlor's trust;

the child is entitled to receive a share in the trust assets. The child's share of the trust assets shall be determined by ascertaining what the child's intestate share would have been under IC 29-1-2-1 if the settlor had died intestate. The child is entitled to receive a share of the trust assets equivalent in value to the intestacy share determined under IC 29-1-2-1.

(b) Subsection (a) does not apply to a child of the settlor if it appears from the trust or from other evidence that the settlor would not have devised anything to the child had the settlor known that the child was alive.

As added by P.L.4-2003, SEC.7.
Ind. Code § 30-4-2.1-14.5 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-14.5
"Discretionary interest"; rules of construction
Status: in_force

Sec. 14.5. (a) As used in this section and section 14 of this chapter, "discretionary interest" refers to any interest over which the trustee has any discretion to make or withhold a distribution.

(b) A discretionary interest may be evidenced by permissive language such as "may make distributions" or may be evidenced by mandatory distribution language that is negated by the discretionary language of the trust such as "the trustee shall make distributions in the trustee's sole and absolute discretion".

(c) An interest that includes distribution language that appears mandatory but is subsequently qualified by discretionary distribution language is considered a discretionary interest.

(d) Trust provisions that create discretionary interests include the following examples:

(1) "The trustee may, in the trustee's sole and absolute discretion, make distributions for health, education, maintenance, and support.".

(2) "The trustee shall, in the trustee's sole and absolute discretion, make distributions for health, education, maintenance, and support.".

(3) "The trustee may make distributions for health, education, maintenance, and support.".

(4) "The trustee shall make distributions for health, education, maintenance, and support. The trustee may exclude any beneficiary or make unequal distributions among the beneficiaries.".

(5) "The trustee may make distributions for health, education, maintenance, support, comfort, and general welfare.".

As added by P.L.36-2011, SEC.8.
Ind. Code § 30-1-9-14 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-14
Reserving absolute power of revocation
Status: in_force

Sec. 14. A grantor of lands reserving an absolute power of revocation, shall be deemed an absolute owner, as regards creditors and purchasers.

Formerly: Acts 1852, 1RS, c.113, s.14.
Ind. Code § 30-2-9-3 — Indiana Code / Title 30 / Article 2 / Chapter 9 / Section 30-2-9-3
Permits; fidelity bonds; accounts, books, and records
Status: in_force

Sec. 3. No person, firm, partnership, association, limited liability company, or corporation may accept or hold trust funds paid under section 1(a) of this chapter without first securing from the state board of funeral service a permit to accept and hold the funds. Applications for the permit must be in writing, signed by the applicant, and duly verified on forms furnished by the board. Each application must contain at least the following:

(1) The full name and address (both residence and place of business) of the applicant, and every member, officer, and director of the applicant if the applicant is a firm, partnership, association, limited liability company, or corporation. Any permit issued in response to the application is valid for two (2) years, only at the address stated in the application for the applicant or at the address as may be approved by the board.

(2) A detailed statement of the applicant's assets and liabilities.

(3) A fidelity bond executed by the applicant and a surety company authorized to do business in this state in the amount not exceeding ten thousand dollars ($10,000) as the board may require.

Upon receipt of such application and bond, the board shall issue a permit unless it determines that the applicant has made false statements or representations in the application, is insolvent, has conducted or is about to conduct his business in a fraudulent manner, or is not duly authorized to transact business in this state. The board may require an additional bond from time to time in amounts equal to one tenth (1/10) of the trust funds held by the permittee. The bond must run to the state of Indiana for the use and benefit of the beneficiaries of the trust funds. The permittee shall keep accurate accounts, books, and records in this state of all transactions, copies of all agreements, dates, and amounts of payments made and accepted on all agreements, the names and addresses of the contracting parties, the persons for whose benefit the funds are accepted, and the names of the depositories of the funds. The permittee shall make reports to the board annually or at any other times that the board may require, on forms furnished by the board. Every application must be accompanied by a fee of ten dollars ($10) and every report must be accompanied by a fee of two dollars ($2). The permittee shall make all the books and records pertaining to the trust funds available to the board for examination. The board, or a qualified person designated by it may at any time investigate the books, records, and accounts of the permittee with respect to its trust funds and for that purpose may require the attendance of and examine under oath all persons whose testimony he may require.

Formerly: Acts 1963, c.303, s.3. As amended by Acts 1978, P.L.133, SEC.4; P.L.246-1985, SEC.21; P.L.8-1993, SEC.466.
Ind. Code § 30-5-4-5 — Indiana Code / Title 30 / Article 5 / Chapter 4 / Section 30-5-4-5
Reimbursement of expenses; fee for services
Status: in_force

Sec. 5. (a) Except as stated otherwise in the power of attorney, an attorney in fact is entitled to reimbursement of all reasonable expenses advanced by the attorney in fact on behalf of the principal.

(b) Except as otherwise stated in the power of attorney, an attorney in fact is entitled to a reasonable fee for services rendered. The attorney in fact shall, not later than twelve (12) months after the date the service is rendered, notify the principal in writing of the amount claimed as compensation for rendering the service.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-2-15-25 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-25
Paying the unitrust amount
Status: in_force

Sec. 25. (a) Except as provided in subsection (b), and unless otherwise provided by the governing instrument, the unitrust amount shall be considered to have been paid from net income. The net income of the trust shall be determined as if the trust were not a unitrust.

(b) To the extent that:

(1) net income is insufficient to pay the unitrust amount, the unitrust amount shall be considered to have been paid from net realized short term capital gains;

(2) net income and net realized short term capital gains are insufficient to pay the unitrust amount, the unitrust amount shall be considered to have been paid from net realized long term capital gains; and

(3) net income and net realized short term and net long term capital gains are insufficient to pay the unitrust amount, the unitrust amount shall be considered to have been paid from the principal of the trust.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-5-7-5 — Indiana Code / Title 30 / Article 5 / Chapter 7 / Section 30-5-7-5
Access to medical records by attorney in fact; release of information
Status: in_force

Sec. 5. (a) A health care provider shall give an attorney in fact authorized to receive information under a power of attorney the same access as the principal has to examine and copy the principal's medical records, including records relating to mental health and other medical conditions held by a physician, psychiatrist, psychologist, therapist, hospital, nursing home, or other provider. The access to records shall be given at the principal's expense and may be subject to reasonable rules of the provider to prevent disruption of the principal's health care.

(b) An attorney in fact may release information obtained under subsection (a) to any person authorized to receive the information under IC 16-39.

As added by P.L.149-1991, SEC.2. Amended by P.L.2-1993, SEC.158.
Ind. Code § 30-2-4-11 — Indiana Code / Title 30 / Article 2 / Chapter 4 / Section 30-2-4-11
Prior transactions
Status: in_force

Sec. 11. The provisions of this chapter shall not apply to transactions taking place prior to May 16, 1927.

Formerly: Acts 1927, c.17, s.11. As amended by Acts 1982, P.L.171, SEC.93.
Ind. Code § 30-4-10-15 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-15
"First trust"
Status: in_force

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.
Ind. Code § 30-2-8.6-35 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-35
Written statement of trust administration; petition for accounting
Status: in_force

Sec. 35. (a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property. The custodial trustee shall provide a written statement of the administration of the custodial trust property:

(1) once each year;

(2) upon request at reasonable times by the beneficiary or the beneficiary's legal representative;

(3) upon resignation or removal of the custodial trustee; and

(4) upon termination of the custodial trust.

The statements described by this section must be provided to the beneficiary or to the beneficiary's legal representative, if any. Upon termination of the beneficiary's interest, the custodial trustee shall furnish a current statement to the person to whom the custodial trust property is to be delivered.

(b) The following may petition the court for an accounting by the custodial trustee or the custodial trustee's legal representative:

(1) A beneficiary.

(2) The beneficiary's legal representative.

(3) An adult member of the beneficiary's family.

(4) A person interested in the custodial trust property.

(5) A person interested in the welfare of the beneficiary.

(c) A successor custodial trustee may petition the court for an accounting by a predecessor custodial trustee.

(d) In an action or proceeding under this chapter or in any other proceeding, the court may require or permit the custodial trustee or the custodial trustee's legal representative to account. The custodial trustee or the custodial trustee's legal representative may petition the court for approval of final accounts.

(e) If a custodial trustee is removed, the court shall:

(1) require an accounting;

(2) order delivery of the custodial trust property and records to the successor custodial trustee; and

(3) order the execution of all instruments required for transfer of the custodial trust property.

(f) On petition of the custodial trustee or any person who could petition for an accounting, the court, after notice to interested persons, may:

(1) issue instructions to the custodial trustee;

(2) review the propriety of the acts of a custodial trustee; or

(3) review the reasonableness of compensation determined by the custodial trustee for the services of the custodial trustee or others.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-5-3-8 — Indiana Code / Title 30 / Article 5 / Chapter 3 / Section 30-5-3-8
Right of attorney in fact to access principal's electronic communications and digital assets
Status: in_force

Sec. 8. (a) IC 32-39-2-6 applies to the right of an attorney in fact to access the content of an electronic communication of the principal.

(b) IC 32-39-2-7 applies to the right of an attorney in fact to access:

(1) a catalogue of electronic communications sent or received by the principal; and

(2) a digital asset in which the principal has a right or interest other than:

(A) the information described in subsection (a); or

(B) a digital asset described in subdivision (1).

As added by P.L.137-2016, SEC.12.
Ind. Code § 30-2-15-22 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-22
Prorating unitrust amount in short year
Status: in_force

Sec. 22. (a) As used in this section, "short year" refers to a part of a calendar year that:

(1) begins when the interest of the current beneficiary or class of current beneficiaries begins; or

(2) ends when the interest of the current beneficiary or class of beneficiaries ends.

(b) The trustee shall prorate the unitrust amount on a daily basis in a short year.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-2-12-9 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-9
Appropriation or accumulation of endowment funds; gift instrument
Status: in_force

Sec. 9. (a) Subject to the terms of a gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund that the institution determines is prudent for the uses, benefits, purposes, and duration of the endowment fund. Except as provided in a gift instrument, the assets in an endowment fund are donor restricted until appropriated by the institution.

(b) In determining to appropriate or accumulate endowment funds, an institution shall:

(1) act in good faith and with the care a prudent person acting in a like position would use under similar circumstances; and

(2) consider the following factors:

(A) The duration and preservation of the endowment fund.

(B) The purposes of the institution and the endowment fund.

(C) General economic conditions.

(D) The possible effects of inflation or deflation.

(E) The expected total return from income and the appreciation of investments.

(F) Other resources of the institution.

(G) The investment policy of the institution.

(c) To be effective, a gift instrument must specifically state a limitation on the authority of an institution to appropriate or accumulate under subsection (a).

(d) A gift instrument that designates a gift as an endowment or contains a direction or authorization to use only income, interest, dividends, rents, issues, or profits, or to preserve the principal intact, or a similar direction:

(1) creates an endowment fund of permanent duration unless the gift instrument states otherwise; and

(2) does not otherwise limit the authority to appropriate or accumulate under subsection (a).

As added by P.L.268-1989, SEC.1. Amended by P.L.226-2007, SEC.15.
Ind. Code § 30-4-2-19 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-19
Trust for noncharitable purpose
Status: in_force

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) 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) 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.

(e) 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.27.
Ind. Code § 30-4-10-7 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-7
"Charitable interest"
Status: in_force

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; or

(3) is held solely for a charitable purpose and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-5-9-10 — Indiana Code / Title 30 / Article 5 / Chapter 9 / Section 30-5-9-10
Health care providers; persons acting in good faith reliance on direction or decision of attorney in fact
Status: in_force

Sec. 10. A health care provider or other person who acts in good faith reliance on a direction or decision of an attorney in fact that is not clearly contrary to the terms of the power of attorney is protected and released from liability to the same extent as the provider or other person would be protected or released if the provider or other person had dealt directly with the principal as a fully competent person. In addition, the following rules shall be applied to protect and validate the acts of the attorney in fact and provider or other person:

(1) A health care provider or other person is not subject to civil or criminal liability or discipline for unprofessional conduct for complying with a direction or decision by the attorney in fact, even if death or injury to the principal results.

(2) If the actions of a health care provider who fails to comply with a direction or decision of the attorney in fact are substantially in accord with reasonable medical standards at the time of reference and the provider promptly transfers the principal to another health care provider, the provider is not subject to civil or criminal liability or discipline for failure to comply with the attorney in fact.

(3) If the principal's death results from withholding or withdrawing health care in accordance with the terms of a power of attorney, the death is not a suicide or homicide for any purpose under a statute or rule of law and does not impair or invalidate an insurance, annuity, or other type of contract that is conditioned on the life or death of the principal, a term of the contract notwithstanding.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-4-10-57 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-57
Liability against property of a first trust
Status: in_force

Sec. 57. A debt, liability, or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the second trust after exercise of the decanting power.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-2-13-12 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-12
Contracts
Status: in_force

Sec. 12. (a) This section applies to contracts for prepaid services or merchandise, or both, entered into under this chapter before January 1, 1996.

(b) A purchaser may enter into more than one (1) contract under this chapter for prepaid services or merchandise, or both. Each contract may be funded with cash, either in a lump sum or installment payments, or an insurance policy, or both. The purchaser may revoke the contract if the purchaser sends the seller written notice of the revocation within thirty (30) days after the contract is signed by the purchaser and seller. If a purchaser revokes a contract the seller shall refund to the purchaser, without interest, all property used to fund the contract. If the seller receives payment of at least five hundred dollars ($500) in cash that must ultimately be placed in trust or escrow under this section, the seller shall, not more than five (5) days after receiving the payment, deposit the payment in escrow pending irrevocable deposit to trust or escrow authorized by IC 30-2-10. Thirty (30) days after the contract is signed all property paid or delivered to the seller to fund each contract shall be irrevocably deposited by the seller to trust or escrow authorized by either IC 30-2-10 or IC 23-14-49-1. All property received for services or merchandise sold by a seller licensed under IC 25-15 shall be irrevocably deposited to trust in compliance with IC 30-2-10. All sellers shall guarantee the provision of all services and merchandise sold under a contract authorized by this chapter.

(c) If a contract under this chapter is funded with an insurance policy, the ownership of the insurance policy must be irrevocably assigned to a trustee. The seller may not borrow against, pledge, withdraw, or impair the cash value of the policy.

(d) A finance charge may be assessed on a contract sold on an installment basis, and the seller shall disclose to the purchaser all the applicable requirements under federal and state law.

(e) A seller or successor seller who has accepted cash or an insurance policy, or both, as full payment of a contract under subsection (b), is responsible for providing all contracted prepaid services and merchandise if the insurance company or trust company used to fund the contract is insolvent.

(f) A purchaser who purchases a contract with cash in a lump sum or through an insurance contract shall make the payment for the contract payable only to the seller. A purchaser who purchases a contract with cash in installments may make payments for the contract to the seller.

As added by P.L.200-1991, SEC.1. Amended by P.L.1-1992, SEC.159; P.L.207-1993, SEC.29; P.L.120-1994, SEC.3; P.L.241-1995, SEC.6; P.L.52-1997, SEC.52.
Ind. Code § 30-1-9-2 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-2
Repealed
Status: repealed

Formerly: Acts 1852, 1RS, c.113, s.2. Repealed by Acts 1971, P.L.416, SEC.8.
Ind. Code § 30-2-14-38 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-38
Disbursements from income
Status: in_force

Sec. 38. A trustee shall make the following disbursements from income to the extent that they are not disbursements to which section 18(a)(2)(B) or 18(a)(2)(C) of this chapter applies:

(1) one-half (1/2) of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;

(2) one-half (1/2) of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests;

(3) all of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including:

(A) interest;

(B) ordinary repairs;

(C) regularly recurring taxes assessed against principal; and

(D) expenses of a proceeding or other matter that concerns primarily the income interest; and

(4) recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.

As added by P.L.84-2002, SEC.2. Amended by P.L.51-2014, SEC.17.
Ind. Code § 30-4-1-5 — Indiana Code / Title 30 / Article 4 / Chapter 1 / Section 30-4-1-5
Construction of pronouns
Status: in_force

Sec. 5. (Construction of Pronouns)

A pronoun used in this article may be construed, unless the context requires otherwise, without regard to gender or whether the person or thing to which it refers is animate or inanimate.

Formerly: Acts 1971, P.L.416, SEC.2.
Ind. Code § 30-2-13-2.5 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-2.5
"At-need services and merchandise"
Status: in_force

Sec. 2.5. (a) As used in this chapter, "at-need services and merchandise" includes personal property or services:

(1) listed in section 8(1) of this chapter; and

(2) purchased after the time of death.

(b) The term does not include burial rights.

As added by P.L.207-1993, SEC.26.
Ind. Code § 30-4-2-11 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-11
Capacity of trustee
Status: in_force

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 must have the power to take, hold, and deal with property for its own benefit and have the power to act as a trustee.

(c) Subject to section 8 of this chapter, the fact that the person named to be trustee is also a beneficiary will not disqualify the person from acting as trustee if the person is otherwise qualified.

Formerly: Acts 1971, P.L.416, SEC.3; Acts 1973, P.L.293, SEC.6. As amended by P.L.86-2018, SEC.214.
Ind. Code § 30-2-13-6 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-6
"Fund"
Status: in_force

Sec. 6. As used in this chapter, "fund" refers to the preneed consumer protection fund established by section 28 of this chapter.

As added by P.L.200-1991, SEC.1.
Ind. Code § 30-4-2.1-17 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-17
Limits on creditors of beneficiaries who may replace or remove a trustee or who are also trustees or co-trustees
Status: in_force

Sec. 17. (a) A creditor may not reach, exercise, or otherwise acquire an interest of a beneficiary or any other person who holds an unconditional or conditional removal or replacement power over a trustee. A power described in this subsection is personal to a beneficiary or other person and may not be exercised by the person's creditors. A court may not direct a person to exercise the power.

(b) A creditor may not:

(1) reach an interest of a beneficiary who is also a trustee or co-trustee; or

(2) otherwise compel a distribution to a beneficiary who is also a trustee or co-trustee.

(c) A court may not foreclose against an interest held by a beneficiary described in subsection (b).

As added by P.L.6-2010, SEC.17.
Ind. Code § 30-4-3-22 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-22
Remedies of the beneficiary against the trustee
Status: in_force

Sec. 22. (Remedies of the Beneficiary against the Trustee)

(a) A beneficiary of a trust may maintain an action:

(1) to compel the trustee to perform his duties;

(2) to enjoin the trustee from committing an act which may be a breach of trust;

(3) to compel the trustee to redress a breach of trust; or

(4) to remove a trustee for cause and to appoint a successor trustee.

(b) If the trustee acquires property and wrongfully holds it outside the trust, a beneficiary is entitled at his option to either:

(1) require the property to be transferred to the trust or

(2) impose an equitable lien upon it to secure his claim for damages for breach of trust.

(c) If the trustee commingles the trust funds or property with his own funds or property or converts the trust fund or property into another form which is wrongfully held outside the trust:

(1) if the fund or property can be traced and identified, the beneficiary is entitled to restoration of the fund or property to the trust; or

(2) if the fund or property cannot be traced and identified,

(A) In a case of commingling of funds or property, the beneficiary is entitled to a lien against the trustee's individual property from the date and in the amount of the fund or the value of the property at the time of the commingling.

(B) In a case of conversion of property, the beneficiary is entitled to a lien against the trustee's individual property from the date and according to the value of the property at the time of the conversion.

(d) If the trustee is also a beneficiary, the other beneficiaries will be entitled to a charge against the trustee's beneficial interest to secure their claims against him for a breach of trust.

(e) If a beneficiary successfully maintains an action under subsection (a) of this section or is entitled to a judgment under subsections (b), (c), or (d) of this section, he is entitled to a judgment for reasonable attorney's fees.

Formerly: Acts 1971, P.L.416, SEC.4.
Ind. Code § 30-2-13-36 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-36
Suspension of certificates of authority; fines
Status: in_force

Sec. 36. The board may suspend the certificate of authority of a seller who violates a provision of this chapter. The board may suspend the certificate of authority of a seller who intentionally violates section 12.5 of this chapter for at least one (1) year. The board may assess a seller a fine of not more than ten thousand dollars ($10,000) for each violation of section 12.5, 13, 15, 21, 23, 24, or 25 of this chapter to be added to the fund established under section 28 of this chapter.

As added by P.L.200-1991, SEC.1. Amended by P.L.114-1999, SEC.18.
Ind. Code § 30-4-3-27 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-27
Cy pres doctrine
Status: in_force

Sec. 27. (a) If property is given to a trust for a benevolent public purpose and the property is to be applied to a particular charitable purpose, and it is or becomes impossible, impracticable, wasteful, or illegal to carry out the particular purpose, and if the settlor manifested a more general intention to devote the property to charitable purposes, the trust need not fail, but the court may direct the application of the property to some charitable purpose which falls within the general charitable intention of the settlor.

(b) The terms of a charitable trust that would result in the distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under subsection (a) to apply the cy pres doctrine to modify or terminate the trust only if, when the provision takes effect:

(1) the trust property is to revert to the settlor and the settlor is still alive; or

(2) less than twenty-one (21) years have elapsed since the trust was created.

(c) A living heir of the settlor or a living beneficiary named in the original trust agreement may present evidence to the court of:

(1) the heir's or beneficiary's opinion of the settlor's intent; and

(2) the heir's or beneficiary's wishes;

regarding the property given in trust.

Formerly: Acts 1971, P.L.416, SEC.4. As amended by P.L.41-2000, SEC.3; P.L.238-2005, SEC.37.
Ind. Code § 30-2-13-1 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-1
Applicability of chapter
Status: in_force

Sec. 1. (a) Except as provided in subsection (b), this chapter applies to any written agreement between a purchaser and a seller that obligates the seller to provide prepaid services or merchandise, or both, for a named individual in conjunction with the death, funeral, burial, or final disposition of the individual.

(b) Except as provided in subsections (c) and (d), this chapter does not apply to the following:

(1) Perpetual care funds under IC 23-14-48.

(2) The sale of burial rights. However, this chapter applies to the sale of services or merchandise sold in conjunction with the sale of burial rights and to the use of free or discounted burial rights as an inducement for a purchaser to transfer sellers.

(3) A contract between a purchaser and a seller that requires delivery of prepaid services or merchandise, or both, not later than one (1) year after the date of final payment and for circumstances other than death.

(c) The annual reporting requirements of section 31 of this chapter apply to a perpetual care fund.

(d) The solicitation requirements of section 24 of this chapter and the provisions concerning inducement in section 13(h) of this chapter apply to the sale of burial rights.

As added by P.L.200-1991, SEC.1. Amended by P.L.207-1993, SEC.25; P.L.120-1994, SEC.2; P.L.241-1995, SEC.2; P.L.114-1999, SEC.1; P.L.14-2000, SEC.62.
Ind. Code § 30-4-3-24.5 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-24.5
Termination by trustee of trust with value less than $75,000
Status: in_force

Sec. 24.5. (a) This section does not apply to an easement for conservation or preservation.

(b) This subsection applies to a trust consisting of trust property having a total value of less than seventy-five thousand dollars ($75,000). Unless the terms of the trust provide otherwise, the trustee may terminate the trust:

(1) if the trustee concludes the value of the trust property is insufficient to justify the cost of administration; and

(2) after providing notice of the trust termination to qualified beneficiaries.

(c) The trustee may propose the termination of a trust by written notice to qualified beneficiaries if the trustee, upon review of surrounding circumstances, concludes that continuation of the trust on its existing terms would be contrary to the economic best interest of the trust estate and that early termination would be in the best interests of the beneficiaries consistent with the settlor's intent. This trust termination shall occur upon receipt of written consent of all qualified beneficiaries.

(d) The court may:

(1) modify or terminate a trust; or

(2) remove the trustee and appoint a different trustee;

if the court determines that the value of the trust property is insufficient to justify the cost of administration. If a trust terminates under this subsection, the court shall direct the trustee to distribute the trust property in a manner consistent with the purposes of the trust.

(e) If a trust terminates under subsection (c), the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.

As added by P.L.238-2005, SEC.36. Amended by P.L.221-2019, SEC.5; P.L.231-2019, SEC.26.
Ind. Code § 30-4-3.5-10 — Indiana Code / Title 30 / Article 4 / Chapter 3.5 / Section 30-4-3.5-10
Authorization of investments or strategies
Status: in_force

Sec. 10. The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this chapter:

(1) "Investments permissible by law for investment of trust funds".

(2) "Legal investments".

(3) "Authorized investments".

(4) "Using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital".

(5) "Prudent man rule".

(6) "Prudent trustee rule".

(7) "Prudent person rule".

(8) "Prudent investor rule".

As added by P.L.137-1999, SEC.3.
Ind. Code § 30-2-13-22 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-22
Seller bond or permit
Status: in_force

Sec. 22. A bond or permit is not required of a seller except as specifically required in this chapter.

As added by P.L.200-1991, SEC.1.
Ind. Code § 30-4-10-25 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-25
"Record"
Status: in_force

Sec. 25. As used in this chapter, "record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-6-10.5 — Indiana Code / Title 30 / Article 4 / Chapter 6 / Section 30-4-6-10.5
Persons who represent interests of and bind other persons
Status: in_force

Sec. 10.5. (a) Except as provided in the terms of a trust, and to the extent there is not a conflict of interest between the representative and the person represented or among those being represented:

(1) a guardian may represent and bind the protected person who is subject to the guardianship;

(2) an attorney in fact who has authority to act with respect to the particular question or dispute may represent and bind the principal;

(3) a trustee may represent and bind the beneficiaries of the trust;

(4) a personal representative of a decedent's estate may represent and bind persons interested in the estate;

(5) a designated representative appointed for a beneficiary under a provision in a trust instrument may represent and bind the beneficiary of the trust; and

(6) a parent may represent and bind the parent's minor, unborn, or not yet adopted child if a guardian for the child has not been appointed;

with regard to a particular question or dispute.

(b) The holder of a general power of appointment, including a general testamentary power of appointment, may represent and bind persons whose interests are subject to the power of appointment, including:

(1) permissible appointees; and

(2) takers in default.

(c) Unless otherwise represented:

(1) a minor;

(2) an incapacitated person;

(3) an unborn or a not yet adopted child; or

(4) a person whose identity or location is unknown and not reasonably ascertainable;

may be represented by and bound by another person who has a substantially identical interest with respect to the particular question or dispute but only to the extent there is not a conflict of interest between the representative and the person represented.

(d) If the court determines that an interest is not represented under this section or that the otherwise available representation might be inadequate, the court may appoint a guardian ad litem to receive notice, give consent, and otherwise represent, bind, and act on behalf of:

(1) a minor;

(2) an incapacitated person;

(3) an unborn child; or

(4) a person whose identity or location is unknown.

If not precluded by conflict of interest, a guardian ad litem may be appointed to represent several persons or interests. A guardian ad litem may act on behalf of the person represented with respect to any matter arising under this title, regardless of whether a judicial proceeding concerning the trust is pending. In making decisions, a guardian ad litem may consider general benefits accruing to the living members of the family of the persons represented.

(e) Notice to a person who may represent and bind another person under this section has the same effect as if notice were given directly to the other person.

(f) The consent of a person who may represent and bind another person under this section is binding on the person represented unless the person represented objects to the representation before the consent would have become effective.

As added by P.L.238-2005, SEC.45. Amended by P.L.221-2019, SEC.8.
Ind. Code § 30-2-8.6-9 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-9
"Guardian"
Status: in_force

Sec. 9. As used in this chapter, "guardian" has the meaning set forth in IC 29-3-1-6.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-5-5-15 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-15
Estate transactions
Status: in_force

Sec. 15. (a) Language conferring general authority with respect to estate transactions means the principal authorizes the attorney in fact to do the following:

(1) Accept, receipt for, exercise, release, reject, renounce, assign, disclaim, demand, sue for, claim, and recover a legacy, bequest, devise, gift, or other property interest or payment due or payable to or for the principal.

(2) Assert an interest in and exercise power over a trust, an estate, or property subject to fiduciary control.

(3) Establish a revocable trust solely for the benefit of the principal that terminates at the death of the principal.

(4) Exercise all powers with respect to estates and trusts the principal could exercise. However, the attorney in fact may not make or change a will.

(b) In exercising powers of amendment or revocation, or powers to expend or withdraw property passing by trust, contract, or beneficiary designation at the principal's death, including specifically bequeathed property, joint accounts, life insurance, trusts, and retirement plans, the attorney in fact shall take the principal's estate plan into account to the extent the estate plan is known to the attorney in fact.

(c) The attorney in fact is not liable to a beneficiary of the principal's estate plan for an action performed under this section unless the attorney in fact acts in bad faith.

(d) The attorney in fact may:

(1) have access to; and

(2) copy, but not hold;

the principal's will, trusts, and other personal records to the extent necessary for the attorney in fact to act under this section.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-5-10-3 — Indiana Code / Title 30 / Article 5 / Chapter 10 / Section 30-5-10-3
Incapacity of principal
Status: in_force

Sec. 3. (a) Except as otherwise stated in the power of attorney, a power of attorney is not terminated by the incapacity of the principal.

(b) The incapacity of a principal who has previously executed a power of attorney that terminates on the principal's incapacity does not revoke or terminate the power of attorney as to the attorney in fact or other person who, without actual knowledge of the incapacity of the principal, acts in good faith under the power. Unless otherwise invalid or unenforceable, an action taken under this subsection binds the principal and the principal's successors in interest.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-5-11-9 — Indiana Code / Title 30 / Article 5 / Chapter 11 / Section 30-5-11-9
Affidavit of regularity
Status: in_force

Sec. 9. Whenever this chapter requires or permits a custodian or other person to make an affidavit of regularity with respect to an electronic power of attorney or a complete converted copy, the custodian or other person responsible for the creation of the affidavit of regularity may use the following format for the affidavit:

"Affidavit of Regularity of Electronic Power of Attorney

(1) Beginning on (insert date of first possession of the electronic power of attorney by the signer of this affidavit) and continuing to the date and time of this affidavit, the undersigned person has had possession of (circle all of the following that apply):

(A) The electronic record for the electronic power of attorney.

(B) A complete converted copy of the electronic power of attorney of (insert name of principal), which was electronically executed on (insert date of electronic signing or insert reference to time stamp).

(2) (Insert client number, customer number, document number, or other unique identifier as applicable) is the unique identifier that the undersigned person assigned to this electronic power of attorney in the undersigned person's records.

(3) The undersigned person believes that the principal (circle one (1) of the following options):

(A) Is alive.

(B) Died on or about (insert date of death) and the undersigned person believes that the power of attorney is currently (circle one (1) of the following options):

(i) In effect.

(ii) Not in effect.

(4) The undersigned person is (circle all of the following that apply):

(A) Transferring custody of the electronic record for the electronic power of attorney to the living principal of the electronic power of attorney.

(B) Transferring custody of the electronic record for the electronic power of attorney to (insert name and address of successor custodian).

(C) Transferring a complete converted copy of the electronic power of attorney to (insert name and address of authorized recipient).

(5) The undersigned person is transferring or submitting the electronic record in the following format: (specify format).

(6) If the undersigned person is transferring or submitting the electronic record for the electronic power of attorney, the undersigned person affirms, under penalty of perjury, that the electronic record has been in the undersigned person's possession or control for the period stated in paragraph (1) and that during this period, the electronic record showed no indication of unauthorized alteration or tampering.

(7) The undersigned person affirms, under penalty of perjury, that (circle one (1) of the following options):

(A) The undersigned person has no knowledge of the principal's later execution of any document that amends, revokes, or supersedes the electronic power of attorney described in paragraph (1).

(B) The undersigned believes that the principal purportedly amended or revoked the electronic power of attorney described in paragraph (1) on (insert date if known or approximate time frame if date is not known), by (insert known details concerning the principal's amendment or revocation).

(8) The undersigned person is (circle all of the following that apply):

(A) The living principal who executed the electronic power of attorney.

(B) An attorney admitted to practice law in the state of Indiana.

(C) A currently serving attorney in fact appointed under or named in the explicit terms of the electronic power of attorney.

(D) A successor attorney in fact nominated by the electronic power of attorney.

(E) A custodian currently in compliance with all applicable requirements.

(9) (Insert date and time of the custodian's or other person's signature).

(10) (Insert name and signature of custodian or other person signing. Insert job title or position of signatory if signatory is not an individual (natural person)).".

As added by P.L.40-2018, SEC.4. Amended by P.L.10-2019, SEC.123.
Ind. Code § 30-4-1.5-13 — Indiana Code / Title 30 / Article 4 / Chapter 1.5 / Section 30-4-1.5-13
"Digital asset"; "electronic communication"; "custodian"; "user"; "transaction"
Status: in_force

Sec. 13. (a) For purposes of IC 29-3, IC 30-5, and IC 32-39:

(1) the electronic record for an electronic trust instrument is a "digital asset" as defined in IC 32-39-1-10;

(2) the electronic record for an electronic trust instrument is not an "electronic communication" as defined in 18 U.S.C. 2510(12) or IC 32-39-1-12;

(3) the digital or electronic transfer of an electronic record for an electronic trust instrument between any two (2) persons other than the settlor and the settlor's attorney is an "electronic communication" as defined in 18 U.S.C. 2510(12) or IC 32-39-1-12;

(4) a custodian of an electronic trust instrument is also a "custodian" as defined in IC 32-39-1-8; and

(5) the:

(A) settlor of an electronic trust instrument;

(B) trustee of a trust; or

(C) attorney representing the settlor, trustee, or another person with authorized possession of or authorized access to the electronic record for an electronic trust instrument;

is a "user" for purposes of IC 32-39 if the settlor, trustee, attorney, or other authorized person contracts with another person to store the electronic record for the electronic trust instrument.

(b) The execution or revocation of an electronic trust instrument may be a contract of a "transaction in or affecting interstate or foreign commerce" for purposes of the federal E-sign Act (15 U.S.C. 7001).

(c) The execution or revocation of an electronic trust instrument is subject to IC 26-2-8 unless there is a conflict between IC 26-2-8 and any provision contained in this article. In the event of a conflict between IC 26-2-8 and a provision of this article, the provision in this article shall control.

As added by P.L.40-2018, SEC.3.
Ind. Code § 30-2-9-6 — Indiana Code / Title 30 / Article 2 / Chapter 9 / Section 30-2-9-6
Liquidated damages
Status: in_force

Sec. 6. It shall be unlawful for any such agreement or agreements to provide for forfeiture and retention of payments upon any such agreement or series of agreements as and for liquidated damages for default of the agreement or series of agreements in excess of ten percent (10%) of the payments made or thirty-five dollars ($35), whichever sum is larger.

Formerly: Acts 1963, c.303, s.6. As amended by P.L.136-2018, SEC.222.
Ind. Code § 30-2-15-13 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-13
When court shall approve conversion, reconversion, or change in rate
Status: in_force

Sec. 13. If the court finds that the conversion, reconversion, or change in the unitrust rate under this chapter will enable the trustee to better carry out:

(1) in the case of a trust described in section 2(1) of this chapter, the intent of the settlor or testator and the purposes of the trust; or

(2) in the case of a trust described in section 2(2) of this chapter, the perpetual care (as defined in IC 23-14-33-30) of the cemetery;

the court shall approve the conversion, reconversion, or change in the unitrust rate under this chapter.

As added by P.L.3-2003, SEC.2. Amended by P.L.33-2019, SEC.10.
Ind. Code § 30-2-8.5-35 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-35
Termination of custodianship
Status: in_force

Sec. 35. The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:

(1) the minor's attaining twenty-one (21) years of age; or

(2) the minor's death.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-2-14-42 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-42
Tax payments
Status: in_force

Sec. 42. (a) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.

(b) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.

(c) A tax required to be paid by a trustee on the trust's share of an entity's taxable income must be paid:

(1) from income to the extent that receipts from the entity are allocated to income;

(2) from principal to the extent that receipts from the entity are allocated only to principal;

(3) proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and

(4) from principal to the extent that the tax exceeds the total receipts from the entity.

(d) After applying subsections (a) through (c), the trustee shall adjust income or principal receipts to the extent that the trust's taxes are reduced because the trust receives a deduction for payments made to a beneficiary.

As added by P.L.84-2002, SEC.2. Amended by P.L.143-2009, SEC.20.
Ind. Code § 30-5-1-1 — Indiana Code / Title 30 / Article 5 / Chapter 1 / Section 30-5-1-1
Powers created after June 30, 1991
Status: in_force

Sec. 1. This article applies to all powers of attorney created after June 30, 1991.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-2-8.5-31 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-31
Exemption of third person from liability
Status: in_force

Sec. 31. A person in good faith and without court order may act on the instructions of or otherwise deal with a person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:

(1) the validity of the purported custodian's designation;

(2) the propriety of, or the authority under this chapter for, an act of the purported custodian;

(3) the validity or propriety under this chapter of an instrument or instruction executed or given by the person purporting to make a transfer or by the purported custodian, or both; or

(4) the propriety of the application of property of the minor delivered to the purported custodian.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-2-7-3 — Indiana Code / Title 30 / Article 2 / Chapter 7 / Section 30-2-7-3
Effect of concealment
Status: in_force

Sec. 3. Any secured creditor who with intent to evade the provisions of this chapter fails to disclose the existence of the security shall not be entitled to receive or retain dividends out of the general assets, unless he thereafter releases or surrenders to the liquidator the security which he has failed to disclose, or unless he procures such release or surrender if the security is in the possession of an indorser, surety, or other person secondarily liable for the insolvent debtor.

Formerly: Acts 1941, c.50, s.3. As amended by Acts 1982, P.L.171, SEC.107.
Ind. Code § 30-4-3-3.2 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-3.2
Perpetual care fund trusts; trustee withdrawals
Status: in_force

Sec. 3.2. The trustee of a trust established as the perpetual care fund of a cemetery under IC 23-14-48-2 may, under IC 23-14-48-2.2, without court authorization, withdraw from the trust the amounts allowed by IC 23-14-48-2 to pay the cost of perpetual care of the cemetery, notwithstanding any provision in the terms of the trust that would restrict withdrawals from the trust to less than the withdrawals allowed by IC 23-14-48-2.

As added by P.L.163-2016, SEC.2.
Ind. Code § 30-4-3.5-2 — Indiana Code / Title 30 / Article 4 / Chapter 3.5 / Section 30-4-3.5-2
Prudent investor rule
Status: in_force

Sec. 2. (a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms of the trust, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.

(b) A trustee's investment and management decisions respecting individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.

(c) Among circumstances that a trustee shall consider in investing and managing trust assets are those of the following that are relevant to the trust or its beneficiaries:

(1) General economic conditions.

(2) The possible effect of inflation or deflation.

(3) The expected tax consequences of investment decisions or strategies.

(4) The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property.

(5) The expected total return from income and the appreciation of capital.

(6) Other resources of the beneficiaries.

(7) Needs for liquidity, regularity of income, and preservation or appreciation of capital.

(8) An asset's special relationship or special value, if any, to the purposes of the trust or to one (1) or more of the beneficiaries.

(d) A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.

(e) A trustee may invest in any kind of property or type of investment consistent with the standards of this chapter.

(f) A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, has a duty to use the special skills or expertise.

As added by P.L.137-1999, SEC.3. Amended by P.L.51-2014, SEC.23.
Ind. Code § 30-4-3-30 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-30
Effect of this article on the court's equity powers
Status: in_force

Sec. 30. (Effect of This Article on the Court's Equity Powers)

Except as otherwise provided in this article, the article shall not be construed to limit the general equity powers of the court over the administration of trusts.

Formerly: Acts 1971, P.L.416, SEC.4.
Ind. Code § 30-4-10-42 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-42
Limited distributive discretion
Status: in_force

Sec. 42. (a) As used in this section, "limited distributive discretion" means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard.

(b) An authorized fiduciary that has limited distributive discretion over the principal of the first trust for the benefit of one (1) or more current beneficiaries may exercise the decanting power over the principal of the first trust.

(c) Under this section and subject to section 44 of this chapter, a second trust may be created or administered under the law of any jurisdiction. A second trust must grant each beneficiary of the first trust beneficial interests that are substantially similar to the beneficial interests of the beneficiary in the first trust.

(d) A power to make a distribution under a second trust for the benefit of a beneficiary who is an individual is substantially similar to a power under the first trust to make a distribution directly to the beneficiary. A distribution is for the benefit of a beneficiary if:

(1) the distribution is applied for the benefit of the beneficiary;

(2) the beneficiary is under a legal disability or the trustee reasonably believes the beneficiary is incapacitated and the distribution is made as permitted under this article; or

(3) the distribution is made as permitted under the terms of the first-trust instrument and the second-trust instrument for the benefit of the beneficiary.

(e) If an authorized fiduciary has limited distributive discretion of the principal of a first trust, the fiduciary may only exercise the decanting power under this section over the principal that the authorized fiduciary has limited distributive discretion.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-10-36 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-36
Notice requirements
Status: in_force

Sec. 36. A notice under section 35 of this chapter must:

(1) specify the manner in which the authorized fiduciary intends to exercise the decanting power;

(2) specify the proposed effective date for the exercise of the decanting power;

(3) include a copy of the first-trust instrument; and

(4) include a copy of the second-trust instrument.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-10-40 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-40
Exercise of decanting power; written record
Status: in_force

Sec. 40. An exercise of the decanting power must be made in a record signed by an authorized fiduciary. The signed record must:

(1) directly or indirectly reference the notice required by section 35 of this chapter;

(2) identify the first trust and the second trust;

(3) identify and state the property of the first trust being distributed to each second trust; and

(4) identify the property that remains in the first trust.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-10-35 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-35
Authorized fiduciary; notice of intent to exercise decanting power
Status: in_force

Sec. 35. (a) Except as provided in subsection (c), an authorized fiduciary shall give notice in a record of the intended exercise of the decanting power not later than sixty (60) days before the exercise of the decanting power to:

(1) each settlor of the first trust, if living or then in existence;

(2) each qualified beneficiary of the first trust, including the designated representative, if any, or other representative under IC 30-4-6-10.5 of a qualified beneficiary who:

(A) is a minor or an incapacitated person;

(B) is unborn;

(C) is unknown; or

(D) cannot be located after a reasonably diligent search;

(3) each holder of a presently exercisable power of appointment in the first trust;

(4) each person that currently has the right to remove or replace the authorized fiduciary;

(5) each fiduciary of the first trust;

(6) each fiduciary of the second trust; and

(7) the attorney general, if section 44(c) of this chapter applies.

(b) A notice period under subsection (a) begins on the day that the notice is given and ends fifty-nine (59) days later.

(c) An authorized fiduciary is not required to give notice under subsection (a) to a person that:

(1) is not known to the fiduciary;

(2) is known to the fiduciary but cannot be located by the fiduciary after a reasonably diligent search; or

(3) has no representative under IC 30-4-6-10.5.

(d) The decanting power may be exercised before expiration of the notice period under subsection (a) if all persons entitled to receive notice waive the notice period in a signed record.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-5-7 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-7
Repealed
Status: repealed

Formerly: Acts 1971, P.L.416, SEC.6. Repealed by P.L.84-2002, SEC.11.
Ind. Code § 30-4-6-6.5 — Indiana Code / Title 30 / Article 4 / Chapter 6 / Section 30-4-6-6.5
Methods for sending notice
Status: in_force

Sec. 6.5. (a) The sending of notice or a document to a beneficiary, a trustee, or another interested person under this article or under IC 30-2-14 must be accomplished in a manner reasonably suitable under the circumstances and that is likely to result in receipt of the notice or document. Permissible methods for sending notice or a document include first class mail, personal delivery, delivery to the person's last known place of residence or place of business, or electronic delivery, including access to information by electronic means, if the intended recipient has agreed to receive the electronic delivery or to access a properly directed electronic message.

(b) An electronic message meets the requirements of this chapter if the sender transmits the message to the intended recipient by a method that:

(1) the sender and the recipient have previously agreed to in writing or in a previous electronic communication; or

(2) is reasonably calculated to prevent unauthorized access to the content of the electronic message or to nonpublic identifying or personal information of the sender or recipient, such as encryption of the electronic message itself or sending the recipient a link to a password protected or encrypted web site that stores the electronic message and any related documents.

As added by P.L.194-2017, SEC.12.
Ind. Code § 30-2-14-28 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-28
Obligation to pay money to trustee
Status: in_force

Sec. 28. (a) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without any provision for amortization of premium.

(b) A trustee shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the trustee more than one (1) year after it is purchased or acquired by the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity. If the obligation matures within one (1) year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust must be allocated to income.

(c) Notwithstanding any other provision of this section, when an obligation described in this section is held as an asset of a charitable remainder trust, an increase in the value of the obligation over the value of the obligation at the time of acquisition by the trust is distributable as income. For purposes of this subsection, the increase in value is available for distribution only when the trustee receives cash on account of the obligation. If the obligation is surrendered or liquidated partially, the cash available shall be attributed first to the increase. The increase is distributable to the income beneficiary who is the income beneficiary at the time the cash is received.

(d) This section does not apply to an obligation to which section 31, 32, 33, 34, 36, or 37 of this chapter applies.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-5-5-1 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-1
Incorporation of powers; references; similar or overlapping powers; modification
Status: in_force

Sec. 1. (a) An attorney in fact has a power granted under this chapter if the power of attorney incorporates the power by:

(1) referring to the descriptive language in sections 2 through 19 of this chapter; or

(2) citing to a specific section of sections 2 through 19 of this chapter.

(b) Reference in a power of attorney to the descriptive language in sections 2 through 19 of this chapter shall be construed as though the entire section is set out in full in the power of attorney.

(c) If powers are similar or overlap, the broadest power controls.

(d) A power of attorney may in writing delete from, add to, or modify in any manner a power incorporated by reference, including the power to make gifts under section 9 of this chapter.

As added by P.L.149-1991, SEC.2. Amended by P.L.165-2002, SEC.7.
Ind. Code § 30-2-10-9 — Indiana Code / Title 30 / Article 2 / Chapter 10 / Section 30-2-10-9
Violations; offense
Status: in_force

Sec. 9. (a) Except as provided in subsections (b) and (c), a person who knowingly violates this chapter commits a Class A misdemeanor.

(b) A person who knowingly or intentionally uses or disburses funds in a funeral trust established under this chapter for purposes other than the purposes required under this chapter commits a Level 5 felony.

(c) A trustee that disburses funds in a funeral trust established under this chapter without verifying:

(1) the death of the individual for whom services are to be provided under the contract; and

(2) that the beneficiary fully performed all funeral and burial services provided for in the contract;

through the use of documentation required under rules adopted by the state board of funeral and cemetery service established by IC 25-15-9-1 commits a Class A infraction.

As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.207-1993, SEC.24; P.L.113-2007, SEC.9; P.L.61-2008, SEC.6; P.L.1-2009, SEC.152; P.L.158-2013, SEC.305.
Ind. Code § 30-2-8.6-36 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-36
Claim against custodial trustee's claim barred against other parties
Status: in_force

Sec. 36. (a) Except as provided in subsection (c), and unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered, or the legal representative of an incapacitated or deceased beneficiary or payee:

(1) who has received a final account or statement fully disclosing the matter, unless an action or proceeding to assert the claim is commenced not later than two (2) years after receipt of the final account or statement; or

(2) who has not received a final account or statement fully disclosing the matter, unless an action or proceeding to assert the claim is commenced not later than three (3) years after the termination of the custodial trust.

(b) Except as provided in subsection (c), a claim for relief to recover from a custodial trustee for fraud, misrepresentation, or concealment related to the final settlement of the custodial trust or concealment of the existence of the custodial trust is barred unless an action or proceeding to assert the claim is commenced not later than five (5) years after the termination of the custodial trust.

(c) The limitations on a claim for relief are as follows:

(1) If the claimant is a minor, the claim is barred unless an action or proceeding to assert the claim is commenced before the earlier of the following:

(A) Two (2) years after the claimant becomes an adult.

(B) Two (2) years after the claimant dies.

(2) If the claimant is an incapacitated adult, the claim is barred unless an action or proceeding to assert the claim is commenced before the earliest of the following:

(A) Two (2) years after the appointment of a guardian for claimant.

(B) Two (2) years after the removal of the incapacity.

(C) Two (2) years after the death of the claimant.

(3) If the claimant:

(A) was an adult;

(B) is deceased; and

(C) was not incapacitated;

the claim is barred unless an action or proceeding to assert the claim is commenced not later than two (2) years after the claimant's death.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-4-5-23 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-23
Private and charitable trust foundations; split-interest trusts; effective date of IC 30-4-5-21
Status: in_force

Sec. 23. The provisions of 30-4-5-21 shall be effective as to trusts to which such section applies in accordance with the following subsections (a) and (b):

(a) With respect to each such trust first existing on or after January 1, 1970, the provisions of 30-4-5-21 shall be effective from and after the date such trust comes into existence.

(b) With respect to each such trust existing before January 1, 1970, the provisions of 30-4-5-21 shall be effective during taxable years commencing after December 31, 1971.

Formerly: Acts 1971, P.L.416, SEC.6.
Ind. Code § 30-2-7-1 — Indiana Code / Title 30 / Article 2 / Chapter 7 / Section 30-2-7-1
Definitions
Status: in_force

Sec. 1. As used in this chapter, unless the context or subject-matter requires otherwise:

(a) "Liquidation proceeding" includes all assignments for the benefit of creditors, whether voluntary or by operation of law; administration of insolvent decedents' estates; liquidations of insolvent banks; equity receiverships where the subject under receivership is insolvent; and any other proceedings for distribution of assets of any insolvent debtor, whether a person, decedent's estate, partnership, limited liability company, corporation, or business association.

(b) "Liquidator" means any person administering assets in any liquidation proceeding as defined in this chapter.

(c) "Insolvent debtor" means any insolvent person, decedent's estate, partnership, limited liability company, corporation, or business association involved in a liquidation proceeding as defined in this chapter.

(d) "Secured creditor" means a creditor who has either legal or equitable security for his debt upon any property of the insolvent debtor of a nature to be liquidated and distributed in a liquidation proceeding, or a creditor to whom is owed a debt for which such security is possessed by some indorser, surety, or other person secondarily liable.

(e) "Creditor's sale" includes any sale effected by the secured creditor by judicial process or otherwise under the terms of his contract or the applicable law for the purpose of realizing upon his security.

Formerly: Acts 1941, c.50, s.1. As amended by Acts 1982, P.L.171, SEC.106; P.L.8-1993, SEC.464.
Ind. Code § 30-4-1.5-8 — Indiana Code / Title 30 / Article 4 / Chapter 1.5 / Section 30-4-1.5-8
Delivery of electronic trust following death of settlor
Status: in_force

Sec. 8. (a) After a settlor's death becomes known to a custodian or other person in possession or control of the electronic record associated with the settlor's electronic trust instrument, or a complete converted copy of the settlor's electronic trust instrument, the custodian or other person in possession of an item described in section 7(a)(1) or 7(a)(2) of this chapter shall deliver the item to one (1) of the following persons in decreasing order of priority:

(1) A person already serving as trustee of the trust.

(2) A person nominated in the electronic trust instrument as a successor trustee and who has priority under the terms of the trust to accept appointment and to serve as trustee.

(3) The surviving spouse of the settlor.

(4) A living adult child of the settlor.

(5) A living parent of the settlor.

(6) A living adult sibling of the settlor.

(7) A beneficiary named or defined in the electronic trust instrument and entitled to a share of the trust's principal assets or income.

(8) The clerk of the probate court that would have subject matter jurisdiction of the settlor's estate based on the custodian's or other person's knowledge of the settlor's domicile or the location of the property of the settlor at the time of the settlor's death.

A custodian or other person in possession of an item described in section 7(a)(1) or 7(a)(2) of this chapter may use any commercially reasonable method of delivery to accomplish the requirements of this section.

(b) If a custodian or other person has possession of both the electronic record for a deceased settlor's electronic trust instrument and a complete converted copy of the same electronic trust instrument, the custodian or other person shall deliver both to an authorized person who:

(1) is described in subsection (a); or

(2) is specified in written instructions left by the settlor.

If the custodian or other person delivers the electronic trust instrument to the clerk of the probate court under subsection (a)(8), the custodian or other person shall deliver only a complete converted copy of the electronic trust instrument to the clerk, unless the court rules or other applicable laws explicitly require otherwise.

As added by P.L.40-2018, SEC.3. Amended by P.L.10-2019, SEC.119.
Ind. Code § 30-2-12-1.5 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-1.5
Repealed
Status: repealed

As added by P.L.266-1995, SEC.1. Repealed by P.L.226-2007, SEC.24.
Ind. Code § 30-4-2-2 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-2
Acceptance by trustee
Status: in_force

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 provided in subsection (e), if the named person exercises powers or performs duties under the trust, the named person will be presumed to have accepted the trust.

(d) The named person may reject the trust in writing and, if the named person does so, will incur no liability. If, after being informed that the named person has been named as trustee, the named person neither expressly accepts the trust nor exercises powers or performs duties under the trust within a reasonable time, the named person will be presumed to have rejected the trust.

(e) If there is an immediate risk of damage to the trust estate, the named person may act to preserve the trust estate and will not be presumed to have accepted the trust, provided the named person delivers a written rejection to the settlor at or within a reasonable time after the named person acts, or, if the settlor is dead, to the beneficiary or the court having jurisdiction over the administration of the trust estate.

Formerly: Acts 1971, P.L.416, SEC.3. As amended by P.L.238-2005, SEC.23.
Ind. Code § 30-4-5-22 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-22
Private and charitable trust foundations; split-interest trusts; creation before January 1, 1970; application of IC 30-4-5-21
Status: in_force

Sec. 22. The provisions of 30-4-5-21 shall not apply to any such trust created before January 1, 1970, to the extent that a court of competent jurisdiction shall determine that application of such section to such trust would be contrary to the terms of any instrument which may not be changed to conform to such section and by which such trust is bound.

Formerly: Acts 1971, P.L.416, SEC.6.
Ind. Code § 30-4-3-28 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-28
Repealed
Status: repealed

Formerly: Acts 1971, P.L.416, SEC.4. Repealed by P.L.238-2005, SEC.63.
Ind. Code § 30-1-9-10 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-10
Repealed
Status: repealed

Formerly: Acts 1852, 1RS, c.113, s.10. Repealed by Acts 1971, P.L.416, SEC.8.
Ind. Code § 30-4-8-5 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-5
Qualified affidavits
Status: in_force

Sec. 5. (a) A qualified affidavit must be signed under the penalties of perjury, and state the following:

(1) That the transferor has full right, title, and authority to transfer the property to the legacy trust.

(2) That the transfer of the property to the legacy trust will not render the transferor insolvent.

(3) That the transferor does not intend to defraud a creditor by transferring the property to the legacy trust.

(4) That there are no pending or threatened court actions against the transferor other than the court actions identified by the transferor and attached to the qualified affidavit.

(5) That the transferor is not involved in any administrative proceedings other than the administrative proceedings identified by the transferor and attached to the qualified affidavit.

(6) That the transferor does not contemplate filing for relief under the federal bankruptcy code.

(7) That the property transferred to the legacy trust is not derived from unlawful activities.

(b) Except as provided in subsection (c), a qualified affidavit must be signed by the transferor.

(c) In the case of a disposition by a transferor who is a trustee, the qualified affidavit must be signed by the transferor who made the original disposition to the trustee. A qualified affidavit signed under this subsection must state the facts as of the time of the original disposition.

(d) If a transferor is a married individual at the time a qualified affidavit is signed, the transferor shall provide a copy of the qualified affidavit to the transferor's spouse.

As added by P.L.221-2019, SEC.9.
Ind. Code § 30-4-8-1 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-1
Application
Status: in_force

Sec. 1. (a) Subject to the limitations set forth in subsection (b), this chapter applies to:

(1) qualified dispositions to legacy trusts; and

(2) dispositions by transferors who are trustees;

that are made after June 30, 2019.

(b) This chapter does not apply to:

(1) any assets that are listed on an application or financial statement completed by the transferor and which is submitted to a lender in connection with a request to obtain or maintain credit from the lender; or

(2) any assets of a legacy trust that are listed on an application or financial statement completed on behalf of the legacy trust and which is submitted to a lender in connection with a request to obtain or maintain credit from the lender on behalf of the legacy trust.

In the event that assets described in subsection (b)(1) are later transferred to a legacy trust and a default occurs under the loan or extension of credit, either before or after the transfer or disposition under the legacy trust, the lender shall be entitled to proceed against any assets listed on the applications or financial statements which were submitted in connection with the loan, or any modifications, amendments, or renewals of the loan. Nothing in this chapter shall prohibit such action. A change in the character, form, or ownership of the assets described in subsection (b)(1) shall in no way make subsection (b)(1) inapplicable. This subsection shall apply only to the lender that extended credit based on the application or financial statement submitted to the lender and the indebtedness or any portion of the indebtedness owed to the lender remains unpaid.

As added by P.L.221-2019, SEC.9. Amended by P.L.56-2020, SEC.12.
Ind. Code § 30-2-14-27 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-27
Rental property receipts
Status: in_force

Sec. 27. To the extent that a trustee accounts for receipts from rental property under this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods, must be added to principal and held subject to the terms of the lease and is not available for distribution to a beneficiary until the trustee's contractual obligations have been satisfied with respect to that amount.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-5-3-1 — Indiana Code / Title 30 / Article 5 / Chapter 3 / Section 30-5-3-1
Rules of law; interpretation and application; conflict with terms of power
Status: in_force

Sec. 1. The rules of law contained in this article shall be interpreted and applied to the terms of a power of attorney to implement the intent of the principal and the purposes of the power of attorney. If the rules of law conflict with the terms of the power of attorney, the terms of the power of attorney control unless the rules of law clearly prohibit or restrict what the terms of the power of attorney purport to authorize.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-4-3-14 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-14
Contribution and indemnity
Status: in_force

Sec. 14. (Contribution and Indemnity)

(a) Except as stated in subsection (b) of this section, if two (2) or more co-trustees are liable to the beneficiary, each co-trustee is entitled to contribution from the other, provided, however, that:

(1) if one (1) co-trustee is substantially more at fault than another, the co-trustee who is most at fault is not entitled to contribution, and the other co-trustee is entitled to indemnity from him; or

(2) if one (1) of the co-trustees receives a profit from the administration of the trust or a benefit from a breach of trust, the other co-trustee is entitled to indemnity from him to the extent of the profit or benefit received by that co-trustee.

(b) If a trustee commits a breach of trust in bad faith, he is not entitled to either contribution or indemnity from his co-trustee.

Formerly: Acts 1971, P.L.416, SEC.4.
Ind. Code § 30-4-10-8 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-8
"Charitable organization"
Status: in_force

Sec. 8. As used in this chapter, "charitable organization" means:

(1) a person, other than an individual, organized and operated exclusively for a charitable purpose; or

(2) a government or governmental subdivision, agency, or instrumentality to the extent it holds funds exclusively for a charitable purpose.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-5-5-10 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-10
Fiduciary transactions
Status: in_force

Sec. 10. (a) Language conferring general authority with respect to fiduciary transactions means the principal authorizes the attorney in fact to do the following if the principal has the authority to delegate:

(1) Apply for and procure, in the name of the principal, letters of administration, letters testamentary, letters of guardianship, or any other type of judicial or administrative authority to act as a fiduciary.

(2) Represent and act for the principal in all ways and in all matters affecting a fund with respect to which the principal is a fiduciary.

(3) Initiate, participate in, and oppose a proceeding, judicial or otherwise, for the removal, substitution, or surcharge of a fiduciary, conserve, invest, or disburse anything received for the purposes of the fund for which it is received, and reimburse the attorney in fact for expenditures properly made by the attorney in fact in the execution of powers conferred on the attorney in fact.

(4) Agree and contract in any manner and on any terms with a person the attorney in fact selects to accomplish a purpose permitted under this section and perform, rescind, reform, release, or modify an agreement or contract made by or on behalf of the principal.

(5) Execute, acknowledge, verify, seal, file, and deliver a consent, a designation, a pleading, a notice, a demand, an election, a conveyance, a release, an assignment, a pledge, a check, a waiver, an admission of service, a notice of appearance, or other instrument the attorney in fact considers useful to accomplish a purpose permitted under this section.

(6) Hire, discharge, and compensate an attorney, accountant, expert witness, or other assistant when the attorney in fact considers the action to be desirable for the proper execution by the attorney in fact of a power described in this section and keep needed records.

(7) Perform any other acts with respect to a fund of which the principal is a fiduciary.

(b) The powers described in this section are exercisable equally with respect to a fund of which the principal is a fiduciary at the time of the giving of the power of attorney or becomes a fiduciary after that time, whether located in Indiana or in another jurisdiction.

(c) As used in this section, "fiduciary" means a trustee, personal representative, guardian, attorney in fact, custodian, escrow agent, or person similarly authorized to act primarily for the benefit of another person.

(d) As used in this section, "fund" means any asset, including real or personal property, in which a principal has an interest as a fiduciary.

(e) The powers granted in this section apply:

(1) to a fund existing at the time the power of attorney is executed;

(2) to a fund created after the power of attorney is executed; and

(3) whether or not the fund is located in Indiana.

As added by P.L.149-1991, SEC.2. Amended by P.L.51-2014, SEC.27.
Ind. Code § 30-2-13-33 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-33
Certificates of authority
Status: in_force

Sec. 33. (a) A seller may not sell or provide prepaid services or merchandise or a contract designed to provide a funding mechanism to be used in conjunction with the purchase of prepaid services or merchandise under this chapter without first obtaining a certificate of authority from the board. However, an employee of a seller is exempt from subsections (b) and (c).

(b) A seller who seeks a certificate of authority must submit a statement to the board that includes the following:

(1) The seller's name and the address of the place of business.

(2) Information considered necessary by the board to show evidence of the seller's good moral character, reputation for fair dealing in business matters, and lack of a criminal record.

(3) The name, address, and Social Security number of each person authorized to directly represent the seller as an agent.

(4) A statement by the seller notarized and affirmed under the penalties for perjury that all payments required under section 27 of this chapter have been made.

(c) Upon issuance, the certificate of authority shall be posted conspicuously in the seller's place of business.

(d) A seller holding a certificate of authority or an agent of a seller who engages in door-to-door solicitation shall present a copy of the certificate of authority upon entry onto the premises of a prospective purchaser.

(e) A certificate of authority issued under this chapter expires annually on March 1.

(f) The board may renew a certificate of authority upon receipt of an application for renewal that includes the information listed in subsection (b).

As added by P.L.200-1991, SEC.1. Amended by P.L.207-1993, SEC.34; P.L.173-1996, SEC.16; P.L.195-1997, SEC.4; P.L.84-1998, SEC.27.
Ind. Code § 30-4-1-4 — Indiana Code / Title 30 / Article 4 / Chapter 1 / Section 30-4-1-4
Application of article to preexisting trusts; application of amendments to preexisting trusts
Status: in_force

Sec. 4. (a) Except as provided elsewhere in this article, the rules of law contained in this article shall apply to all trusts created prior to September 2, 1971, unless to do so would:

(1) adversely affect a right given to any beneficiary;

(2) give a right to any beneficiary which the beneficiary was not intended to have when the trust was created;

(3) impose a duty or liability on any person which was not intended to be imposed when the trust was created; or

(4) relieve any person from any duty or liability imposed by the terms of the trust or under prior law.

(b) Except as provided elsewhere in this article, an amendment to the rules of law contained in this article applies to all trusts created prior to the effective date of the applicable amendment unless to do so would:

(1) adversely affect a right given to any beneficiary;

(2) give a right to any beneficiary that the beneficiary was not intended to have when the trust was created;

(3) impose a duty or liability on any person that was not intended to be imposed when the trust was created; or

(4) relieve any person from any duty or liability imposed by the terms of the trust or under prior law.

Formerly: Acts 1971, P.L.416, SEC.2. As amended by Acts 1982, P.L.171, SEC.117; P.L.149-2012, SEC.11.
Ind. Code § 30-4-2-1.5 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-1.5
Trust not created by will; requirements
Status: in_force

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 was domiciled, had a place of abode, or was a national;

(2) a trustee was domiciled or had a place of business; or

(3) any trust property is located.

(b) A valid trust must be:

(1) in writing; and

(2) signed by:

(A) the settlor; or

(B) an agent of the settlor who is an attorney in fact.

As added by P.L.238-2005, SEC.22.
Ind. Code § 30-4-3.5-11 — Indiana Code / Title 30 / Article 4 / Chapter 3.5 / Section 30-4-3.5-11
Applicability of chapter
Status: in_force

Sec. 11. This chapter applies to trusts existing on and created after June 30, 1999. As applied to trusts existing on June 30, 1999, this chapter governs only decisions or actions occurring after June 30, 1999.

As added by P.L.137-1999, SEC.3.
Ind. Code § 30-4-10-24 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-24
"Reasonably definite standard"
Status: in_force

Sec. 24. As used in this chapter, "reasonably definite standard" means a clearly measurable standard under which a holder of a power of distribution is legally accountable within the meaning of 26 U.S.C. 674(b)(5)(A) and applicable regulations.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-2-10-3 — Indiana Code / Title 30 / Article 2 / Chapter 10 / Section 30-2-10-3
Validity of trust; requirements
Status: in_force

Sec. 3. A funeral trust established under this chapter is valid only if it:

(1) is irrevocable;

(2) has only one (1) settlor;

(3) names as trustee an Indiana institution qualified under section 2 of this chapter, and requires that all funds be deposited in that institution;

(4) names a funeral home, licensed under IC 25-15, as sole beneficiary; and

(5) is accompanied by a written contract between settlor and beneficiary as provided in section 5 of this chapter.

As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.246-1985, SEC.23.
Ind. Code § 30-5-4-3 — Indiana Code / Title 30 / Article 5 / Chapter 4 / Section 30-5-4-3
More than one attorney in fact; independent actions; failure or cessation of service
Status: in_force

Sec. 3. (a) Except as otherwise stated in the power of attorney, if more than one (1) attorney in fact is named, each attorney in fact may act independently of the other attorney in fact in the exercise of a power or duty.

(b) Except as otherwise stated in the power of attorney, if:

(1) more than one (1) attorney in fact is named; and

(2) one (1) attorney in fact fails to serve or ceases to serve;

the remaining attorney in fact may continue to act under the power of attorney without a successor for the attorney in fact who failed to serve or ceased to serve.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-4-7-6 — Indiana Code / Title 30 / Article 4 / Chapter 7 / Section 30-4-7-6
Agreement of compromise
Status: in_force

Sec. 6. The terms of a compromise executed under this chapter must be set forth in an agreement that is:

(1) in writing; and

(2) executed by all persons or the guardians or guardians ad litem appointed under section 4 of this chapter of all persons who:

(A) have an interest in the trust; or

(B) have a claim against the trust.

As added by P.L.200-1991, SEC.6.
Ind. Code § 30-5-2-1 — Indiana Code / Title 30 / Article 5 / Chapter 2 / Section 30-5-2-1
Application of definitions
Status: in_force

Sec. 1. The definitions in this chapter apply throughout this article.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-1-9-17 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-17
Revocation
Status: reserved

Sec. 17. (a) Every power, beneficial or in trust, shall be irrevocable, unless an authority to revoke it is reserved in the instrument creating the same.

(b) This section does not apply to any power of attorney, regardless of when the power of attorney was created.

Formerly: Acts 1852, 1RS, c.113, s.17. As amended by Acts 1982, P.L.178, SEC.1.
Ind. Code § 30-4-5.5-1 — Indiana Code / Title 30 / Article 4 / Chapter 5.5 / Section 30-4-5.5-1
Remedies by attorney general against certain trustees and other individuals
Status: in_force

Sec. 1. (a) This section applies to the following:

(1) A trustee of a benevolent trust, including a perpetual care fund or endowment care fund established under IC 23-14-48 or a prepaid funeral trust or escrow account established under IC 30-2-9, IC 30-2-10, or IC 30-2-13.

(2) A cemetery owner.

(3) A funeral home.

(4) A beneficiary of a contract entered into under IC 30-2-9.

(5) A seller (as defined in IC 30-2-13-10) under IC 30-2-13.

(6) Any other person that holds a perpetual care fund, an endowment care fund, or a prepaid funeral trust fund.

(b) A person described in subsection (a) may not do any of the following:

(1) Commit a breach of trust.

(2) Violate the mandate of a charitable trust.

(3) Violate a duty listed in this article.

(4) Fail to comply with a requirement or prohibition set forth in any of the following:

(A) IC 23-14-48.

(B) IC 23-14-48.5.

(C) IC 23-14-49.

(D) IC 23-14-51.

(E) IC 30-2-9.

(F) IC 30-2-10.

(G) IC 30-2-13.

(H) IC 30-4.

(c) The attorney general may petition a court to issue one (1) or more of the following remedies for a breach, violation, or failure enumerated in subsection (b):

(1) Injunctive relief.

(2) Appointment of temporary or permanent receivers.

(3) Permanent removal of trustees.

(4) Appointment of permanent replacement trustees subject to court approval.

A remedy under this subsection is in addition to any other remedy.

(d) The attorney general may seek a remedy listed in subsection (c) against a trustee, a trust, or any other person described in subsection (a) for a breach, violation, or failure enumerated in subsection (b).

(e) A court in which an action is brought under this section may do the following:

(1) Issue a temporary restraining order, preliminary injunction, or permanent injunction.

(2) Order a trustee, an escrow agent, a seller (as defined in IC 30-2-13-10), a cemetery owner, or a funeral home to pay restitution or money unlawfully received or retained from purchasers and deposit the restitution or money into an escrow account for distribution to aggrieved purchasers.

(3) Order a trustee, an escrow agent, a seller (as defined in IC 30-2-13-10), a cemetery owner, or a funeral home to reimburse the state for reasonable costs incurred by the attorney general in investigating and prosecuting a violation of this section.

(4) Impose civil penalties.

(5) Provide for the appointment of a receiver.

As added by P.L.245-2005, SEC.8. Amended by P.L.61-2008, SEC.15.
Ind. Code § 30-4-8-11 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-11
Transferor's rights and authority
Status: in_force

Sec. 11. Except as permitted by the terms of a legacy trust and by sections 12 and 13 of this chapter, the transferor may not have any rights or authority with respect to the principal or income of the legacy trust. An agreement or understanding purporting to grant or permit the retention of any greater rights or authority is void.

As added by P.L.221-2019, SEC.9.
Ind. Code § 30-5-3-6 — Indiana Code / Title 30 / Article 5 / Chapter 3 / Section 30-5-3-6
Interpretation under the law of the jurisdiction indicated in the power of attorney
Status: in_force

Sec. 6. The meaning and effect of a power of attorney are determined by the law of the jurisdiction indicated in the power of attorney. In the absence of an indication of jurisdiction, the meaning and effect of a power of attorney are determined by the law of the jurisdiction in which the power of attorney was executed.

As added by P.L.143-2009, SEC.25.
Ind. Code § 30-2-13-11.5 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-11.5
"Cash advance item"
Status: in_force

Sec. 11.5. (a) As used in this chapter, "cash advance item" means an item of property, or services, or merchandise that is not sold directly by a seller and is described to a purchaser as one (1) of the following:

(1) A cash advance.

(2) An accommodation.

(3) A cash disbursement.

(4) An estimated future charge by a third party.

(5) A similar term.

(b) The term also refers to a service or property obtained from a third party for which the seller collects an estimated payment to be held in trust or escrow until services or merchandise subject to a contract are delivered because the cost of the service or property can only be estimated at the time the contract is made.

(c) Cash advance items include the following:

(1) Cemetery or crematory services.

(2) Pallbearers.

(3) Public transportation.

(4) Clergy honoraria.

(5) Flowers.

(6) Musicians or singers.

(7) Nurses.

(8) Obituary notices.

(9) Gratuities.

(10) Death Certificates.

(11) Sales tax.

(12) Foreign language interpreters.

(13) Religious commemorative services.

(14) Fees charged for the following:

(A) Interment.

(B) Opening and closing of a grave or crypt.

(d) If property or services are not cash advance items under this section, they are services or merchandise under section 8 of this chapter.

As added by P.L.114-1999, SEC.7.
Ind. Code § 30-2-14-34 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-34
Net receipts from the sale of timber and related products
Status: in_force

Sec. 34. (a) To the extent that a trustee accounts for receipts from the sale of timber and related products under this section, the trustee shall allocate the net receipts:

(1) to income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest;

(2) to principal to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber;

(3) to or between income and principal if the net receipts are from:

(A) the lease of timberland; or

(B) a contract to cut timber from land owned by a trust;

by determining the amount of timber removed from the land under the lease or contract and applying the rules in subdivisions (1) and (2); or

(4) to principal to the extent that advance payments, bonuses, and other payments are not allocated under subdivision (1), (2), or (3).

(b) In determining net receipts to be allocated under subsection (a), a trustee shall deduct and transfer to principal a reasonable amount for depletion.

(c) This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.

(d) If a trust owns an interest in timberland, the trustee may allocate net receipts from the sale of timber and related products as provided in this chapter or in the manner used by the trustee before January 1, 2003. If the trust acquires an interest in timberland after December 31, 2002, the trustee shall allocate net receipts from the sale of timber and related products as provided in this chapter.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-5-9-8 — Indiana Code / Title 30 / Article 5 / Chapter 9 / Section 30-5-9-8
Good faith purchasers; persons accepting authority of attorney in fact
Status: in_force

Sec. 8. (a) A good faith purchaser from a person who has obtained an interest in property from an attorney in fact is not liable to the principal, the heirs or assigns of the principal, or the personal representative of the estate of the principal.

(b) A person accepting the authority of an attorney in fact to exercise a power granted under a power of attorney is not liable to the principal, the heirs and assigns of the principal, or the personal representative of the principal if:

(1) the person has no actual notice of the revocation of the power of attorney before the transaction;

(2) the person has no actual knowledge of the death of the principal; or

(3) the person has no actual knowledge that the duration of the power of attorney specified in the power of attorney, if a duration is specified, has not expired.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-4-3-6.5 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-6.5
Liability of trustee for lack of knowledge of event affecting administration or distribution of trust
Status: in_force

Sec. 6.5. If the happening of an event, including:

(1) marriage;

(2) divorce;

(3) performance of educational requirements; or

(4) death;

affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee's lack of knowledge.

As added by P.L.238-2005, SEC.33.
Ind. Code § 30-2-8.5-15 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-15
"Transferor" defined
Status: in_force

Sec. 15. As used in this chapter, "transferor" means a person who makes a transfer under this chapter.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-5-2-2 — Indiana Code / Title 30 / Article 5 / Chapter 2 / Section 30-5-2-2
"Attorney in fact"
Status: in_force

Sec. 2. "Attorney in fact" means the person designated to act for the principal under a power of attorney. The term includes any of the following:

(1) The original attorney in fact.

(2) A co-attorney in fact.

(3) A successor attorney in fact.

(4) A person to whom an attorney in fact has delegated authority.

As added by P.L.149-1991, SEC.2. Amended by P.L.143-2009, SEC.21.
Ind. Code § 30-2-13-23 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-23
Contracts; invalid provisions; unenforceable contracts
Status: in_force

Sec. 23. (a) A contract is invalid if the contract allows the purchaser the right to:

(1) convert, substitute, or exchange the purchase of burial rights for the purchase of services or merchandise;

(2) free services or merchandise in exchange for the purchase of other services or merchandise; or

(3) receive cash or gifts, other than burial rights and services and merchandise, with a value of more than fifty dollars ($50) as an inducement to purchase a contract.

(b) A contract is unenforceable if:

(1) the contract obligates the seller to provide prepaid services or merchandise for a named individual in conjunction with the death, burial, or final disposition of the individual;

(2) the purchaser under the contract is the attorney in fact, appointed under IC 30-5, of the purchaser.

(3) the death of the named individual appears to have been the result of:

(A) murder (IC 35-42-1-1);

(B) voluntary manslaughter (IC 35-42-1-3); or

(C) another criminal act, if the death does not result from the operation of a vehicle; and

(4) the coroner, in consultation with the law enforcement agency investigating the death of the decedent, determines that there is a reasonable suspicion that the purchaser referred to in subdivision (2) committed the offense.

The coroner, in consultation with the law enforcement agency investigating the death of the decedent, shall inform the seller of the determination of the purchaser described in subdivision (4).

As added by P.L.200-1991, SEC.1. Amended by P.L.241-1995, SEC.12; P.L.102-2007, SEC.4; P.L.34-2011, SEC.9.
Ind. Code § 30-4-3-35 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-35
Matrimonial trusts; election; effect of the death of a spouse or the dissolution of the marriage; revocation
Status: reserved

Sec. 35. (a) This section is intended to ensure that if real property is transferred to one (1) or more revocable trusts created by a husband and wife for estate planning purposes, the husband and wife will maintain real estate ownership protections equivalent to those they would have if they owned that real property in an estate by the entireties including an estate by the entireties created under IC 32-17-3-1.

(b) As used in this section, "joint matrimonial trust" means a single inter vivos trust established under this section by settlors who are husband and wife.

(c) As used in this section, "matrimonial property" means real property that:

(1) is subject to a written election to treat the property as matrimonial property under this section; and

(2) is owned by a matrimonial trust.

(d) As used in this section, "matrimonial trust" means a trust established under this section to own matrimonial property.

(e) As used in this section, "separate matrimonial trust" means a separate trust that is also a matrimonial trust.

(f) As used in this section, "separate trust" means a trust established by one (1) individual.

(g) A matrimonial trust may be established:

(1) jointly by a husband and wife; or

(2) in two (2) or more separate trusts.

(h) A husband and wife may elect to treat real property as matrimonial property with a written statement of the election:

(1) in an instrument or instruments conveying the real property to a matrimonial trust or trusts; or

(2) in a separate writing that must be recorded in the county where the real property is situated and indexed in the records of the county recorder's office to the instrument or instruments that convey the real property to a matrimonial trust or trusts.

(i) A guardian of a husband or wife may make an election under this section:

(1) without the approval of the court if the guardian has unlimited powers under IC 29-3-8-4; and

(2) with the approval of the court in all other cases.

(j) An attorney in fact of a husband and wife may join in the making of an election under this section under the powers conferred upon the attorney in fact by IC 30-5-5-2 if the power of attorney is recorded in the county where the real property is situated and indexed in the records of the county recorder's office to the instrument or instruments that convey the real property to a matrimonial trust or trusts.

(k) The terms of a separate matrimonial trust or a joint matrimonial trust may (but are not required to) restrict the sale or transfer of the matrimonial property for:

(1) the lifetime of the settlor who dies first;

(2) the lifetime of the surviving settlor; or

(3) another defined time period.

(l) An interest in matrimonial property is not severable during the marriage of the husband and wife unless:

(1) both the husband and wife join in the severance in writing; or

(2) a third party owns and forecloses a mortgage or other lien against the interests of both the husband and wife in the matrimonial property.

(m) Notwithstanding any other provision of this section, the legal rights of a lienholder that exist at the time of an election to treat the real property subject to the lien as matrimonial property may not be subject to a severance described in subsection (l) without the lienholder's written consent.

(n) To the extent that a matrimonial trust continues to be a matrimonial trust after the death of a settlor (as provided by subsections (p) and (r));

(1) real property held or owned in a separate trust and for which an earlier election was made under this section continues to be matrimonial property; and

(2) an unsecured creditor or judgment lien creditor who has a claim only against the deceased settlor but not against the surviving settlor cannot enforce that claim against the deceased settlor's interest or the surviving settlor's interest in the matrimonial property.

(o) After the death of a settlor of a matrimonial trust (whether separate or joint), the issue of whether the surviving settlor's interest in the matrimonial property will be exposed to the claims of the surviving settlor's existing creditors or new creditors must be determined according to:

(1) the nature and extent of the surviving settlor's interest in the matrimonial property under the terms of the deceased settlor's separate trust or the joint trust;

(2) all other relevant facts and circumstances; and

(3) pertinent principles of nontrust law outside this article.

(p) Matrimonial property held in a separate matrimonial trust or in a joint matrimonial trust continues to be matrimonial property after the death of one (1) settlor:

(1) if the settlors reserved a life estate in the matrimonial property for each settlor when they conveyed the matrimonial property to the matrimonial trust or trusts; or

(2) if the deceased settlor's separate trust provides to the surviving settlor:

(A) a life estate;

(B) an interest that qualifies for a deduction from the gross estate of the decedent under Section 2056 of the Internal Revenue Code regardless of whether an election is made to qualify the interest for the deduction; or

(C) in some respect the current right to occupy or receive rent, royalties, or other kinds of income with respect to the matrimonial property.

(q) A separate matrimonial trust established by a deceased settlor ceases to be a matrimonial trust upon the termination of payments to the surviving settlor as a result of the surviving settlor's death or as a result of the surviving settlor's valid disclaimer of all interests in the matrimonial property held in the deceased settlor's trust.

(r) A separate matrimonial trust established by a settlor who remains alive continues to be a matrimonial trust during that settlor's remaining lifetime, so long as the settlor retains the right to use or occupy matrimonial property held in the settlor's separate trust.

(s) A matrimonial trust ceases to be a matrimonial trust upon the dissolution of the marriage of the settlors.

(t) A husband and wife may revoke a matrimonial trust by together executing a writing expressing the revocation.

As added by P.L.6-2010, SEC.18. Amended by P.L.36-2011, SEC.9; P.L.99-2013, SEC.10.
Ind. Code § 30-5-5-14.5 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-14.5
Powers of attorney in fact under language conferring general authority with respect to electronic records, reports, and statements
Status: in_force

Sec. 14.5. (a) Language conferring general authority with respect to electronic records, reports, and statements authorizes the attorney in fact to do the following:

(1) Gain access to any computer, storage device, network, communications device, or other computing machinery that the principal owns, leases, or otherwise has license to access.

(2) Gain access to any user account the principal maintains with an online service provider.

(3) Access, retrieve, copy, or store:

(A) the content of an electronic communication of the principal;

(B) a catalogue of electronic communications sent or received by the principal; or

(C) any other digital asset in which the principal has a right or interest.

(4) Perform any act in connection with the preparation, execution, filing, storage, or other use of electronic records, reports, and statements of or concerning the principal's affairs that the attorney in fact may perform in connection with the preparation, execution, filing, storage, or other use of written records, reports, and statements of or concerning the principal's affairs.

(b) The powers described in this section are exercisable equally with respect to electronic records, reports, or statements of or concerning the affairs of the principal at the time of the giving of the power of attorney or are created after that time, whether arising in Indiana or in another jurisdiction.

As added by P.L.137-2016, SEC.13.
Ind. Code § 30-4-2-15 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-15
Divorce or annulment of marriage; effect on revocable trust
Status: in_force

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 court order.

(b) If, after creating a revocable trust, the settlor's marriage is dissolved or annulled, all provisions in the revocable trust in favor of the settlor's former spouse are revoked as of the time of the dissolution or annulment of the marriage. The trust provisions are reinstated if the settlor remarries the former spouse.

As added by P.L.200-1991, SEC.3. Amended by P.L.99-2024, SEC.13.
Ind. Code § 30-2-6-2 — Indiana Code / Title 30 / Article 2 / Chapter 6 / Section 30-2-6-2
Income; accumulation
Status: in_force

Sec. 2. The income arising from any trust within the classification mentioned in the preceding section may be permitted to accumulate in accordance with the terms of such trust for as long a time as may be necessary to accomplish the purposes for which the same was created, notwithstanding any existing law or laws limiting the period during which trust income may be accumulated.

Formerly: Acts 1949, c.184, s.2.
Ind. Code § 30-5-3-2 — Indiana Code / Title 30 / Article 5 / Chapter 3 / Section 30-5-3-2
Validity of power; execution under certain laws
Status: in_force

Sec. 2. A power of attorney is valid if the power of attorney was valid at the time the power of attorney was executed under any of the following:

(1) This article.

(2) IC 30-2-11 (repealed).

(3) Common law.

(4) The law of another state or foreign country.

(5) The requirements for a military power of attorney under 10 U.S.C. 1044b.

As added by P.L.149-1991, SEC.2. Amended by P.L.143-2009, SEC.24.
Ind. Code § 30-2-12-7 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-7
Repealed
Status: repealed

As added by P.L.268-1989, SEC.1. Repealed by P.L.226-2007, SEC.24.
Ind. Code § 30-2-14-33 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-33
Receipts from an interest in minerals or other natural resources
Status: in_force

Sec. 33. (a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources under this section, the trustee shall allocate them as follows:

(1) If received as nominal delay rental or nominal annual rent on a lease, a receipt must be allocated to income.

(2) If received from a production payment, a receipt must be allocated to income if and to the extent that the agreement creating the production payment provides a factor for interest or its equivalent. The balance must be allocated to principal.

(3) If an amount received as a royalty, shut-in-well payment, take-or-pay payment, bonus, or delay rental is more than nominal, ninety percent (90%) must be allocated to principal and the balance to income.

(4) If an amount is received from a working interest or any other interest not provided for in subdivision (1), (2), or (3), ninety percent (90%) of the net amount received must be allocated to principal and the balance to income.

(b) An amount received on account of an interest in water that is renewable must be allocated to income. If the water is not renewable, ninety percent (90%) of the amount must be allocated to principal and the balance to income.

(c) This chapter applies whether or not a decedent or donor was extracting minerals, water, or other natural resources before the interest became subject to the trust.

(d) If a trust owns an interest in minerals, water, or other natural resources on January 1, 2003, the trustee may allocate receipts from the interest as provided in this chapter or in the manner used by the trustee before January 1, 2003. If the trust acquires an interest in minerals, water, or other natural resources after December 31, 2002, the trustee shall allocate receipts from the interest as provided in this chapter.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-2-5-6 — Indiana Code / Title 30 / Article 2 / Chapter 5 / Section 30-2-5-6
Nonliability of corporation or transfer agent
Status: in_force

Sec. 6. A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by this chapter.

Formerly: Acts 1961, c.124, s.6. As amended by Acts 1982, P.L.171, SEC.99.
Ind. Code § 30-2-15-20 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-20
Prohibited reduction in unitrust amount
Status: in_force

Sec. 20. The unitrust amount may not be reduced for expenses that would be deducted from income if the trust were not a total return unitrust.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-4-10-52 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-52
Second-trust instrument; noncompliant provision; corrective action for exercise of decanting power on a noncompliant provision
Status: in_force

Sec. 52. (a) If exercise of the decanting power would be effective under this chapter except that the second-trust instrument in part does not comply with this chapter, the exercise of the power is effective and the following rules apply with respect to the principal of the second trust attributable to the exercise of the power:

(1) A provision in the second-trust instrument that is not permitted under this chapter is void to the extent necessary to comply with this chapter.

(2) A provision required by this chapter to be in the second-trust instrument that is not contained in the instrument is deemed to be included in the instrument to the extent necessary to comply with this chapter.

(b) If a trustee or other fiduciary of a second trust determines that subsection (a) applies to a prior exercise of the decanting power, the fiduciary shall take corrective action consistent with the fiduciary's duties.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-10-5 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-5
"Beneficiary"
Status: in_force

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 P.L.161-2022, SEC.3.