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2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-40. Written Election Concerning Custodial Property

Sec. 40. (a) If a transferor:
(1) has transferred property to a custodian for the benefit of a minor before July 1, 1989; and
(2) has made or wishes to make further transfers of property to the same custodian for the benefit of the same minor after June 30, 1989;
the transferor shall make a written election under subsection (b) concerning the custodial property.
(b) A transferor may elect one (1) of the following:
(1) The transferor may establish a new account under this chapter for only the property transferred after June 30, 1989.
(2) The transferor may transfer the property transferred before July 1, 1989, into a new account established under this chapter and make further transfers of property into the account established under this subdivision.
(3) The transferor may transfer property after June 30, 1989, into the account established before July 1, 1989. However, any property transferred into the account after June 30, 1989, is subject to this chapter.
As added by P.L.137-1994, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-1. Applicability

Sec. 1. (a) This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration:
(1) the transferor, beneficiary, or custodial trustee:
(A) is a resident of; or
(B) has its principal place of business in Indiana; or
(2) custodial trust property is located in Indiana.
(b) The custodial trust remains subject to this chapter even if the transferor, beneficiary, or custodial trustee:
(1) changes its residence or principal place of business; or
(2) removes custodial trust property;
to a location outside Indiana.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-2. Transfer Under Other State's Law; Enforcement

Sec. 2. A transfer made pursuant to an act of another state substantially similar to this chapter is governed by the law of that state and may be enforced in Indiana.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-3. Construction

Sec. 3. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-5. "Adult"

Sec. 5. As used in this chapter, "adult" means an individual who is at least eighteen (18) years of age.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-6. "Beneficiary"

Sec. 6. As used in this chapter, "beneficiary" means an individual for whom property:
(1) has been transferred to; or
(2) is held under a declaration of trust by;
a custodial trustee for the individual's use and benefit under this chapter.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-7. "Custodial Trust Property"

Sec. 7. As used in this chapter, "custodial trust property" means the following:
(1) An interest in property:
(A) transferred to; or
(B) held under a declaration of trust by;
a custodial trustee under this chapter.
(2) The income from and proceeds of the property interest described in subdivision (1).
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-8. "Custodial Trustee"

Sec. 8. As used in this chapter, "custodial trustee" means a person designated as:
(1) trustee; or
(2) substitute or successor to the person designated as trustee;
of a custodial trust under this chapter.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-9. "Guardian"

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.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-10. "Incapacitated"

Sec. 10. As used in this chapter, "incapacitated" has the meaning set forth in IC 29-3-1-7.5.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-12. "Member of the Beneficiary's Family"

Sec. 12. As used in this chapter, "member of the beneficiary's family" means a beneficiary's spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of whole or half blood or by adoption.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-13. "Person"

Sec. 13. As used in this chapter, "person" means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-14. "Personal Representative"

Sec. 14. As used in this chapter, "personal representative" has the meaning set forth in IC 29-1-1-3.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-15. "State"

Sec. 15. As used in this chapter, "state" means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-16. "Transferor"

Sec. 16. As used in this chapter, "transferor" means a person who creates a custodial trust by transfer or declaration.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-17. "Trust Company"

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.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-18. Creating a Custodial Trust

Sec. 18. (a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration of the property or by an instrument of transfer that:
(1) is executed in any lawful manner;
(2) names an individual as beneficiary who may be the transferor; and
(3) in substance, designates the transferee to be the custodial trustee of the property under this chapter.
(b) A person may create a custodial trust of property by a written declaration evidenced by registration of the property or by another instrument of declaration that:
(1) is executed in any lawful manner;
(2) describes the property;
(3) names as beneficiary an individual other than the declarant; and
(4) in substance, designates the declarant, who is also the titleholder of the property, to be the custodial trustee of the property under this chapter.
(c) A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this chapter.
(d) Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-19. Terminating a Custodial Trust

Sec. 19. (a) Except as provided in subsection (b), a transferor may not terminate a custodial trust.
(b) A custodial trust may be terminated by the beneficiary if the beneficiary is not incapacitated. In order to terminate the trust, the beneficiary must deliver to the custodial trustee a writing that:
(1) is signed by the beneficiary; and
(2) declares the termination of the custodial trust.
(c) If not previously terminated, a custodial trust terminates on the death of the beneficiary.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-20. Adding Trust Property

Sec. 20. A person may augment existing custodial trust property by the addition of other property under this chapter.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-21. Successor Custodial Trustee

Sec. 21. The transferor may:
(1) designate; or
(2) authorize the designation of;
a successor custodial trustee in the trust instrument.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-22. Creation and Enforcement of Trust Under Other Law

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.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-23. Custodial Trust Upon Occurrence of Future Event

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.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-24. Custodial Trustee's Acceptance of Trust Property

Sec. 24. (a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter upon the custodial trustee's acceptance, express or implied, of the custodial trust property.
(b) The custodial trustee's acceptance may be evidenced by a writing stating in substance:
CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE
I, _______________ (name of custodial trustee) acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for _______________ (name of beneficiary) under the Indiana uniform custodial trust act. I undertake to administer and distribute the custodial trust property under the Indiana uniform custodial trust act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is, or becomes incapacitated. The custodial trust property consists of _____________.
Dated:__________________________
________________________________
(Signature of Custodial Trustee)
(c) Upon accepting custodial trust property, a person designated as custodial trustee under this chapter is subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-25. Transfer for Use and Benefit of Incapacitated Individual

Sec. 25. (a) Unless otherwise directed by an instrument designating a custodial trustee under section 23 of this chapter, a person, including a fiduciary other than a custodial trustee, who:
(1) holds property of; or
(2) owes a debt to;
an incapacitated individual may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds twenty thousand dollars ($20,000), the transfer is not effective unless authorized by the court.
(b) A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee under this section.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-26. Multiple Beneficiaries

Sec. 26. (a) Beneficial interests in a custodial trust created for multiple beneficiaries are considered to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.
(b) Custodial trust property held under this chapter by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.
(c) A custodial trustee of custodial trust property held for at least two (2) beneficiaries shall separately account to each beneficiary under sections 27 and 35 of this chapter for the administration of the custodial trust.
(d) The custodial trust property or the income from the custodial trust property may not be subject to:
(1) anticipation;
(2) alienation;
(3) assignment;
(4) pledge;
(5) appointment; or
(6) any other voluntary or involuntary transfer;
before distribution by the custodial trustee. The custodial trustee may disregard and defeat an attempt to violate the requirements of this subsection.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-27. Custodial Trustee's Powers and Duties

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.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-28. Rights and Powers

Sec. 28. (a) A custodial trustee acting in a fiduciary capacity has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only.
(b) This section does not relieve a custodial trustee from liability for a violation of section 27 of this chapter.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-29. Distribution of Custodial Trust Property

Sec. 29. (a) If a beneficiary is not incapacitated, the custodial trustee shall:
(1) pay to the beneficiary; or
(2) expend for the beneficiary's use and benefit;
so much or all of the custodial trust property as the beneficiary may direct from time to time.
(b) If the beneficiary is incapacitated, the custodial trustee, in the custodial trustee's sole discretion, may expend so much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of:
(1) the beneficiary; and
(2) individuals who:
(A) were supported by the beneficiary when the beneficiary became incapacitated; or
(B) are legally entitled to support by the beneficiary.
(c) The custodial trustee may make expenditures:
(1) in the manner;
(2) when; and
(3) to the extent;
that the custodial trustee determines suitable and proper. The custodial trustee may make expenditures without court order and without regard to other support, income, or property of the beneficiary.
(d) A custodial trustee may establish checking, savings, or other similar accounts of reasonable amounts under which:
(1) the custodial trustee; or
(2) the beneficiary;
may withdraw funds from, or draw checks against, the accounts. Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-30. Administering Custodial Trust for Incapacitated Beneficiary

Sec. 30. (a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if:
(1) the custodial trust was created under section 25 of this chapter;
(2) the transferor has so directed in the instrument creating the custodial trust; or
(3) the custodial trustee has determined that the beneficiary is incapacitated.
(b) A custodial trustee may determine that the beneficiary is incapacitated in reliance upon:
(1) previous direction or authority given by the beneficiary while not incapacitated, including direction or authority under a durable power of attorney;
(2) the certificate of the beneficiary's physician; or
(3) other persuasive evidence.
(c) If a custodial trustee for an incapacitated beneficiary reasonably concludes that:
(1) the beneficiary's incapacity has ceased; or
(2) circumstances concerning the beneficiary's ability to manage property and business affairs have changed since the creation of a custodial trust directing administration as for an incapacitated beneficiary;
the custodial trustee may administer the trust as for a beneficiary who is not incapacitated.
(d) Upon the petition of:
(1) the beneficiary;
(2) the custodial trustee; or
(3) another person interested in:
(A) the custodial trust property; or
(B) the welfare of the beneficiary;
the court shall determine whether the beneficiary is incapacitated.
(e) If:
(1) the custodial trustee or a court has not determined that a beneficiary is incapacitated under subsection (b) or (d); and
(2) the custodial trustee has reason to believe that the beneficiary is incapacitated;
the custodial trustee shall administer the custodial trust in accordance with the provisions of this chapter applicable to an incapacitated beneficiary.
(f) Incapacity of a beneficiary does not terminate:
(1) the custodial trust;
(2) any designation of a successor custodial trustee;
(3) rights or powers of the custodial trustee; or
(4) any immunities of third persons acting on the instructions of the custodial trustee.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-31. Reliance on Person Purporting to Be Custodial Trustee

Sec. 31. (a) A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to:
(1) make a transfer as; or
(2) act in the capacity of;
a custodial trustee.
(b) In the absence of knowledge to the contrary, a third person described in subsection (a) is not responsible for determining:
(1) the validity of the purported custodial trustee's designation;
(2) the propriety of, or the authority under this chapter for, any action of the purported custodial trustee;
(3) the validity or propriety of an instrument executed or instruction given under this chapter by:
(A) the person purporting to make a transfer or declaration; or
(B) the purported custodial trustee; or
(4) the propriety of the application of property vested in the purported custodial trustee.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-32. Claim by Third Person Against Custodial Trustee

Sec. 32. (a) A claim based on:
(1) a contract entered into by a custodial trustee acting in a fiduciary capacity;
(2) an obligation arising from the ownership or control of custodial trust property; or
(3) a tort committed in the course of administering the custodial trust;
may be asserted by a third person against the custodial trust property by proceeding against the custodial trustee in a fiduciary capacity, whether or not the custodial trustee or the beneficiary is personally liable.
(b) A custodial trustee is not personally liable to a third person on a contract properly entered into in a fiduciary capacity unless the custodial trustee fails to:
(1) reveal that capacity; or
(2) identify the custodial trust in the contract.
(c) Unless a custodial trustee is personally at fault, a custodial trustee is not liable to a third person for:
(1) an obligation arising from control of custodial trust property; or
(2) a tort committed in the course of the administration of the custodial trust.
(d) A beneficiary is not personally liable to a third person for:
(1) an obligation arising from beneficial ownership of custodial trust property; or
(2) a tort committed in the course of administration of the custodial trust;
unless the beneficiary is personally in possession of the custodial trust property giving rise to the liability or is personally at fault.
(e) Subsections (b) and (c) do not preclude actions or proceedings to establish liability of the custodial trustee or beneficiary to the extent the person sued is protected as the insured by liability insurance.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-34. Compensation of Custodial Trustee

Sec. 34. Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:
(1) is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;
(2) has a noncumulative election, to be made not later than six (6) months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and
(3) need not furnish a bond or other security for the faithful performance of fiduciary duties.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-35. Written Statement of Trust Administration; Petition for Accounting

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.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-36. Claim Against Custodial Trustee's Claim Barred Against Other Parties

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.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-37. Termination of a Custodial Trust

Sec. 37. (a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:
(1) to the beneficiary, if not incapacitated or deceased;
(2) to the guardian or other recipient designated by the court for an incapacitated beneficiary; or
(3) upon the beneficiary's death, in the following order:
(A) as last directed in a writing:
(i) signed by the deceased beneficiary while not incapacitated; and
(ii) received by the custodial trustee during the life of the deceased beneficiary;
(B) to the survivor of multiple beneficiaries if survivorship is provided for under section 26 of this chapter;
(C) as designated in the instrument creating the custodial trust; or
(D) to the estate of the deceased beneficiary.
(b) If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.
(c) Death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.6. Uniform Custodial Trust Act › 30-2-8.6-39. Severability

Sec. 39. The provisions of this chapter are severable in the manner provided by IC 1-1-1-8(b).
As added by P.L.3-2003, SEC.1.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982 › 30-2-9-1. Agreement or Contract; Personal Property, Merchandise, or Services; General Cemetery Law

Sec. 1. (a) Any payment of money made to any person, firm, partnership, association, limited liability company, or corporation, other than a bank or trust company, upon any agreement or contract, or any series or combination of agreements or contracts, which has for a purpose the furnishing or performance of funeral services, or the furnishing or delivery of any personal property, merchandise, or services of any nature in connection with the final disposition of a dead human body, for future use at a time determinable by the death of the person or persons whose body or bodies are to be so disposed of, shall be held to be trust funds, and the person, firm, partnership, association, or corporation receiving said payments is hereby declared to be a trustee thereof. This subsection applies only to such a contract or agreement executed before July 1, 1978.
(b) After June 30, 1978, it is unlawful to enter into any agreement or contract for a purpose described in subsection (a) unless the agreement or contract requires that all payments be made by the settlor to an account in a:
(1) bank;
(2) trust company;
(3) savings association; or
(4) credit union;
whose principal office is in Indiana.
(c) Nothing contained in this chapter shall be deemed or construed to apply to those persons, firms, partnerships, associations, limited liability companies, or corporations covered by the "Indiana General Cemetery Law", IC 23-14-33 through IC 23-14-76.
Formerly: Acts 1963, c.303, s.1. As amended by Acts 1978, P.L.133, SEC.1; Acts 1979, P.L.272, SEC.1; P.L.8-1993, SEC.465; P.L.79-1998, SEC.92; P.L.109-2015, SEC.47.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982 › 30-2-9-1.5. Funeral Trusts

Sec. 1.5. (a) After June 30, 1978, but before July 1, 1982, an individual may establish one (1) funeral trust under this section, in lieu of any other arrangement for advance payment of funeral and burial expense, such as a joint account, that may be lawful under section 1(b) of this chapter.
(b) A funeral trust established under this section must:
(1) be irrevocable;
(2) have only one (1) settlor;
(3) name a financial institution qualified under section 1(b) of this chapter in which all funds are to be deposited;
(4) name an embalmer, a funeral director, or funeral home, licensed under IC 25-15, as sole beneficiary;
(5) be accompanied by a contract between the settlor and beneficiary as provided in subsection (c); and
(6) be either a time deposit, or account, or certificate of deposit in a financial institution, in the names of the settlor and the beneficiary payable on death to the survivor, or name the designated financial institution as sole trustee.
(c) A funeral trust contract must specify in detail the funeral and burial services to be provided by the beneficiary, and must specify the place of the funeral and the place of burial or other disposition. The contract must contain an acknowledgement by the settlor that he understands the irrevocable nature of the trust. In addition, the contract may provide for reasonable adjustment of the services to be provided if:
(1) the settlor has not contributed the full amount specified in the contract at the time of his death; or
(2) the reasonable expense of transporting the corpse a distance greater than twenty-five (25) miles to the place of the funeral or the place of burial is paid by the beneficiary.
The contract may contain other provisions not inconsistent with this chapter, including a provision for disposition of income on the trust funds that results in a balance greater than the contribution agreed to by the settlor.
(d) The settlor may change the beneficiary, but any new beneficiary must be licensed under IC 25-15 or be a funeral director or funeral home licensed under the laws of another state. The settlor may also change the place of the funeral or the place of burial.
(e) Any trust established under section 1(a) of this chapter may be converted to a funeral trust, provided for under this section, by agreement of the parties to the original contract, payment of all trust funds into the funeral trust, and satisfaction of all requirements of this section including execution of the required contract.
(f) Any trust established under this chapter may be converted to a funeral trust provided for under IC 30-2-10 by satisfaction of all requirements of that chapter.
As added by Acts 1978, P.L.133, SEC.2. Amended by Acts 1979, P.L.272, SEC.2; Acts 1982, P.L.179, SEC.1; P.L.246-1985, SEC.20.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982 › 30-2-9-2. Deposit of Funds; Investments

Sec. 2. All trust funds paid under section 1(a) of this chapter shall be deposited in a bank or trust company whose principal office is in this state, or invested in a savings and loan, or building and loan association whose principal office is in this state, in the name of the trustee, as trustee, within thirty (30) days after receipt thereof, and shall be held by such trustee in trust, subject to the provisions of this chapter.
Formerly: Acts 1963, c.303, s.2. As amended by Acts 1978, P.L.133, SEC.3.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982 › 30-2-9-3. Permits; Fidelity Bonds; Accounts, Books, and Records

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.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982 › 30-2-9-4. Deposits or Investments; Interest or Dividends; Withdrawal; Forfeiture

Sec. 4. The amount or amounts deposited or invested, with interest or dividends on the amount or amounts, if any, shall not be withdrawn until the death of the person or persons for whose funeral or burial such funds were paid, unless sooner withdrawn and repaid to the person who originally paid the money under or in connection with said agreement or series of agreements or to the person's legal representative. However:
(1) if the agreement or series of agreements provides for forfeiture and retention of any or all such payments by reason of default in payment upon and according to the terms of the agreement or series of agreements, then upon any such default and forfeiture the trustee may withdraw such deposits or investments; and
(2) nothing in this section shall prohibit the change of depository by the trustee and the transfer of trust funds from one (1) depository to another.
This section applies only to trust funds that include payments under section 1(a) of this chapter.
Formerly: Acts 1963, c.303, s.4. As amended by Acts 1978, P.L.133, SEC.5; P.L.136-2018, SEC.221.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982 › 30-2-9-5. Compensation and Expenses of Trustee

Sec. 5. This chapter shall not be construed to prohibit a trustee under section 1(a) of this chapter from being reimbursed and receiving from the fund its reasonable expenses in the custody and administration of the funds and the usual and reasonable compensation for its services as the trustee. However, the expenses and compensation shall be fixed by the state board of funeral service in a reasonable amount based upon the principal fund and the earnings of the fund deposited or invested under each of the agreements or series of agreements. A financial institution trustee under section 1.5 of this chapter may be reimbursed for its reasonable expenses from the fund, except the amount shall be fixed by the Indiana department of financial institutions.
Formerly: Acts 1963, c.303, s.5. As amended by Acts 1978, P.L.133, SEC.6; P.L.246-1985, SEC.22.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982 › 30-2-9-6. Liquidated Damages

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.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982 › 30-2-9-7. False Reports; Illegal Use or Disbursement of Funds

Sec. 7. (a) Except as provided in subsection (b) or (c), a person who violates this chapter or makes any false and fraudulent report required under this chapter commits a Class B 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) Except as authorized in an agreement described in section 4 of this chapter permitting the early withdrawal of funds, 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.
Formerly: Acts 1963, c.303, s.7. As amended by Acts 1978, P.L.2, SEC.3001; P.L.113-2007, SEC.8; P.L.61-2008, SEC.4; P.L.158-2013, SEC.304.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982 › 30-2-9-8. Partial Invalidity of Law

Sec. 8. If any part or parts of this chapter shall be held unconstitutional, the remaining provisions shall be given full force and effect as completely as if the part held unconstitutional had not been included in this chapter, if such remaining part or parts can then be administered for the purpose of licensing and regulating payments for future use in connection with the disposition of a dead human body, as provided for in this chapter.
Formerly: Acts 1963, c.303, s.8. As amended by Acts 1982, P.L.171, SEC.116; P.L.136-2018, SEC.223.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 10. Funeral Trust Funds › 30-2-10-1. Establishment

Sec. 1. An individual may establish one (1) funeral trust under this chapter, in lieu of any other arrangements for advance payment for funeral and burial expense.
As added by Acts 1982, P.L.179, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 10. Funeral Trust Funds › 30-2-10-2. Payments Required to Be Made to Accounts in Certain Banks, Trust Companies, and Other Institutions

Sec. 2. It is unlawful to enter into any agreement or contract for a purpose described in section 1 of this chapter unless the agreement or contract requires that all payments be made by the settlor to an account in a:
(1) bank;
(2) trust company;
(3) savings association; or
(4) credit union;
with an office in Indiana.
As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.79-1998, SEC.93; P.L.216-2013, SEC.67.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 10. Funeral Trust Funds › 30-2-10-3. Validity of Trust; Requirements

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.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 10. Funeral Trust Funds › 30-2-10-4. Trustee; Expenses and Compensation

Sec. 4. The trustee, in the administration of funds accepted under this chapter, may be reimbursed and receive from the funds its reasonable expenses in the custody and administration of the funds, and is entitled to the usual and reasonable compensation for its services as trustee. The expenses and compensation shall be paid in accordance with the rules of the department of financial institutions.
As added by Acts 1982, P.L.179, SEC.2.