Sec. 1. (a) This chapter applies to a trust created before, on, or after July 1, 2022, that:

(1) has its principal place of administration in this state, including a trust whose principal place of administration has been changed to this state; or

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Terms Used In Indiana Code 30-4-10-1

  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • court: has the meaning set forth in IC 30-4-1-2(6). See Indiana Code 30-4-10-10
  • decanting power: means the power of an authorized fiduciary under this chapter to:

    Indiana Code 30-4-10-12

  • person: means :

    Indiana Code 30-4-10-19

  • powerholder: means a person in which a donor creates a power of appointment. See Indiana Code 30-4-10-21
  • Principal: has the meaning set forth in IC 30-2-14-10. See Indiana Code 30-4-1-2
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • settlor: has the meaning set forth in IC 30-4-1-2(21). See Indiana Code 30-4-10-28
  • state: means :

    Indiana Code 30-4-10-30

  • terms of the trust: has the meaning set forth in IC 30-4-1-2(22). See Indiana Code 30-4-10-31
  • trust instrument: has the meaning set forth in IC 30-4-1-2(25). See Indiana Code 30-4-10-32
  • 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. See Indiana Code 30-4-1-2
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: has the meaning set forth in IC 30-2-14-13. See Indiana Code 30-4-1-2
(2) provides by its trust instrument that it is governed by the law of this state or is governed by the law of this state for the purpose of:

(A) administration, including administration of a trust whose governing law for purposes of administration has been changed to the law of this state;

(B) construction of terms of the trust; or

(C) determining the meaning or effect of terms of the trust.

     (b) Except as provided in subsections (c) and (d), this chapter applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest.

     (c) This chapter does not:

(1) apply to a trust held solely for charitable purposes;

(2) limit the power of a trustee, powerholder, or other person to distribute or appoint property in further trust;

(3) limit the power to modify a trust under the trust instrument, law of this state other than this chapter, common law, a court order, or a nonjudicial settlement agreement; or

(4) affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument. Such provisions in the trust instrument shall control over any applicable provision of this chapter.

     (d) Subject to section 45 of this chapter, a trust instrument may restrict or prohibit exercise of the decanting power.

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

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