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;

will 560x170

Ask a will, trust or estate question, get an answer ASAP!
Thousands of highly rated, verified estate & trust lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Indiana Code 30-4-10-35

  • Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
  • authorized fiduciary: means :

    Indiana Code 30-4-10-4

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • beneficiary: means a person that:

    Indiana Code 30-4-10-5

  • decanting power: means the power of an authorized fiduciary under this chapter to:

    Indiana Code 30-4-10-12

  • designated representative: has the meaning set forth in IC 30-4-1-2(8). See Indiana Code 30-4-10-13
  • Fiduciary: A trustee, executor, or administrator.
  • first trust: means a trust over which an authorized fiduciary may exercise the decanting power. See Indiana Code 30-4-10-15
  • Minor: means any person under the age of eighteen (18) years. See Indiana Code 30-4-1-2
  • person: means :

    Indiana Code 30-4-10-19

  • power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. See Indiana Code 30-4-10-20
  • 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. See Indiana Code 30-4-10-25
  • second trust: means :

    Indiana Code 30-4-10-26

  • settlor: has the meaning set forth in IC 30-4-1-2(21). See Indiana Code 30-4-10-28
(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.

  Previous section
Next section  
 Chapter 10 Contents