Indiana Code 30-4-10-46. Compensation of authorized fiduciary
(1) all qualified beneficiaries of the second trust consent to the increase in a signed record; or
Terms Used In Indiana Code 30-4-10-46
- authorized fiduciary: means :
Indiana Code 30-4-10-4
- 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
- Fiduciary: A trustee, executor, or administrator.
- first-trust instrument: means the trust instrument for a first trust. See Indiana Code 30-4-10-16
- 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
(b) If a first-trust instrument does not specify an authorized fiduciary‘s compensation, the fiduciary may not exercise the decanting power to increase the fiduciary’s compensation above the compensation permitted by this article unless:
(1) all qualified beneficiaries of the second trust consent to the increase in a signed record; or
(2) the increase is approved by the court.
(c) A change in an authorized fiduciary’s compensation that is incidental to other changes made by the exercise of the decanting power is not an increase in the fiduciary’s compensation for purposes of subsections (a) and (b).
As added by P.L.161-2022, SEC.3.