Sec. 8. (a) If the
settlor transfers both the title and the entire
equitable interest in
property to the same
person as both the sole
trustee and the sole
beneficiary, no trust will be deemed to have been created and the transferee shall treat the property as the transferee’s own.
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Terms Used In Indiana Code 30-4-2-8
- 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: has the meaning set forth in IC 30-2-14-2. See Indiana Code 30-4-1-2
- Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Person: has the meaning set forth in IC 30-2-14-9. See Indiana Code 30-4-1-2
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Settlor: means a person who establishes a trust including the testator of a will under which a trust is created. See Indiana Code 30-4-1-2
- 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
(1) a beneficiary is serving as trustee; and
(2) the trust creates an interest in a beneficiary who is not the trustee, whether the interest is contingent or vested;
the entire beneficial interest shall not be construed to be united in one (1) person.
(c) The title to the trust property and the entire beneficial interest shall not become united in a beneficiary whose interest is protected under a trust with protective provisions, and in that case the court shall appoint a new trustee to administer the trust for the beneficiary’s benefit.
Formerly: Acts 1971, P.L.416, SEC.3. As amended by P.L.200-1991, SEC.2.
