Sec. 1.5. (a) This subsection applies to a trust created under an instrument executed after June 30, 2005. Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust.

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Terms Used In Indiana Code 30-4-3-1.5

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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
  • Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
  • Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Probate: Proving a will
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • 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 instrument: means an instrument, agreement, or other written document executed by the settlor that contains the terms of the trust, including any amendments to the terms of the trust. 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
     (b) This subsection applies to a revocable trust created or funded by at least two (2) settlors. Unless the terms of the trust provide otherwise:

(1) to the extent the trust consists of community property, the trust may be:

(A) revoked by either spouse acting alone; and

(B) amended only by the joint action of both spouses; and

(2) to the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the part of the trust property attributable to that settlor’s contribution.

     (c) The settlor may revoke or amend a revocable trust as follows:

(1) The settlor may comply with a method provided in the terms of the trust.

(2) If the terms of the trust do not provide a method or the terms of the trust provide a method that is not expressly made the exclusive method to revoke or amend the trust, the settlor may revoke or amend the trust by:

(A) executing a later will or codicil that:

(i) expressly refers to the trust; or

(ii) specifically devises property that would otherwise have passed according to the terms of the trust; or

(B) any other method that:

(i) is in writing; and

(ii) manifests clear and convincing evidence of the settlor’s intent.

     (d) If a settlor revokes a revocable trust, the trustee shall deliver the trust property:

(1) as the settlor directs; or

(2) as the trust instrument requires.

     (e) This subsection applies to a revocable trust created or funded by one (1) settlor after the settlor’s revocation of the trust. Unless the terms of the trust provide otherwise, if the settlor revokes the trust and the trustee does not deliver the trust property under subsection (d) prior to or at the revoking settlor’s death, the remaining trust property becomes part of the revoking settlor’s probate estate.

     (f) This subsection applies after a settlor’s revocation of a revocable trust created or funded by at least two (2) settlors. Unless the terms of the trust provide otherwise, if a settlor revokes a trust and the trustee does not deliver the trust property under subsection (d) at the revoking settlor’s death, the remaining trust property that the settlor contributed to the trust becomes part of the revoking settlor’s probate estate.

     (g) A settlor’s powers with respect to revocation, amendment, and distribution of trust property may be exercised by an agent under a power of attorney only to the extent expressly authorized by the terms of the trust or the power of attorney.

     (h) A guardian of a settlor may exercise the settlor’s powers with respect to revocation, amendment, or distribution of trust property only with the approval of the court supervising the guardianship.

     (i) A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor’s successors in interest for distributions made and other actions taken on the assumption that the trust had not been revoked or amended.

As added by P.L.238-2005, SEC.30. Amended by P.L.38-2023, SEC.16.

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