Sec. 16. (a) Unless the terms of the trust provide otherwise, and except as provided in section 17 of this chapter, the
trustee is entitled to reasonable compensation from the
trust estate for acting as
trustee.
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Terms Used In Indiana Code 30-4-5-16
- Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Trust estate: means the trust property and the income derived from its use. 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) the duties of the trustee are substantially different from those contemplated when the trust was created; or
(2) the compensation specified in the terms of the trust would be unreasonably low or high.
(c) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:
(1) expenses that were properly incurred in the administration of the trust; and
(2) expenses that were not properly incurred in the administration of the trust, to the extent necessary to prevent unjust enrichment of the trust.
An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
Formerly: Acts 1971, P.L.416, SEC.6. As amended by P.L.238-2005, SEC.42.
