Terms Used In Indiana Code > Title 30 > Article 4 - Trust Code

• Adult: means any person eighteen (18) years of age or older. See Indiana Code 30-4-1-2
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affiliate: means a parent, descendant, spouse, spouse of a descendant, brother, sister, spouse of a brother or sister, employee, director, officer, partner, joint venturer, a corporation subject to common control with the trustee, a shareholder, or corporation who controls the trustee or a corporation controlled by the trustee other than as a fiduciary, an attorney, or an agent. See Indiana Code 30-4-1-2
• Allegation: something that someone says happened.
• 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.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• appointive property: means the property or property interest subject to a power of appointment. See Indiana Code 30-4-10-2
• ascertainable standard: means a standard relating to an individual's health, education, support, or maintenance as defined by Indiana Code 30-4-10-3
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• authorized fiduciary: means :

  Indiana Code 30-4-10-4

• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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

• Beneficiary: has the meaning set forth in IC 30-2-14-2. See Indiana Code 30-4-1-2
• beneficiary with a disability: means a beneficiary who is determined, in the exercise of an authorized fiduciary's discretion, to have one (1) of the following conditions:

  Indiana Code 30-4-10-6

• Breach of trust: includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or the law of this state other than this chapter. See Indiana Code 30-4-9-2
• Breach of trust: means a violation by the trustee of any duty which is owed to the settlor or beneficiary. See Indiana Code 30-4-1-2
• charitable interest: means an interest in a trust that:

  Indiana Code 30-4-10-7

• charitable organization: means :

  Indiana Code 30-4-10-8

• charitable purpose: means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or a purpose that is beneficial to the community. See Indiana Code 30-4-10-9
• Charitable trust: means a trust in which all the beneficiaries are the general public or organizations, including trusts, corporations, and associations, and that is organized and operated wholly for religious, charitable, scientific, public safety testing, literary, or educational purposes. See Indiana Code 30-4-1-2
• Child: includes an adopted child or a child that is in gestation before the death of a deceased parent and born within forty-three (43) weeks after the death of that parent. See Indiana Code 30-4-1-2
• Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. 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.
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• court: has the meaning set forth in IC 30-4-1-2(6). See Indiana Code 30-4-10-10
• Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
• current beneficiary: means a beneficiary who, on the date that the beneficiary's qualification is determined, is a distributee or permissible distributee of trust income or principal. See Indiana Code 30-4-10-11
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• decanting power: means the power of an authorized fiduciary under this chapter to:

  Indiana Code 30-4-10-12

• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• designated representative: has the meaning set forth in IC 30-4-1-2(8). See Indiana Code 30-4-10-13
• Designated representative: means a person who:

  Indiana Code 30-4-1-2

• Devise: To gift property by will.
• Directed trust: means a trust for which the terms of the trust grant a power of direction. See Indiana Code 30-4-9-2
• Directed trustee: means a trustee that is subject to a trust director's power of direction. See Indiana Code 30-4-9-2
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• division: refers to the division of mental health and addiction. See Indiana Code 4-35-8.8-1
• Donor: The person who makes a gift.
• 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}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• Executor: A male person named in a will to carry out the decedent
• expanded distributive discretion: means a discretionary power of distribution that is not limited to an ascertainable standard or a reasonably definite standard. See Indiana Code 30-4-10-14
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• 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
• first-trust instrument: means the trust instrument for a first trust. See Indiana Code 30-4-10-16
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• general power of appointment: means a power of appointment exercisable in favor of:

  Indiana Code 30-4-10-17

• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grantor: The person who establishes a trust and places property into it.
• Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
• 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
• Income: except as otherwise stated in a trust agreement, has the meaning set forth in IC 30-2-14-4. See Indiana Code 30-4-1-2
• Income beneficiary: has the meaning set forth in IC 30-2-14-5. See Indiana Code 30-4-1-2
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Inter vivos: Transfer of property from one living person to another living person.
• Intestate: Dying without leaving a will.
• Inventory value: means the cost of property to the settlor or the trustee at the time of acquisition or the market value of the property at the time it is delivered to the trustee, or the value of the property as finally determined for purposes of an estate or inheritance tax. See Indiana Code 30-4-1-2
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Judicial proceeding: means a proceeding involving a trust before a court having subject matter jurisdiction of the trust, whether or not the administration of the trust is governed by Indiana law. See Indiana Code 30-4-1-2
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legacy: A gift of property made by will.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• Minor: means any person under the age of eighteen (18) years. See Indiana Code 30-4-1-2
• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• No contest provision: refers to a provision of a trust instrument that, if given effect, would reduce or eliminate the interest of a beneficiary of the trust who, directly or indirectly, initiates or otherwise pursues:

  Indiana Code 30-4-1-2

• Nonjudicial matter: includes but is not limited to any of the following matters or actions relating to a trust or its administration:

  Indiana Code 30-4-1-2

• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, estate, business or nonprofit entity, public corporation, government or government subdivision, agency, or instrumentality or other legal entity. See Indiana Code 30-4-9-2
• person: means :

  Indiana Code 30-4-10-19

• Person: has the meaning set forth in IC 30-2-14-9. See Indiana Code 30-4-1-2
• Personal property: All property that is not real property.
• Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
• Personal representative: means an executor or administrator of a decedent's or absentee's estate, guardian of the person or estate, guardian ad litem or other court appointed representative, next friend, parent or custodian of a minor, attorney in fact, or custodian of an incapacitated person (as defined in Indiana Code 30-4-1-2
• 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
• 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}
• Power of direction: means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. See Indiana Code 30-4-9-2
• powerholder: means a person in which a donor creates a power of appointment. See Indiana Code 30-4-10-21
• Principal: has the meaning set forth in IC 30-2-14-10. See Indiana Code 30-4-1-2
• Probate: Proving a will
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• qualified beneficiary: has the meaning set forth in IC 30-4-1-2(19). See Indiana Code 30-4-10-23
• Qualified beneficiary: means :

  Indiana Code 30-4-1-2

• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
• reasonably definite standard: means a clearly measurable standard under which a holder of a power of distribution is legally accountable within the meaning of Indiana Code 30-4-10-24
• 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
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
• Remainderman: means a beneficiary entitled to principal, including income which has been accumulated and added to the principal. See Indiana Code 30-4-1-2
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• second trust: means :

  Indiana Code 30-4-10-26

• second-trust instrument: means the trust instrument for a second trust. See Indiana Code 30-4-10-27
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Settlor: means a person, including a testator, that creates, or contributes property to, a trust. See Indiana Code 30-4-9-2
• settlor: has the meaning set forth in IC 30-4-1-2(21). See Indiana Code 30-4-10-28
• 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
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any other territory or possession subject to the jurisdiction of the United States. See Indiana Code 30-4-9-2
• state: means :

  Indiana Code 30-4-10-30

• Statute: A law passed by a legislature.
• Summons: Another word for subpoena used by the criminal justice system.
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• terms of a charitable trust: means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct. See Indiana Code 30-4-1-2
• Terms of a trust: means :

  Indiana Code 30-4-9-2

• terms of the trust: has the meaning set forth in IC 30-4-1-2(22). See Indiana Code 30-4-10-31
• Testator: A male person who leaves a will at death.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. See Indiana Code 30-4-9-2
• Trust estate: means the trust property and the income derived from its use. See Indiana Code 30-4-1-2
• Trust for a benevolent public purpose: means a charitable trust (as defined in subdivision (5)), a split-interest trust (as defined in Section 4947 of the Internal Revenue Code), a perpetual care fund established under IC 23-14-48-2, a prepaid funeral plan or funeral trust established under IC 30-2-9, a funeral trust established under IC 30-2-10, a trust or an escrow account created from payments of funeral, burial services, or merchandise in advance of need described in IC 30-2-13, and any other form of split-interest charitable trust that has both charitable and noncharitable beneficiaries, including but not limited to charitable remainder trusts, charitable lead trusts, and charitable pooled income funds. See Indiana Code 30-4-1-2
• trust instrument: has the meaning set forth in IC 30-4-1-2(25). See Indiana Code 30-4-10-32
• 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: includes an original, additional, and successor trustee, and a cotrustee. See Indiana Code 30-4-9-2
• Trustee: has the meaning set forth in IC 30-2-14-13. See Indiana Code 30-4-1-2
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• Venue: The geographical location in which a case is tried.
• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
• Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
• Willful misconduct: means intentional wrongdoing, and not mere negligence, gross negligence, or recklessness. See Indiana Code 30-4-9-2
• Wrongdoing: means malicious conduct or conduct designed to defraud or to seek an unconscionable advantage. See Indiana Code 30-4-9-2