Terms Used In Indiana Code > Title 30 > Article 4 > Chapter 10 - Uniform Trust Decanting Act

• 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.
• 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.
• 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
• authorized fiduciary: means :

  Indiana Code 30-4-10-4

• beneficiary: means a person that:

  Indiana Code 30-4-10-5

• 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 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: 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
• 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.
• 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
• 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
• decanting power: means the power of an authorized fiduciary under this chapter to:

  Indiana Code 30-4-10-12

• designated representative: has the meaning set forth in IC 30-4-1-2(8). See Indiana Code 30-4-10-13
• Donor: The person who makes a gift.
• 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
• 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
• 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.
• 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
• 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}
• 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
• 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 :

  Indiana Code 30-4-10-19

• 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}
• 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
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• qualified beneficiary: has the meaning set forth in IC 30-4-1-2(19). See Indiana Code 30-4-10-23
• 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.
• 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: has the meaning set forth in IC 30-4-1-2(21). See Indiana Code 30-4-10-28
• state: means :

  Indiana Code 30-4-10-30

• terms of the trust: has the meaning set forth in IC 30-4-1-2(22). See Indiana Code 30-4-10-31
• Trust estate: means the trust property and the income derived from its use. 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 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: has the meaning set forth in IC 30-2-14-13. See Indiana Code 30-4-1-2
• Trustee: A person or institution holding and administering property in trust.
• 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