Terms Used In Indiana Code > Title 4 > Article 35 > Chapter 10 - Employment

• 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: has the meaning set forth in IC 30-2-14-2. See Indiana Code 30-4-1-2
• 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
• 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
• 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: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
• 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
• 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
• Donor: The person who makes a gift.
• 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.
• 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}
• 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
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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 a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
• 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 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

• 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
• 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
• Settlor: means a person, including a testator, that creates, or contributes property to, a trust. See Indiana Code 30-4-9-2
• state: means :

  Indiana Code 30-4-10-30

• 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
• 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.
• 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 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: 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
• 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
• 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