Indiana Code 30-2-15-15. Conversion to unitrust; unitrust rate
(b) When a trustee gives notice of a proposed action under section 10(a)(1)(A) of this chapter to convert a trust to a unitrust, the trustee must include the unitrust rate in the notice of proposed action.
Terms Used In Indiana Code 30-2-15-15
- 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
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- 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.
- Testator: A male person who leaves a will at death.
- trustee: refers to the:
Indiana Code 30-2-15-5
- Trustee: A person or institution holding and administering property in trust.
- unitrust rate: means the percentage of the fair market value of the trust that is determined under section 15 of this chapter and used to calculate the unitrust amount. See Indiana Code 30-2-15-7
(1) the trustee proposes a unitrust rate of four percent (4%) in the notice of proposed action; and
(2) no beneficiary entitled to notice of the proposed action makes a written objection to the unitrust rate under section 10(a)(1)(B) of this chapter;
the unitrust rate must be four percent (4%).
(d) A trust may have a unitrust rate that represents a reasonable current return from the trust and best reflects the goals of the trust and the intent of the settlor or testator, but that is not less than three percent (3%) or more than five percent (5%), if the rate is:
(1) agreed upon in writing by the trustee and the beneficiaries entitled to notice under section 11 of this chapter; or
(2) ordered by the court having jurisdiction of the trust.
As added by P.L.3-2003, SEC.2. Amended by P.L.33-2019, SEC.11.