Indiana Code 30-4-2-16. Election by surviving spouse to take share against settlor’s will; distribution of remainder
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Sec. 16. (a) This section applies to:
(2) a trust that receives property from the settlor‘s estate;
(1) property in a trust that is subject to a spouse’s right of election under IC 29-1-3; and
Terms Used In Indiana Code 30-4-2-16
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- 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
if the settlor’s spouse files an effective election to take a share of the settlor’s estate against the settlor’s will under IC 29-1-3.
(b) The trustee shall dispose of the assets received from the settlor’s estate and the portion of the trust remaining after the spouse’s election as if the settlor’s spouse had died before the settlor died.
As added by P.L.200-1991, SEC.4.