Sec. 56. (a) Except as provided in subsection (c), if exercise of the
decanting power was intended to distribute all of the
principal of the
first trust to one (1) or more second trusts, later discovered
property belonging to the first trust and property paid to or acquired by the first trust after the exercise of the power is part of the
trust estate of the
second trust.
Ask a will, trust or estate question, get an answer ASAP!
Thousands of highly rated, verified estate & trust lawyers.
Click here to chat with a lawyer about your rights.
Terms Used In Indiana Code 30-4-10-56
- decanting power: means the power of an authorized fiduciary under this chapter to:
Indiana Code 30-4-10-12
- 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
- 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
- second trust: means :
Indiana Code 30-4-10-26
- Trust estate: means the trust property and the income derived from its use. See Indiana Code 30-4-1-2
(c) An authorized fiduciary may provide in an exercise of the decanting power or by the terms of a second trust for disposition of later discovered property belonging to the first trust or property paid to or acquired by the first trust after exercise of the power.
As added by P.L.161-2022, SEC.3.
