Indiana Code 30-4-10-6. “Beneficiary with a disability”
(1) Dementia, memory loss, Parkinson’s disease, or other progressive condition that, currently or in the future, may impair the ability of the beneficiary to provide self care or manage the beneficiary’s assets.
Terms Used In Indiana Code 30-4-10-6
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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: means a person that:
Indiana Code 30-4-10-5
- Fiduciary: A trustee, executor, or administrator.
- settlor: has the meaning set forth in IC 30-4-1-2(21). See Indiana Code 30-4-10-28
- 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
(3) The susceptibility of the beneficiary, at any age, to financial exploitation, as defined in IC 23-19-4.1, IC 30-5-5-6.5, or FINRA Rule 2165 approved by the United States Securities and Exchange Commission.
(4) A condition requiring essential medical treatment or prescription medication that the beneficiary cannot reasonably provide for from the beneficiary’s resources outside the trust assets.
(5) A condition related directly or indirectly to the disability of a beneficiary described in subdivisions (1) through (4) with respect to which the settlor of the trust has expressed the settlor’s intent.
As added by P.L.161-2022, SEC.3. Amended by P.L.11-2023, SEC.94.