Indiana Code 30-4-2.1-15. Rules of interpretation concerning a beneficiary’s influence over a trust
(1) A beneficiary serving as a trustee or co-trustee.
Terms Used In Indiana Code 30-4-2.1-15
- 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
- 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: has the meaning set forth in IC 30-2-14-2. See Indiana Code 30-4-1-2
- 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.
- 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: has the meaning set forth in IC 30-2-14-9. See Indiana Code 30-4-1-2
- 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
- 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: A person or institution holding and administering property in trust.
- Trustee: has the meaning set forth in IC 30-2-14-13. See Indiana Code 30-4-1-2
(3) The settlor or a beneficiary:
(A) is a trust administrator, a general partner of a partnership, a manager of a limited liability company, or an officer of a corporation; or
(B) has any other managerial function in any other entity;
that is owned in whole or in part by the trust.
(4) A person related by blood or adoption to a settlor or beneficiary is appointed as trustee.
(5) An agent, accountant, attorney, financial adviser, or friend of the settlor or a beneficiary is appointed as trustee.
(6) A business associate of the settlor or a beneficiary is appointed as trustee.
(7) A beneficiary holds any power of appointment over part or all of the trust property.
(8) The settlor holds a power to substitute property of equivalent value.
(9) The trustee may loan trust property to the settlor for less than a full and adequate rate of interest or without adequate security.
(10) The trust contains broad purposes or highly discretionary distribution language.
(11) The trust has only one (1) beneficiary eligible for current distributions.
As added by P.L.6-2010, SEC.15.