Indiana Code 30-4-8-4. Requirements
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Sec. 4. A legacy trust must do the following:
(2) Expressly incorporate Indiana law to govern the validity, construction, and administration of the trust.
(1) Provide for the appointment of at least one (1) qualified trustee for the property that is the subject of a qualified disposition.
Terms Used In Indiana Code 30-4-8-4
- 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
- Income: except as otherwise stated in a trust agreement, has the meaning set forth in IC 30-2-14-4. See Indiana Code 30-4-1-2
- Legacy: A gift of property made by will.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- 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) Be irrevocable.
(4) Provide that the interests of the transferor or beneficiary in the trust property or the income from the trust property may not voluntarily or involuntarily be transferred, assigned, pledged, or mortgaged before the qualified trustee actually distributes the property or income to the beneficiary.
As added by P.L.221-2019, SEC.9.