Indiana Code 30-5-6-4.1. Judicial review and settlement of an account; attorney in fact
(1) the attorney in fact’s authority under the power of attorney has been revoked; or
Terms Used In Indiana Code 30-5-6-4.1
- 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
- Decedent: A deceased person.
- Fiduciary: A trustee, executor, or administrator.
- Fraud: Intentional deception resulting in injury to another.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Probate: Proving a will
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Trustee: A person or institution holding and administering property in trust.
(b) Judicial review and settlement of an account is initiated upon the filing of a petition to settle and allow an account. The petition must be filed with the court exercising probate jurisdiction for the county in which the principal resides. Except as otherwise provided by this section, the procedures under IC 30-4-5-14(b), IC 30-4-5-14(c), IC 30-4-5-14(d), and IC 30-4-5-15 applicable to judicial settlement of a trustee‘s account govern:
(1) the filing of objections; and
(2) all proceedings;
on the petition.
(c) A petition to settle and allow an account must be served upon all the following that are applicable:
(1) The principal.
(2) Any guardian appointed for the principal.
(3) Any successor attorney in fact.
(4) If the principal is deceased and a personal representative has been appointed:
(A) the personal representative;
(B) any other fiduciary of the principal, if applicable; and
(C) any person beneficially interested in the decedent‘s estate.
(5) If the principal is deceased and a personal representative has not been appointed, the principal’s heirs at law.
(6) If the principal is deceased and the principal’s will is probated without administration:
(A) the personal representative named in the probated will; and
(B) all persons or entities beneficially interested in the probated will.
(7) Any other person that the court directs.
(d) An attorney in fact is discharged from liability as to the transactions disclosed in the accounting if:
(1) the court reviews and approves the accounting; and
(2) notice of the court’s approval of the accounting is provided to:
(A) the principal, if the principal is not deceased; or
(B) the principal’s representatives, whether or not the principal is deceased.
(e) In the absence of fraud, misrepresentation, inadequate disclosure, or failure to provide proper notice related to the power of attorney transactions, the discharge from liability under subsection (d) is lawful and binding upon all interested persons:
(1) who would assert an interest on behalf of or through the principal; and
(2) who are:
(A) born or unborn;
(B) notified or not notified; or
(C) represented or not represented.
(f) The filing fee for a petition to settle and allow an account filed under this section is a legitimate expense of the principal or the principal’s estate.
As added by P.L.81-2015, SEC.21.