§ 30-4-1-2 — Other definitions

Indiana § 30-4-1-2

• Jurisdiction: Indiana
• Art. 4: TRUST CODE
• Ch. 1: General Provisions

Text

As used in this article:
(1) "Adult" means any person eighteen (18) years of age or older.
(2) "Affiliate" means a parent, descendant, spouse, spouse of a
descendant, brother, sister, spouse of a brother or sister,
employee, director, officer, partner, joint venturer, a corporation
subject to common control with the trustee, a shareholder, or
corporation who controls the trustee or a corporation controlled
by the trustee other than as a fiduciary, an attorney, or an agent.
(3) "Beneficiary" has the meaning set forth in IC 30-2-14-2.
(4) "Breach of trust" means a violation by the trustee of any duty
which is owed to the settlor or beneficiary.
(5) "Charitable trust" means a trust in which all the beneficiaries
are the general public or organizations, including trusts,
corporations, and associations, and that is organized and operated
wholly for religious, charitable, scientific, public safety testing,
literary, or educational purposes. The term does not include
charitable remainder trusts, charitable lead trusts, pooled income
funds, or any other form of split-interest charitable trust that has
at least one (1) noncharitable beneficiary.
(6) "Court" means a court having jurisdiction over trust matters.
(7) "Child" includes an adopted child or a child that is in gestation
before the death of a deceased parent and born within forty-three
(43) weeks after the death of that parent. The term does not
include a grandchild or other more remote descendants, nor,
except as provided in IC 29-1-2-7, a child born out of wedlock.
(8) "Designated representative" means a person who:
(A) is authorized, under the terms of a trust, to represent the
interests of a beneficiary;
(B) delivers to the trustee a written acceptance of appointment
as the designated representative; and
(C) is appointed or assigned to act and communicate on behalf
of that beneficiary in one (1) or more of the following ways:
(i) The person is expressly appointed by the settlor, in the
trust instrument or under a power reserved by the settlor, to
act as a designated representative for one (1) or more
beneficiaries of a trust.
(ii) The person is appointed as a designated representative by
the trustee or by another authorized person under procedures
provided in the trust instrument or described under this
subdivision.
(iii) The person is authorized or directed under the trust
instrument to represent or bind one (1) or more beneficiaries
in connection with a judicial proceeding or nonjudicial
matter.
(iv) The person is appointed by a beneficiary to act as a
designated representative of that beneficiary.
Notwithstanding any contrary provision in the trust instrument or
in any other writing that appoints a designated representative, a
designated representative is a fiduciary and has a duty to act in
good faith in representing the best interests of the beneficiary
being represented, and to refrain from willful misconduct.
(9) "Income", except as otherwise stated in a trust agreement, has
the meaning set forth in IC 30-2-14-4.
(10) "Income beneficiary" has the meaning set forth in IC 30-2-14-5.
(11) "Inventory value" means the cost of property to the settlor or
the trustee at the time of acquisition or the market value of the
property at the time it is delivered to the trustee, or the value of
the property as finally determined for purposes of an estate or
inheritance tax.
(12) "Judicial proceeding" means a proceeding involving a trust
before a court having subject matter jurisdiction of the trust,
whether or not the administration of the trust is governed by
Indiana law.
(13) "Minor" means any person under the age of eighteen (18)
years.
(14) "No contest provision" refers to a provision of a trust
instrument that, if given effect, would reduce or eliminate the
interest of a beneficiary of the trust who, directly or indirectly,
initiates or otherwise pursues:
(A) an action to contest the validity of:
(i) the trust; or
(ii) the terms of the trust;
(B) an action to set aside or vary any term of the trust; or
(C) any other act to frustrate or defeat the settlor's intent as
expressed in the terms of the trust.
(15) "Nonjudicial matter" includes but is not limited to any of the
following matters or actions relating to a trust or its
administration:
(A) A trustee's provision of accounting statements or notices to
beneficiaries under IC 30-2-14, IC 30-2-15, or this article.
(B) The solicitation, execution, and delivery of waivers of
notice, consent, or objections from beneficiaries under IC 30-2-14, IC 30-2-15, or this article.
(C) The solicitation, execution, and delivery of a consent,
acquiescence, ratification, release, or discharge by a beneficiary
under IC 30-4-3-19.
(16) "Person" has the meaning set forth in IC 30-2-14-9.
(17) "Personal representative" means an executor or administrator
of a decedent's or absentee's estate, guardian of the person or
estate, guardian ad litem or other court appointed representative,
next friend, parent or custodian of a minor, attorney in fact, or
custodian of an incapacitated person (as defined in IC 29-3-1-7.5).
(18) "Principal" has the meaning set forth in IC 30-2-14-10.
(19) "Qualified beneficiary" means:
(A) a beneficiary who, on the date the beneficiary's
qualification is determined:
(i) is a distributee or permissible distributee of trust income
or principal;
(ii) would be a distributee or permissible distributee of trust
income or principal if the interest of the distributee described
in item (i) terminated on that date;
(iii) would be a distributee or permissible distributee of trust
income or principal if the trust terminated on that date;
(iv) is a charitable organization expressly designated to
receive distributions under the terms of a charitable trust;
(v) is a person appointed to enforce a trust for the care of an
animal under IC 30-4-2-18; or
(vi) is a person appointed to enforce a trust for a
noncharitable purpose under IC 30-4-2-19; or
(B) the attorney general, if the trust is a charitable trust having
its principal place of administration in Indiana.
(20) "Remainderman" means a beneficiary entitled to principal,
including income which has been accumulated and added to the
principal.
(21) "Settlor" means a person who establishes a trust including
the testator of a will under which a trust is created.
(22) "Terms of a trust", "terms of the trust", or "terms of a
charitable trust" means the manifestation of the intent of a settlor
or decedent with respect to the trust, expressed in a manner that
admits of its proof in a judicial proceeding, whether by written or
spoken words or by conduct.
(23) "Trust estate" means the trust property and the income
derived from its use.
(24) "Trust for a benevolent public purpose" means a charitable
trust (as defined in subdivision (5)), a split-interest trust (as
defined in Section 4947 of the Internal Revenue Code), a
perpetual care fund established under IC 23-14-48-2, a prepaid
funeral plan or funeral trust established under IC 30-2-9, a funeral
trust established under IC 30-2-10, a trust or an escrow account
created from payments of funeral, burial services, or merchandise
in advance of need described in IC 30-2-13, and any other form
of split-interest charitable trust that has both charitable and
noncharitable beneficiaries, including but not limited to charitable
remainder trusts, charitable lead trusts, and charitable pooled
income funds.
(25) "Trust instrument" means an instrument, agreement, or other
written document executed by the settlor that contains the terms
of the trust, including any amendments to the terms of the trust.
(26) "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.
(27) "Trustee" has the meaning set forth in IC 30-2-14-13.
Formerly: Acts 1971, P.L.416, SEC.2; Acts 1973, P.L.293,
SEC.5. As amended by P.L.33-1989, SEC.94; P.L.138-1994, SEC.1;
P.L.41-2000, SEC.2; P.L.84-2002, SEC.3; P.L.238-2005, SEC.19;
P.L.61-2008, SEC.13; P.L.51-2014, SEC.18; P.L.163-2018, SEC.13;
P.L.33-2019, SEC.13; P.L.221-2019, SEC.1; P.L.231-2019,
SEC.21.