Indiana § 30-4-10-35 Authorized fiduciary; notice of intent to exercise decanting power

Indiana Statutes

§ 30-4-10-35 — Authorized fiduciary; notice of intent to exercise decanting power

Indiana·Art. 4 TRUST CODE·Ch. 10 Uniform Trust Decanting Act

(a)Except as provided in subsection (c), an authorized fiduciary shall give notice in a record of the intended exercise of the decanting power not later than sixty (60) days before the exercise of the decanting power to:

(1)each settlor of the first trust, if living or then in existence;

(2)each qualified beneficiary of the first trust, including the designated representative, if any, or other representative under IC 30-4-6-10.5 of a qualified beneficiary who:

(A)is a minor or an incapacitated person;

(B)is unborn;

(C)is unknown; or

(D)cannot be located after a reasonably diligent search;

(3)each holder of a presently exercisable power of appointment in the first trust;

(4)each person that currently has the right to remove or replace the authorized fiduciary;

(5)each fiduciary of

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(a) Except as provided in subsection (c), an
authorized fiduciary shall give notice in a record of the intended
exercise of the decanting power not later than sixty (60) days before the
exercise of the decanting power to:
(1) each settlor of the first trust, if living or then in existence;
(2) each qualified beneficiary of the first trust, including the
designated representative, if any, or other representative under IC 30-4-6-10.5 of a qualified beneficiary who:
(A) is a minor or an incapacitated person;
(B) is unborn;
(C) is unknown; or
(D) cannot be located after a reasonably diligent search;
(3) each holder of a presently exercisable power of appointment
in the first trust;
(4) each person that currently has the right to remove or replace
the authorized fiduciary;
(5) each fiduciary of the first trust;
(6) each fiduciary of the second trust; and
(7) the attorney general, if section 44(c) of this chapter applies.
(b) A notice period under subsection (a) begins on the day that the
notice is given and ends fifty-nine (59) days later.
(c) An authorized fiduciary is not required to give notice under
subsection (a) to a person that:
(1) is not known to the fiduciary;
(2) is known to the fiduciary but cannot be located by the
fiduciary after a reasonably diligent search; or
(3) has no representative under IC 30-4-6-10.5.
(d) The decanting power may be exercised before expiration of the
notice period under subsection (a) if all persons entitled to receive
notice waive the notice period in a signed record.

Indiana § 30-4-10-35 (Authorized fiduciary; notice of intent to exercise decanting power) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.