§ 30-4-10-56 — Property discovered after distribution of the first trust

Indiana § 30-4-10-56

• Jurisdiction: Indiana
• Art. 4: TRUST CODE
• Ch. 10: Uniform Trust Decanting Act

Text

(a) Except as provided in subsection (c), if
exercise of the decanting power was intended to distribute all of the
principal of the first trust to one (1) or more second trusts, later
discovered property belonging to the first trust and property paid to or
acquired by the first trust after the exercise of the power is part of the
trust estate of the second trust.
(b) Except as provided in subsection (c), if exercise of the decanting
power was intended to distribute less than all of the principal of the
first trust to one (1) or more second trusts, later discovered property
belonging to the first trust or property paid to or acquired by the first
trust after exercise of the power remains part of the trust estate of the
first trust.
(c) An authorized fiduciary may provide in an exercise of the
decanting power or by the terms of a second trust for disposition of
later discovered property belonging to the first trust or property paid to
or acquired by the first trust after exercise of the power.

Legislative History

As added by P.L.161-2022, SEC.3.