§ 30-4-5-12 — Accounting by trustees

Indiana § 30-4-5-12

• Jurisdiction: Indiana
• Art. 4: TRUST CODE
• Ch. 5: Rules Governing the Administration of a Trust

Text

(a) Unless the terms of the trust provide
otherwise or unless waived in writing by an adult, competent
beneficiary, the trustee shall deliver a written statement of accounts to
each income beneficiary or the income beneficiary's personal
representative annually. The statement shall contain at least:
(1) all receipts and disbursements since the last statement; and
(2) all items of trust property held by the trustee on the date of the
statement at their inventory value.
(b) This subsection applies to a charitable trust with assets of at least
five hundred thousand dollars ($500,000). The trustee of a charitable
trust shall annually file a verified written certification with the attorney
general stating that a written statement of accounts has been prepared
showing at least the items listed in section 13(a) of this chapter. The
certification must state that the statement of accounts is available to the
attorney general and any member of the general public upon request.
A charitable trust may not be exempted from this requirement by a
provision in a will, trust agreement, indenture, or other governing
instrument. This subsection does not prevent a trustee from docketing
a charitable trust to finalize a written statement of account or any other
lawful purpose in the manner provided in this article. However, this
subsection does not apply to an organization that is not required to file
a federal information return under Section 6033(a)(3)(A)(1) of the
Internal Revenue Code.
(c) Upon petition by the settlor, a beneficiary or the beneficiary's
personal representative, a person designated by the settlor to have
advisory or supervisory powers over the trust, or any other person
having an interest in the administration or the benefits of the trust,
including the attorney general in the case of a trust for a benevolent
public purpose, the court may direct the trustee to file a verified written
statement of accounts showing the items listed in section 13(a) of this
chapter. The petition may be filed at any time; however, the court may
not, in the absence of good cause shown, require the trustee to file a
statement more than once a year.
(d) If the court's jurisdiction is of a continuing nature as provided in
IC 30-4-6-2, the trustee shall file a verified written statement of
accounts containing the items shown in section 13(a) of this chapter
with the court biennially, and the court may, on its own motion, require
the trustee to file such a statement at any other time if there is good
cause for requiring a statement to be filed.
(e) Receipt of a statement or accounting by a beneficiary or other
interested person is presumed if the trustee has procedures in place
requiring the mailing or delivery of an account to the beneficiary or
other interested person. This presumption applies to the mailing or
delivery of a statement or accounting by electronic delivery or access
(as described in IC 30-4-6-6.5), if the beneficiary or other interested
person has agreed to receive the statement or accounting by electronic
delivery or access.
Formerly: Acts 1971, P.L.416, SEC.6. As amended by
P.L.41-2000, SEC.5; P.L.137-2014, SEC.43; P.L.194-2017,
SEC.11.