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

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

Sec. 35. (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.

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