Various trust matters

For amend and vote only, the House Judiciary Committee heard SB 265 on various trust matters, sponsored by Rep. Steuerwald.  The bill does the following:

  • Defines “designated representative”, “judicial proceeding”, and “nonjudicial matter” for purposes of the trust code.
  • Authorizes the establishment of legacy trusts.
  • Prescribes the procedures for establishing a legacy trust and requirements for claims under a legacy trust.
  • Provides that a court shall exercise jurisdiction over a legacy trust or a qualified disposition and adjudicate a case or controversy regarding the legacy trust, if the case or controversy is within the subject matter of the court.
  • Adopts the uniform directed trust act, which allows for the terms of a trust to grant a person other than a trustee power over some aspect of the trust’s administration.
  • Provides that current law regarding the duties and liabilities of a trustee of a trust under the control of a third person applies to directions given to a trustee before July 1, 2019, by a person who has power under the terms of the trust to direct the trustee.
  • Allows for the use of quiet trusts.
  • Provides that an interested person may enter into a binding nonjudicial settlement agreement with respect to trust matters.
  • Provides for nonjudicial account settlements.

The committee did not amend the bill and the bill passed 8-2.

Read the bill at http://iga.in.gov/legislative/2019/bills/senate/265