Other definitions
Sec. 2. As used in this article:
(1) "Adult" means any person eighteen (18) years of age or
older.
(2) "Affiliate" means a parent, descendant, spouse, spouse of a
descendant, brother, sister, spouse of a brother or sister,
employee, director, officer, partner, joint venturer, a corporation
subject to common control with the trustee, a shareholder, or
corporation who controls the trustee or a corporation controlled
by the trustee other than as a fiduciary, an attorney, or an agent.
(3) "Beneficiary" has the meaning set forth in IC 30-2-14-2.
(4) "Breach of trust" means a violation by the trustee of any
duty which is owed to the settlor or beneficiary.
(5) "Charitable trust" means a trust in which all the
beneficiaries are the general public or organizations, including
trusts, corporations, and associations, and that is organized and
operated wholly for religious, charitable, scientific, public
safety testing, literary, or educational purposes. The term does
not include charitable remainder trusts, charitable lead trusts,
pooled income funds, or any other form of split-interest
charitable trust that has at least one (1) noncharitable
beneficiary.
(6) "Court" means a court having jurisdiction over trust matters.
(7) "Income", except as otherwise stated in a trust agreement,
has the meaning set forth in IC 30-2-14-4.
(8) "Income beneficiary" has the meaning set forth in
IC 30-2-14-5.
(9) "Inventory value" means the cost of property to the settlor
or the trustee at the time of acquisition or the market value of
the property at the time it is delivered to the trustee, or the value
of the property as finally determined for purposes of an estate
or inheritance tax.
(10) "Minor" means any person under the age of eighteen (18)
years.
(11) "Person" has the meaning set forth in IC 30-2-14-9.
(12) "Personal representative" means an executor or
administrator of a decedent's or absentee's estate, guardian of
the person or estate, guardian ad litem or other court appointed
representative, next friend, parent or custodian of a minor,
attorney in fact, or custodian of an incapacitated person (as
defined in IC 29-3-1-7.5).
(13) "Principal" has the meaning set forth in IC 30-2-14-10.
(14) "Qualified beneficiary" means:
(A) a beneficiary who, on the date the beneficiary's
qualification is determined:
(i) is a distributee or permissible distributee of trust
income or principal;
(ii) would be a distributee or permissible distributee of
trust income or principal if the interest of the distributee
described in item (i) terminated on that date;
(iii) would be a distributee or permissible distributee of
trust income or principal if the trust terminated on that
date;
(iv) has sent the trustee a request for notice;
(v) is a charitable organization expressly designated to
receive distributions under the terms of a charitable trust;
(vi) is a person appointed to enforce a trust for the care of
an animal under IC 30-4-2-18; or
(vii) is a person appointed to enforce a trust for a
noncharitable purpose under IC 30-4-2-19; or
(B) the attorney general, if the trust is a charitable trust
having its principal place of administration in Indiana.
(15) "Remainderman" means a beneficiary entitled to principal,
including income which has been accumulated and added to the
principal.
(16) "Settlor" means a person who establishes a trust including
the testator of a will under which a trust is created.
(17) "Trust estate" means the trust property and the income
derived from its use.
(18) "Trust for a benevolent public purpose" means a charitable
trust (as defined in subdivision (5)), a split-interest trust (as
defined in Section 4947 of the Internal Revenue Code), and any
other form of split-interest charitable trust that has both
charitable and noncharitable beneficiaries, including but not
limited to charitable remainder trusts, charitable lead trusts, and
charitable pooled income funds.
(19) "Trust property" means property either placed in trust or
purchased or otherwise acquired by the trustee for the trust
regardless of whether the trust property is titled in the name of
the trustee or the name of the trust.
(20) "Trustee" has the meaning set forth in IC 30-2-14-13.
(Formerly: Acts 1971, P.L.416, SEC.2; Acts 1973, P.L.293, SEC.5.)
As amended by P.L.33-1989, SEC.94; P.L.138-1994, SEC.1;
P.L.41-2000, SEC.2; P.L.84-2002, SEC.3; P.L.238-2005, SEC.19.
Last modified: May 27, 2006