Version a
Written evidence of terms; definite terms; validity of inter vivos
trust
Note: This version of section effective until 1-1-2006. See also
following version of this section, effective 1-1-2006.
Sec. 1. (a) A trust in either real or personal property is enforceable
only if there is written evidence of its terms bearing the signature of
the settlor or his authorized agent.
(b) Except as required in the applicable probate law for the
execution of wills, no formal language is required to create a trust,
but its terms must be sufficiently definite so that the trust property,
the identity of the trustee, the nature of the trustee's interest, the
identity of the beneficiary, the nature of the beneficiary's interest and
the purpose of the trust may be ascertained with reasonable certainty.
(c) It is not necessary to the validity of an inter vivos trust that the
inter vivos trust be funded with or have a corpus that includes
property other than the present or future, vested or contingent right
of the trustee to receive proceeds or property as beneficiary of an
estate under IC 29-1-6-1, life insurance benefits under section 5 of
this chapter, retirement plan benefits, or the proceeds of an
individual retirement account.
(Formerly: Acts 1971, P.L.416, SEC.3.) As amended by
P.L.132-1992, SEC.1.
Last modified: May 27, 2006