Conversion to unitrust; unitrust rate
Sec. 15. (a) When a trustee gives notice of a proposed action
under section 10 of this chapter to convert a trust to a unitrust, the
trustee must include the unitrust rate in the notice of proposed action.
(b) If:
(1) the trustee proposes a unitrust rate of four percent (4%) in
the notice of proposed action; and
(2) no beneficiary entitled to notice of the proposed action
makes a written objection to the unitrust rate under section 10
of this chapter;
the unitrust rate must be four percent (4%).
(c) A trust may have a unitrust rate that represents a reasonable
current return from the trust and best reflects the goals of the trust
and the intent of the settlor or testator, but that is not less than three
percent (3%) or more than five percent (5%), if the rate is:
(1) agreed upon in writing by the trustee and the beneficiaries
entitled to notice under section 11 of this chapter; or
(2) ordered by the court having jurisdiction of the trust.
As added by P.L.3-2003, SEC.2.
Last modified: May 27, 2006