Nature of beneficiary's estate
Sec. 7. (Nature of the Beneficiary's Estate)
(a) The beneficiary takes an equitable interest in the trust
property.
(b) The extent of the beneficiary's estate shall be determined from
the terms of the trust. The Rule in Shelley's Case and the Doctrine of
Worthier Title shall not be applied to determine the meaning or
application of the terms.
(c) Except as provided in 30-4-2-14, if, under the terms of the
trust, the trustee is required at some time to distribute real property
from the trust estate to a beneficiary, that beneficiary's equitable
interest is real property. In all other cases the beneficiary's interest is
personal property.
(Formerly: Acts 1971, P.L.416, SEC.3.)
Last modified: May 27, 2006