Duties of trustee
Sec. 6. (a) The trustee has a duty to administer a trust according
to its terms.
(b) Unless the terms of the trust provide otherwise, the trustee also
has a duty to do the following:
(1) Administer the trust in a manner consistent with
IC 30-4-3.5.
(2) Take possession of and maintain control over the trust
property.
(3) Preserve the trust property.
(4) Make the trust property productive for both the income and
remainder beneficiary. As used in this subdivision, "productive"
includes the production of income or investment for potential
appreciation.
(5) Keep the trust property separate from the trustee's individual
property and separate from or clearly identifiable from property
subject to another trust.
(6) Maintain clear and accurate accounts with respect to the
trust estate.
(7) Upon reasonable request, give the beneficiary complete and
accurate information concerning any matter related to the
administration of the trust and permit the beneficiary or the
beneficiary's agent to inspect the trust property, the trustee's
accounts, and any other documents concerning the
administration of the trust.
(8) Take whatever action is reasonable to realize on claims
constituting part of the trust property.
(9) Defend actions involving the trust estate.
(10) Supervise any person to whom authority has been
delegated.
(11) Determine the trust beneficiaries by acting on information:
(A) the trustee, by reasonable inquiry, considers reliable; and
(B) with respect to heirship, relationship, survivorship, or
any other issue relative to determining a trust beneficiary.
(Formerly: Acts 1971, P.L.416, SEC.4.) As amended by
P.L.198-1996, SEC.1; P.L.137-1999, SEC.2; P.L.238-2005, SEC.32.
Last modified: May 27, 2006