Accounting by trustees
Sec. 12. (Accounting by Trustees)
(a) Unless the terms of the trust provide otherwise or unless
waived in writing by an adult, competent beneficiary, the trustee
shall deliver a written statement of accounts to each income
beneficiary or his personal representative annually. The statement
shall contain at least:
(1) all receipts and disbursements since the last statement; and
(2) all items of trust property held by the trustee on the date of
the statement at their inventory value.
(b) This subsection applies to a charitable trust with assets of at
least five hundred thousand dollars ($500,000). The trustee of a
charitable trust shall annually file a verified written certification with
the attorney general stating that a written statement of accounts has
been prepared showing at least the items listed in section 13(a) of
this chapter. The certification must state that the statement of
accounts is available to the attorney general and any member of the
general public upon request. A charitable trust may not be exempted
from this requirement by a provision in a will, trust agreement,
indenture, or other governing instrument. This subsection does not
prevent a trustee from docketing a charitable trust to finalize a
written statement of account or any other lawful purpose in the
manner provided in this article. However, this subsection does not
apply to an organization that is not required to file a federal
information return under Section 6033(a)(2)(A)(i) or Section
6033(a)(2)(A)(ii) of the Internal Revenue Code.
(c) Upon petition by the settlor, a beneficiary or his personal
representative, a person designated by the settlor to have advisory or
supervisory powers over the trust, or any other person having an
interest in the administration or the benefits of the trust, including the
attorney general in the case of a trust for a benevolent public
purpose, the court may direct the trustee to file a verified written
statement of accounts showing the items listed in section 13(a) of
this chapter. The petition may be filed at any time, provided,
however, that the court will not, in the absence of good cause shown,
require the trustee to file a statement more than once a year.
(d) If the court's jurisdiction is of a continuing nature as provided
in IC 30-4-6-2, the trustee shall file a verified written statement of
accounts containing the items shown in section 13(a) of this chapter
with the court biennially, and the court may, on its own motion,
require the trustee to file such a statement at any other time provided
there is good cause for requiring a statement to be filed.
(Formerly: Acts 1971, P.L.416, SEC.6.) As amended by P.L.41-2000,
SEC.5.
Last modified: May 27, 2006