Indiana Code Title 21. Higher Education § 21-30-5-4

(1) the donor, for the life of the donor, or for a term of years not beyond the lifetime of the donor, as may be agreed upon;

(2) any person or persons named by the donor or testator, in being at the time of the making of the gift, devise, or bequest, for the life or lives of the named person or persons, as may be agreed upon; or

(3) the donor or to any person or persons named by the donor or testator and alive at the time of the gift, devise or bequest, or both, for the life of the donor and the life or lives of the named person or persons, either in succession in a designated order of survivorship or in shares, concurrently, as may be agreed upon;