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Current as of January 02, 2024 | Updated by Findlaw Staff
Sec. 30. (a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if:
(1) the custodial trust was created under section 25 of this chapter;
(2) the transferor has so directed in the instrument creating the custodial trust; or
(3) the custodial trustee has determined that the beneficiary is incapacitated.
(b) A custodial trustee may determine that the beneficiary is incapacitated in reliance upon:
(1) previous direction or authority given by the beneficiary while not incapacitated, including direction or authority under a durable power of attorney;
(2) the certificate of the beneficiary's physician; or
(3) other persuasive evidence.
(c) If a custodial trustee for an incapacitated beneficiary reasonably concludes that:
(1) the beneficiary's incapacity has ceased; or
(2) circumstances concerning the beneficiary's ability to manage property and business affairs have changed since the creation of a custodial trust directing administration as for an incapacitated beneficiary;
the custodial trustee may administer the trust as for a beneficiary who is not incapacitated.
(d) Upon the petition of:
(1) the beneficiary;
(2) the custodial trustee; or
(3) another person interested in:
(A) the custodial trust property; or
(B) the welfare of the beneficiary;
the court shall determine whether the beneficiary is incapacitated.
(e) If:
(1) the custodial trustee or a court has not determined that a beneficiary is incapacitated under subsection (b) or (d); and
(2) the custodial trustee has reason to believe that the beneficiary is incapacitated;
the custodial trustee shall administer the custodial trust in accordance with the provisions of this chapter applicable to an incapacitated beneficiary.
(f) Incapacity of a beneficiary does not terminate:
(1) the custodial trust;
(2) any designation of a successor custodial trustee;
(3) rights or powers of the custodial trustee; or
(4) any immunities of third persons acting on the instructions of the custodial trustee.
Cite this article: FindLaw.com - Indiana Code Title 30. Trusts and Fiduciaries § 30-2-8.6-30 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-30-trusts-and-fiduciaries/in-code-sect-30-2-8-6-30/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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