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Indiana Code Title 30. Trusts and Fiduciaries § 30-4-2-19

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 19. (a) Except as provided in section 18 of this chapter, a trust may be created for a:

(1) noncharitable purpose without a beneficiary;  or

(2) noncharitable and valid purpose to be selected by the trustee.

(b) A trust authorized by this section may be enforced for not more than twenty-one (21) years.

(c) A trust authorized by this section may be enforced by the following:

(1) A person appointed in the terms of the trust.

(2) A person appointed by the court, if the terms of the trust do not appoint a person.

(d) Property of a trust authorized by this section may be applied only to the trust's intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the trust's intended use.

(e) Except as provided in the terms of the trust, property not required for the trust's intended use must be distributed to the following:

(1) The settlor, if the settlor is living.

(2) The settlor's successors in interest, if the settlor is deceased.

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Cite this article: FindLaw.com - Indiana Code Title 30. Trusts and Fiduciaries § 30-4-2-19 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-30-trusts-and-fiduciaries/in-code-sect-30-4-2-19/

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