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Indiana Code Title 30. Trusts and Fiduciaries § 30-4-3-29.3

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

Sec. 29.3. (a) The power to appoint a successor trustee under a governing instrument or under section 33 of this chapter includes:

(1) the power to appoint multiple successor trustees;  and

(2) the power to allocate trustee powers to one (1) or more trustees.

(b) A trustee to whom powers:

(1) have been exclusively allocated under subsection (a) must be a fiduciary only with respect to the powers allocated;  and

(2) have not been allocated under subsection (a) is not liable for the actions of a trustee to whom the powers, duties, and responsibilities are allocated.

(c) The rules governing the rights, powers, duties, and liabilities of a governing instrument under this chapter apply to a trustee appointed under this section unless expressly limited by the terms of a governing instrument.

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Cite this article: FindLaw.com - Indiana Code Title 30. Trusts and Fiduciaries § 30-4-3-29.3 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-30-trusts-and-fiduciaries/in-code-sect-30-4-3-29-3/

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