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Indiana Code Title 30. Trusts and Fiduciaries § 30-5-5-6.5

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

Sec. 6.5. (a) The following definitions apply throughout this section:

(1) “Account” means any account that a specified adult may access or use to transact business.

(2) “All other matters” has the meaning set forth in IC 30-5-5-19.

(3) “Financial exploitation” means:

(A) the unlawful or unauthorized taking, withholding, appropriation, or use of a specified adult's funds or securities;  or

(B) any:

(i) act;

(ii) omission;

(iii) use of a power of attorney;

(iv) use of a guardianship;  or

(v) use of any other legal authority concerning a specified adult;

to obtain control over the specified adult's money, assets, or property or to convert the specified adult's money, assets, or property through use of deception, intimidation, or undue influence.

(4) “Specified adult” means:

(A) a person not less than sixty-five (65) years of age;  or

(B) a person who:

(i) is at least eighteen (18) years of age;  and

(ii) has a mental or physical impairment that prohibits the person from protecting the person's interests.

(5) “Trusted contact person” means a person who may be contacted about matters concerning a specified adult's account.

(b) Language conferring general authority concerning financial exploitation authorizes the attorney in fact to do one (1) or more of the following:

(1) Serve as the trusted contact person for the principal.

(2) Designate or change the trusted contact person for a specified adult.

(3) Authorize a person described in subdivision (1) or (2) to:

(A) receive notice of financial exploitation;  or

(B) act on behalf of a specified adult in response to financial exploitation.

(4) Act to prevent, stop, correct, or remediate account losses incurred as a result of financial exploitation.

(c) A power of attorney that:

(1) is executed before July 1, 2019;  and

(2) confers general authority with respect to all other matters;

also confers general authority to address any issues concerning the financial exploitation of an account.

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Cite this article: FindLaw.com - Indiana Code Title 30. Trusts and Fiduciaries § 30-5-5-6.5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-30-trusts-and-fiduciaries/in-code-sect-30-5-5-6-5/

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