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Indiana Code Title 30. Trusts and Fiduciaries § 30-5-6-4.5

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

Sec. 4.5. (a) An attorney in fact has the authority to employ persons, including:

(1) attorneys;

(2) accountants;

(3) investment advisers;  and

(4) agents;

to assist the attorney in fact in the performance of the attorney in fact's fiduciary duties.  Any reasonable costs incurred with regard to services rendered for the benefit of the principal shall be paid from the principal's asset holdings.

(b) Except as provided in subsection (c), if an accounting is requested as set forth in section 4 of this chapter, or a petition to settle and allow an account is filed under section 4.1 of this chapter, costs incurred by the attorney in fact:

(1) to defend the actions of the attorney in fact on behalf of the principal with regard to the preparation of the accounting;  and

(2) to defend any other actions of the attorney in fact on behalf of the principal;

shall be paid from the principal's asset holdings.

(c) If a court determines that an attorney in fact:

(1) breached the attorney in fact's fiduciary duty or obligation to the principal;  or

(2) was engaged in self-dealing activities with the principal's asset holdings;

the court may determine that the attorney in fact is responsible for the payment of the costs incurred under subsection (b).

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Cite this article: FindLaw.com - Indiana Code Title 30. Trusts and Fiduciaries § 30-5-6-4.5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-30-trusts-and-fiduciaries/in-code-sect-30-5-6-4-5/

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