Sec. 1. (a) A trust in either real or personal property is
enforceable only if there is written evidence of the terms of the trust
bearing the signature of any of the following persons:
(1) The settlor.
(2) The settlor's authorized agent.
(3) An adult who is not an ineligible person under subsection (b)
and who signs the trust's written terms:
(A) at the settlor's direction; and
(B) in the direct physical presence of the settlor.
If an adult signs at the settlor's direction under subdivision (3), the
written evidence of the trust's terms must identify that adult signer,
must state that the adult is signing at the direction of the settlor and in
the settlor's direct physical presence, and must state that the adult
signer is not a relative of the settlor, is not a trustee named in the trust's
terms, and is not entitled to any beneficial interest or power of
appointment under the trust's terms.
(b) The following persons are ineligible to sign the written terms of
a trust at the direction of the settlor under subsection (a)(3):
(1) A trustee named in the trust's written terms.
(2) A relative of the settlor.
(3) A person who is entitled to receive a beneficial interest in the
trust or a power of appointment under the trust's written terms.
(c) Except as required in the applicable probate law for the
execution of wills, no formal language is required to create a trust, but
the terms of the trust must be sufficiently definite so that the trust
property, the identity of the trustee, the nature of the trustee's interest,
the identity of the beneficiary, the nature of the beneficiary's interest,
and the purpose of the trust may be ascertained with reasonable
certainty.
(d) It is not necessary to the validity of a trust that the trust be
funded with or have a corpus that includes property other than the
present or future, vested or contingent right of the trustee to receive
proceeds or property, including:
(1) as beneficiary of an estate under IC 29-1-6-1;
(2) life insurance benefits under section 5 of this chapter;
(3) retirement plan benefits; or
(4) the proceeds of an individual retirement account.
(e) A trust created under:
(1) section 18 of this chapter for the care of an animal; or
(2) section 19 of this chapter for a noncharitable purpose;
has a beneficiary.
(f) A trust has a beneficiary if the beneficiary can be presently
ascertained or ascertained in the future, subject to any applicable rule
against perpetuities.
(g) A power of a trustee to select a beneficiary from an indefinite
class is valid. If the power is not exercised within a reasonable time, the
power fails and the property subject to the power passes to the persons
who would have taken the property had the power not been conferred.
(h) A trust may be created by exercise of a power of appointment in
favor of a trustee.
Formerly: Acts 1971, P.L.416, SEC.3. As amended by
P.L.132-1992, SEC.1; P.L.238-2005, SEC.21; P.L.51-2014, SEC.19;
P.L.56-2020, SEC.9; P.L.185-2021, SEC.16.
Notes of Decisions
Cited in
14
cases (
1 in the last 5 years), 1993–2024 · leading case:
Hays v. Harmon, 809 N.E.2d 460 (Ind. Ct. App. 2004).
Hays v. Harmon, 809 N.E.2d 460 (Ind. Ct. App. 2004).
· cites it 12× “Because we find that Hays failed to designate evidence showing that there are genuine issues of material fact as to Rains' testamentary capacity, and because the trust provision in Raing' will-which evinced a charitable purpose and was sufficiently definite to establish the…”
Est. of Owen v. Lyke, 855 N.E.2d 603 (Ind. Ct. App. 2006).
· cites it 4× “As to trusts, Ind.Code § 30-4-2-1(b) provides: Except as required in the applicable probate law for the execution of wills, no formal language is required to create a trust, but its terms must be sufficiently definite so that the trust property, the identity of the trustee, the…”
Zoeller v. East Chicago Second Century, Inc., 904 N.E.2d 213 (Ind. 2009).
· cites it 2× “And, as for whether courts should treat various entities as falling under the protections of the trust code skeptically as opposed to liberally, the General Assembly has given us a general direction: [NJo formal language is required to create a trust, but its terms must be…”
Presbytery of Ohio Valley, Inc. v. OPC, Inc., 973 N.E.2d 1099 (Ind. 2012).
· cites it 2× “Certain terms are essential to the creation of a trust and must be “sufficiently definite” and “ascertained with reasonable certainty” from the writing(s), otherwise the trust must fail: (1) the trust property; (2) the settlor; (3) the identity of the trustee; (4) the identity…”
Est. of Hann v. Hann, 614 N.E.2d 973 (Ind. Ct. App. 1993).
“CODE § 30-4-2-1(a). However, a resulting trust is a creature of equity designed to do justice, and it is not governed by the parol evidence rule, statute of frauds or any other rules of law pertaining to express trusts.”
United States v. Smith, 950 F. Supp. 1394 (N.D. Ind. 1996).
“(b) Except as required in the applicable probate law for the execution of wills, no formal language is required to create a trust, but its terms must be sufficiently definite so that the trust property, the identity of the trustee, the nature of the trustee’s interest, the…”
Cheryl Barron Doll v. Steven E. Post, Tr., & Indiana Attorney Gen. (Ind. Ct. App. 2019).
· cites it 6× “Ind. Code § 30-4-2-1 (2019). Further: “A trust beneficiary is the person named, or a member of the class designated, in the terms of the trust for whose benefit the title to the trust property is held and for whom the trust is to be administered.”
— Ind. Code § 30-4-2-1(a) — 2 cases
Est. of Hann v. Hann, 614 N.E.2d 973 (Ind. Ct. App. 1993).
“CODE § 30-4-2-1(a). However, a resulting trust is a creature of equity designed to do justice, and it is not governed by the parol evidence rule, statute of frauds or any other rules of law pertaining to express trusts.”
— Ind. Code § 30-4-2-1(b) — 5 cases
Hays v. Harmon, 809 N.E.2d 460 (Ind. Ct. App. 2004).
“Because we find that Hays failed to designate evidence showing that there are genuine issues of material fact as to Rains' testamentary capacity, and because the trust provision in Raing' will-which evinced a charitable purpose and was sufficiently definite to establish the…”
Est. of Owen v. Lyke, 855 N.E.2d 603 (Ind. Ct. App. 2006).
“As to trusts, Ind.Code § 30-4-2-1(b) provides: Except as required in the applicable probate law for the execution of wills, no formal language is required to create a trust, but its terms must be sufficiently definite so that the trust property, the identity of the trustee, the…”
Zoeller v. East Chicago Second Century, Inc., 904 N.E.2d 213 (Ind. 2009).
“And, as for whether courts should treat various entities as falling under the protections of the trust code skeptically as opposed to liberally, the General Assembly has given us a general direction: [NJo formal language is required to create a trust, but its terms must be…”
Cheryl Barron Doll v. Steven E. Post, Tr., & Indiana Attorney Gen. (Ind. Ct. App. 2019).
“Ind. Code § 30-4-2-1 (2019). Further: “A trust beneficiary is the person named, or a member of the class designated, in the terms of the trust for whose benefit the title to the trust property is held and for whom the trust is to be administered.”
— Ind. Code § 30-4-2-1(d) — 1 case
— Ind. Code § 30-4-2-1(e) — 1 case
Cheryl Barron Doll v. Steven E. Post, Tr., & Indiana Attorney Gen. (Ind. Ct. App. 2019).
“Ind. Code § 30-4-2-1 (2019). Further: “A trust beneficiary is the person named, or a member of the class designated, in the terms of the trust for whose benefit the title to the trust property is held and for whom the trust is to be administered.”
Annotations are extracted automatically from the opinions in the
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treatment. Dots show Syfertize treatment of the citing case itself.