Ind. Code » Title 30
Indiana Code

Ind. Code § 30-4-5-12 (2026)

Accounting by trustees

✓ current as of May 2026
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     Sec. 12. (a) Unless the terms of the trust provide otherwise or unless waived in writing by an adult, competent beneficiary, the trustee shall deliver a written statement of accounts to each income beneficiary or the income beneficiary's personal representative annually. The statement shall contain at least:

(1) all receipts and disbursements since the last statement; and

(2) all items of trust property held by the trustee on the date of the statement at their inventory value.

     (b) This subsection applies to a charitable trust with assets of at least five hundred thousand dollars ($500,000). The trustee of a charitable trust shall annually file a verified written certification with the attorney general stating that a written statement of accounts has been prepared showing at least the items listed in section 13(a) of this chapter. The certification must state that the statement of accounts is available to the attorney general and any member of the general public upon request. A charitable trust may not be exempted from this requirement by a provision in a will, trust agreement, indenture, or other governing instrument. This subsection does not prevent a trustee from docketing a charitable trust to finalize a written statement of account or any other lawful purpose in the manner provided in this article. However, this subsection does not apply to an organization that is not required to file a federal information return under Section 6033(a)(3)(A)(1) of the Internal Revenue Code.

     (c) Upon petition by the settlor, a beneficiary or the beneficiary's personal representative, a person designated by the settlor to have advisory or supervisory powers over the trust, or any other person having an interest in the administration or the benefits of the trust, including the attorney general in the case of a trust for a benevolent public purpose, the court may direct the trustee to file a verified written statement of accounts showing the items listed in section 13(a) of this chapter. The petition may be filed at any time; however, the court may not, in the absence of good cause shown, require the trustee to file a statement more than once a year.

     (d) If the court's jurisdiction is of a continuing nature as provided in IC 30-4-6-2, the trustee shall file a verified written statement of accounts containing the items shown in section 13(a) of this chapter with the court biennially, and the court may, on its own motion, require the trustee to file such a statement at any other time if there is good cause for requiring a statement to be filed.

     (e) Receipt of a statement or accounting by a beneficiary or other interested person is presumed if the trustee has procedures in place requiring the mailing or delivery of an account to the beneficiary or other interested person. This presumption applies to the mailing or delivery of a statement or accounting by electronic delivery or access (as described in IC 30-4-6-6.5), if the beneficiary or other interested person has agreed to receive the statement or accounting by electronic delivery or access.

Formerly: Acts 1971, P.L.416, SEC.6. As amended by P.L.41-2000, SEC.5; P.L.137-2014, SEC.43; P.L.194-2017, SEC.11.

 

Notes of Decisions
Cited in 15 cases, 1986–2020 · leading case: Zoeller v. East Chicago Second Century, Inc., 904 N.E.2d 213 (Ind. 2009).
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Zoeller v. East Chicago Second Century, Inc., 904 N.E.2d 213 (Ind. 2009). · cites it 6× “While the Attorney General is now considered a statutory officer possessing statutory powers, the legislature's subsequent adoption of the trust code (enumerating the Attorney General's role, Ind.Code § 30-4-5-12) did not abrogate the common law view of the Attorney General's…”
Goins v. Riddle, 946 N.E.2d 61 (Ind. Ct. App. 2011). · cites it 4× “Analysis In its Order on Trustee’s Report, the trial court concluded that the trustee breached her fiduciary duty to Donna when she failed to render a proper accounting of trust assets, in violation of I.C. § 30-4-5-12 and when she failed to maintain clear and accurate records…”
In Re Pub. Benev. Trust of Crume, 829 N.E.2d 1039 (Ind. Ct. App. 2005). · cites it 10× “The Animal Welfare Providers raise a single issue on appeal, which we restate as whether they are persons "having an interest in the administration or the benefits of a trust," Ind.Code § 30-4-5-12(c), who may therefore maintain litigation relating to a public charitable trust.”
In the Matter of the Honorable Robert W. Freese, Judge of the Hendricks Superior Court 1, 123 N.E.3d 683 (Ind. 2019). · cites it 2× “Indiana Code § 30-4-5-12(a). Moreover, the court was permitted "either on petition or on its own motion " to "require the trustee to submit such proof as it deems necessary to support the trustee's verified written statement of accounts.”
In the Matter of the Walter Penner Trust Under Agreement Created by the Grantor, Walter Penner on April 13, 2010, Stanley Penner v. Ronald Penner, 22 N.E.3d 593 (Ind. Ct. App. 2014). · cites it 2× “Code § 30-4-3-6(b) requires the trustee to “maintain clear and accurate accounts with respect to the trust estate” and provide access to the trust’s accounting and financial records, and while Ind.Code § 30-4-5-12(a) requires the trustee provide an annual accounting of the…”
Matter of Carl F. Bettner Trust, 495 N.E.2d 194 (Ind. Ct. App. 1986). · cites it 2× “Indiana Code section 30-4-5-12 requires a trustee to provide an accounting to each beneficiary annually.”
Stuart Cochran Irrevocable Trust v. Keybank, N.A., 901 N.E.2d 1128 (Ind. Ct. App. 2009). “§ 30-4-5-12(a). Finally, it is well established that a trustee "shall invest and manage the trust assets solely in the interest of the beneficiaries.”
Balcom v. Humane Soc'y of Indianapolis, Inc., 829 N.E.2d 1039 (Ind. Ct. App. 2005). · cites it 4× “The Animal Welfare Providers raise a single issue on appeal, which we restate as whether they are persons "having an interest in the administration or the benefits of a trust," Ind.Code § 30-4-5-12(c), who may therefore maintain litigation relating to a public charitable trust.”
Haehl v. Montgomery, 954 N.E.2d 957 (Ind. Ct. App. 2011). · cites it 6× “See also Ind.Code § 30-4-5-12(a) (“[T]he trustee shall deliver a written statement of accounts to each income beneficiary or his personal representative annually.”
In the Matter of the Trust of H. Paul Lauster, & Mary E. Lauster, Christopher D. Lauster v. John M. Lauster & David P. Lauster (mem. dec.) (Ind. Ct. App. 2015). · cites it 4× “Court of Appeals of Indiana | Memorandum Decision 43A03-1407-TR-237 | March 25, 2015 Page 5 of 11 Ind. Code § 30-4-5-12 (a). [9] Here, evidence was presented to the trial court that the Trustees provided Christopher and the other beneficiaries with an annual accounting of the…”
Sarah Marie Exo & Amy Elizabeth Gould v. The Margaret A. Exo Revocable Living Trust, Timothy DonLevy, as Tr. & Beneficiary of the Margaret A. Exo Revocable Living Trust (mem. dec.) (Ind. Ct. App. 2019). · cites it 2× “Indiana Code Section 30-4-5-12(c) provides that “[u]pon petition Court of Appeals of Indiana | Memorandum Decision 18A-TR-3106 | May 22, 2019 Page 8 of 10 by the settlor, a beneficiary or the beneficiary’s personal representative, a person designated by the settlor to have…”
Sheri Montgomery v. Est. of Donald M. Montgomery, Steve Shively, the & The Living Trust of Donald M. Montgomery & Betty M. Montgomery, Steve Shively, Tr., 127 N.E.3d 1238 (Ind. Ct. App. 2019). · cites it 2× “" [13] Ind. Code § 30-4-5-12 governs accounting by trustees and provides in part that, unless the terms of the trust provide otherwise or waived, the trustee shall deliver a written statement of accounts to each income beneficiary or the income beneficiary's personal…”
Show all 15 citing cases →
Ind. Code § 30-4-5-12(a): 4 cases
In the Matter of the Honorable Robert W. Freese, Judge of the Hendricks Superior Court 1, 123 N.E.3d 683 (Ind. 2019). “Indiana Code § 30-4-5-12(a). Moreover, the court was permitted "either on petition or on its own motion " to "require the trustee to submit such proof as it deems necessary to support the trustee's verified written statement of accounts.”
In the Matter of the Walter Penner Trust Under Agreement Created by the Grantor, Walter Penner on April 13, 2010, Stanley Penner v. Ronald Penner, 22 N.E.3d 593 (Ind. Ct. App. 2014). “Code § 30-4-3-6(b) requires the trustee to “maintain clear and accurate accounts with respect to the trust estate” and provide access to the trust’s accounting and financial records, and while Ind.Code § 30-4-5-12(a) requires the trustee provide an annual accounting of the…”
Stuart Cochran Irrevocable Trust v. Keybank, N.A., 901 N.E.2d 1128 (Ind. Ct. App. 2009). “§ 30-4-5-12(a). Finally, it is well established that a trustee "shall invest and manage the trust assets solely in the interest of the beneficiaries.”
Haehl v. Montgomery, 954 N.E.2d 957 (Ind. Ct. App. 2011). “See also Ind.Code § 30-4-5-12(a) (“[T]he trustee shall deliver a written statement of accounts to each income beneficiary or his personal representative annually.”
Ind. Code § 30-4-5-12(c): 5 cases
In Re Pub. Benev. Trust of Crume, 829 N.E.2d 1039 (Ind. Ct. App. 2005). “The Animal Welfare Providers raise a single issue on appeal, which we restate as whether they are persons "having an interest in the administration or the benefits of a trust," Ind.Code § 30-4-5-12(c), who may therefore maintain litigation relating to a public charitable trust.”
Balcom v. Humane Soc'y of Indianapolis, Inc., 829 N.E.2d 1039 (Ind. Ct. App. 2005). “The Animal Welfare Providers raise a single issue on appeal, which we restate as whether they are persons "having an interest in the administration or the benefits of a trust," Ind.Code § 30-4-5-12(c), who may therefore maintain litigation relating to a public charitable trust.”
Sarah Marie Exo & Amy Elizabeth Gould v. The Margaret A. Exo Revocable Living Trust, Timothy DonLevy, as Tr. & Beneficiary of the Margaret A. Exo Revocable Living Trust (mem. dec.) (Ind. Ct. App. 2019). “Indiana Code Section 30-4-5-12(c) provides that “[u]pon petition Court of Appeals of Indiana | Memorandum Decision 18A-TR-3106 | May 22, 2019 Page 8 of 10 by the settlor, a beneficiary or the beneficiary’s personal representative, a person designated by the settlor to have…”
Haehl v. Montgomery, 954 N.E.2d 957 (Ind. Ct. App. 2011). “See also Ind.Code § 30-4-5-12(a) (“[T]he trustee shall deliver a written statement of accounts to each income beneficiary or his personal representative annually.”
Balcom v. Humane Soc'y of Indianapolis, Inc., 834 N.E.2d 705 (Ind. Ct. App. 2005).
Ind. Code § 30-4-5-12(d): 1 case
Haehl v. Montgomery, 954 N.E.2d 957 (Ind. Ct. App. 2011). “See also Ind.Code § 30-4-5-12(a) (“[T]he trustee shall deliver a written statement of accounts to each income beneficiary or his personal representative annually.”
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