The Senate Judiciary Committee heard HB 1209 on rule against perpetuities authored by Rep. Heine and sponsored by Sen. L. Brown and Sen. Johnson. The bill adds provisions regarding a second power of appointment, extends the period of time for which certain nonvested property interests are valid from 90 years to 360 years after the interest is created, and extends the period of time … [Read more...] about Rule against perpetuities
trusts
Rule against perpetuities
The House Judiciary Committee heard HB 1209 on rule against perpetuities authored by Rep. Heine. The bill adds provisions regarding a second power of appointment and extends the period of time for which certain nonvested property interests are valid from 90 years to 360 years after the interest is created. The bill further extends the period of time for which certain powers of … [Read more...] about Rule against perpetuities
Various probate matters
The Senate Judiciary Committee heard SB 18 authored by Sen. Liz Brown on various probate matters. This bill: The bill was amended by consent to provide: The Indiana State Bar Association Probate, Trust, and Real Property Section testified in support of the bill. The amended bill passed 11-0. Read the bill at https://iga.in.gov/legislative/2024/bills/senate/18 … [Read more...] about Various probate matters
Various probate and trust matters
S.E.A. 287, P.L. 38 Effective: July 1, 2023 The introduced version of this bill was prepared by the Probate Code Study Commission. … [Read more...] about Various probate and trust matters
Uniform trust decanting act and trustee duties
H.E.A. 1205, P.L. 161 Effective: July 1, 2022 Allows a trustee of an irrevocable trust to appoint a successor trustee or multiple trustees. Provides that a trustee's power to appoint a successor trustee includes the power to allocate trustee powers to one or more trustees.Enacts the uniform trust decanting act.Creates a definition of the decanting power to include a power by a … [Read more...] about Uniform trust decanting act and trustee duties