Sec. 19. (a) Except as provided in section 18 of this chapter, a trust may be created for a:
(1) noncharitable purpose without a beneficiary; or
(2) noncharitable and valid purpose to be selected by the trustee.
(b) A trust authorized by this section may be enforced for not more than twenty-one (21) years.
(c) A trust authorized by this section may be enforced by the following:
(1) A person appointed in the terms of the trust.
(2) A person appointed by the court, if the terms of the trust do not appoint a person.
(d) Property of a trust authorized by this section may be applied only to the trust's intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the trust's intended use.
(e) Except as provided in the terms of the trust, property not required for the trust's intended use must be distributed to the following:
(1) The settlor, if the settlor is living.
(2) The settlor's successors in interest, if the settlor is deceased.
As added by P.L.238-2005, SEC.27.
Structure Indiana Code
Title 30. Trusts and Fiduciaries
Chapter 2. Rules Governing the Creation of Trusts
30-4-2-1.5. Trust Not Created by Will; Requirements
30-4-2-2. Acceptance by Trustee
30-4-2-5. Life Insurance Trusts
30-4-2-6. Nature of Trustee's Estate
30-4-2-7. Nature of Beneficiary's Estate
30-4-2-9. Necessity of Powers or Duties
30-4-2-10. Capacity of Settlor
30-4-2-11. Capacity of Trustee
30-4-2-13. Application of Statute of Uses
30-4-2-14. Assignment of Beneficiary's Interest
30-4-2-15. Divorce or Annulment of Marriage; Effect on Revocable Trust