Sec. 4. A legacy trust must do the following:
(1) Provide for the appointment of at least one (1) qualified trustee for the property that is the subject of a qualified disposition.
(2) Expressly incorporate Indiana law to govern the validity, construction, and administration of the trust.
(3) Be irrevocable.
(4) Provide that the interests of the transferor or beneficiary in the trust property or the income from the trust property may not voluntarily or involuntarily be transferred, assigned, pledged, or mortgaged before the qualified trustee actually distributes the property or income to the beneficiary.
As added by P.L.221-2019, SEC.9.
Structure Indiana Code
Title 30. Trusts and Fiduciaries
30-4-8-5. Qualified Affidavits
30-4-8-6. Qualified Trustees; Duties
30-4-8-7. Prohibited Causes of Action; Effect of Spendthrift Provision
30-4-8-10. Spendthrift Provisions
30-4-8-11. Transferor's Rights and Authority
30-4-8-12. Transferor's Service as an Investment Advisor
30-4-8-14. Appointment of Trust Directors
30-4-8-15. Resignation of Qualified Trustee; Appointing Successor Trustees