Sec. 6. (a) A person may serve as a qualified trustee of a legacy trust if the person is not the transferor and satisfies either of the following requirements:
(1) In the case of an individual, the individual is a resident of Indiana.
(2) In all other cases, the person is:
(A) authorized by Indiana law to act as a trustee; and
(B) subject to the supervision of:
(i) the department of financial institutions; or
(ii) the federal Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, or any successor to these agencies.
(b) A qualified trustee shall do the following:
(1) Maintain or arrange for providing custody of the property subject to the qualified disposition in Indiana.
(2) Maintain complete and accurate records for the legacy trust on an exclusive or nonexclusive basis.
(3) Prepare or arrange for the preparation of all required tax returns for the legacy trust.
(4) Materially participate in the administration of the legacy trust.
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