Indiana Passes Major Probate Legislation
Indiana has recently enacted a comprehensive revision of its probate & trust law.
Here are just a few of the highlights of this legislation:
Creation of a procedure for a testator, or anyone else in possession of an original will, to deposit the will with the clerk of the court for safekeeping.
Enactment of a savings provision for determining the validity of inter vivos trusts executed out-of state.
Differentiation between the capacity a settlor must possess to execute a revocable as contrasted with an irrevocable trust.
Authorization of pet trusts and trusts for specific non-charitable purposes.
Protection of people who rely on the agent’s authority under a power of attorney under specified circumstances.
Codification of the principle of deviation from the terms of a trust.