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House Bill 1040


House Bill 1040

ARCHIVE (2009)

Latest Information

 

DIGEST OF HB1040 (Updated April 7, 2009 3:13 pm - DI 84)


Trusts and fiduciaries. Specifies a guardian's powers concerning the estate planning of a protected person. Provides that unless a trust document provides otherwise, a trustee does not have the following duties under the Indiana uniform prudent investor act with respect to the acquisition or retention of any contract of life insurance: (1) a duty to determine whether a contract of insurance is or remains a proper investment; (2) a duty to exercise policy options, including investment options, available under a contract of insurance; or (3) a duty to diversify if a contract of insurance is the sole or a major asset of a trust. Repeals the statute limiting a guardian's power to engage in estate planning for a protected person to the part of the guardianship estate that is required for the protected person's future support or the future support of the protected person's dependents during the lifetime of the protected person. (The introduced version of this bill was prepared by the probate code study commission.)
Current Status:
 In Conference Committee
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