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Bill Watch, Jan. 19, 2016: Current Estate Planning & Administration Legislation of Note - Estate Planning and Administration News

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Estate Planning and Administration News


Posted on: Jan 19, 2016

The IndyBar Legislative Committee is currently monitoring the following estate planning and administration related legislation. IndyBar members can request that the Legislative Committee track specific legislation by contacting committee chair Lawren Mills at Lawren.Mills@icemiller.com.

Click here to view the full Bill Watch reports.

HB1083    QUALIFIED TERMINABLE INTEREST PROPERTY TRUSTS. (WASHBURNE T) Adds rules for the interpretation of qualified terminable interest property trusts. Provides that, under certain circumstances, an individual who contributes assets to a trust and whose spouse is a beneficiary of the trust at the time of the contribution may not be considered to be or treated as a settlor of the trust.

SB31    PROBATE CODE STUDY COMMISSION. (ZAKAS J) Establishes the probate code study commission (commission). Requires the commission to study and recommend to the general assembly changes that are needed in the probate code (IC 29-1), the trust code (IC 30-4), and other statutes affecting the administration of a decedent's estate, guardianships, probate jurisdiction, trusts, or fiduciaries. Provides for the governor to appoint 11 lay members, including two residents of Indiana who work in the trust department of a bank, trust company, savings institution, or credit union, for the president pro tempore of the senate to appoint three members from the senate, and for the speaker of the house of representatives to appoint three members from the house of representatives. Provides that a legislative or lay member serves a term of two years and may be reappointed to the commission. Provides for the president pro tempore of the senate to appoint a chairperson and vice chairperson in even-numbered years and for the speaker of the house to appoint a chairperson and vice chairperson in odd-numbered years.

SB118    PUBLICATION OF NOTICE. (RANDOLPH L) With certain exceptions, requires publication of notices regarding a decedent's estate in a newspaper published and circulating in the county where the decedent died, in addition to the county in which the court having probate jurisdiction is located. Makes stylistic changes.

SB153    CREDITOR CLAIMS AGAINST A DECEDENT'S ESTATE. (STEELE B) Extends, from nine months after the death of the decedent to one year after the death of the decedent, the time certain creditors of a decedent have a right to bring a claim against the decedent's estate.

SB182    REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT. (BRAY R) Enacts the Revised Uniform Fiduciary Access to Digital Assets Act of the National Conference of Commissioners on Uniform State Laws. Defines "digital asset" as an electronic record in which an individual has a right or interest. Defines "custodian" as a person that carries, maintains, processes, receives, or stores a digital asset. Defines "user" as a person for whom a custodian carries, maintains, processes, receives, or stores the digital asset. Defines "fiduciary" as an attorney in fact, guardian, personal representative, or trustee of a user. Authorizes a user to use an online tool to direct the custodian to disclose or not to disclose some or all of the user's digital assets. Provides that if an online tool allows the user to modify or delete a direction at all times, a user's direction to the custodian through use of the online tool concerning disclosure overrides a contrary direction by the user in a will, trust, power of attorney, or other record, but otherwise the user, in a will, trust, power of attorney, or other record may allow or prohibit disclosure to a fiduciary of some or all of the user's digital assets. Requires a custodian, under certain circumstances, to disclose to the personal representative of the estate of the user the content of an electronic communication sent or received by the user, or a catalogue of electronic communications sent or received by the user. Requires a custodian, under certain circumstances, to disclose to an attorney in fact the content of the electronic communications of the user, or a catalogue of electronic communications sent or received by the user, if the user, through a power of attorney, conferred upon the attorney in fact authority over the content of electronic communications sent or received by the user. Requires a custodian, under certain circumstances, to disclose to a trustee the content of an electronic communication sent or received by a user and carried, maintained, processed, received, or stored by the custodian in the account of the trust, or to disclose to the trustee a catalogue of electronic communications sent or received by a user and stored, carried, or maintained by the custodian in the account of the trust. Provides that a court may grant a guardian access to the digital assets of the protected person and that, under certain circumstances, a custodian is required to disclose to a guardian a catalogue of electronic communications sent or received by the protected person. Authorizes a fiduciary of a user to request that a custodian terminate the user's account. Provides that, if the conditions for compliance are met, a custodian must comply with a request from a fiduciary to disclose digital assets or terminate an account within 60 days, and if the custodian fails to comply with the request, the fiduciary may apply for a court order directing compliance. Provides that the legal duties imposed on a fiduciary charged with managing tangible property also apply to a fiduciary charged with managing digital assets. Amends the law on unsupervised administration of a decedent's estate to provide that a distributee has the same rights as a personal representative to access the digital assets of the decedent. Makes conforming amendments. Provides that a custodian is immune from liability for an act done or omission made in good faith in compliance with the Revised Uniform Fiduciary Access to Digital Assets Act.

SB371    PROBATE MATTERS. (BRAY R) Provides that an individual otherwise qualified for certain property tax deductions for property that the individual occupies as a beneficiary of the trust that owns the property is not required to be considered the owner of the property under the rules of construction for the property tax law for the trust to receive the property tax deduction. Transfers certain inheritance tax duties from the probate court, county assessor, and county treasurer to the department of state revenue with respect to inheritance tax returns filed after March 31, 2016. Provides that a will contest must be initiated in a separate cause of action. Specifies the priority of a personal representative and stepchildren with respect to the disposition of a decedent's body and funeral arrangements. Specifies that a court must consider a standby guardian designation when appointing a guardian. Specifies that for purposes of a guardianship appointment, a person designated a standby guardian is second in priority to a person designated in a durable power of attorney. Specifies how property passes in a transfer on death transfer if the beneficiary disclaims the property. Makes technical corrections.

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