Sec. 10. (a) Unless expressly prohibited in the governing trust instrument, and if the trustee would not be prohibited from exercising the power to adjust under IC 30-2-14-15(a) because at least one (1) of the provisions of IC 30-2-14-15(c)(3) through IC 30-2-14-15(c)(7) would be applicable, a trustee may, without the approval of the court having jurisdiction of the trust, take an action set forth in section 9 of this chapter:

(1) if, in the case of a trust described in section 2(1) of this chapter:

(A) the trustee sends written notice of the trustee's proposed action to:

(i) the settlor of the trust, if the settlor is living; and

(ii) the trust beneficiaries described in IC 30-2-14-16(b); and

(B) no person who receives a written notice under clause (A) objects to the proposed action; or

(2) if, in the case of a trust described in section 2(2) of this chapter, the owner of the cemetery:

(A) directs the trustee to take the action; or

(B) consents to the action of the trustee.

(b) To the extent applicable, the notice provided under subsection (a)(1)(A) must:

(1) state the trustee's intent to release the power to adjust under IC 30-2-14-15 and to convert the trust to a total return unitrust; and

(2) describe how the unitrust will operate and any decisions made by the trustee under this chapter.

In the notice, the trustee shall also specify an effective date of the conversion, reconversion, or change in the unitrust rate.

(c) A person who receives notice under subsection (a)(1)(A) of a trustee's proposed action may object to the proposed action by delivering a written objection to the trustee not later than sixty (60) days after receiving the notice.

As added by P.L.3-2003, SEC.2. Amended by P.L.33-2019, SEC.9.