1. (a) Except as provided in subsection (c), an authorized fiduciary shall give notice in a record of the intended exercise of the decanting power not later than sixty (60) days before the exercise of the decanting power to:

   1. (1) each settlor of the first trust, if living or then in existence;

   2. (2) each qualified beneficiary of the first trust, including the designated representative, if any, or other representative under IC 30-4-6-10.5 of a qualified beneficiary who:

      1. (A) is a minor or an incapacitated person;
      2. (B) is unborn;
      3. (C) is unknown; or
      4. (D) cannot be located after a reasonably diligent search;
   3. (3) each holder of a presently exercisable power of appointment in the first trust;
   4. (4) each person that currently has the right to remove or replace the authorized fiduciary;
   5. (5) each fiduciary of the first trust;
   6. (6) each fiduciary of the second trust; and
   7. (7) the attorney general, if section 44(c) of this chapter applies.
2. (b) A notice period under subsection (a) begins on the day that the notice is given and ends fifty-nine (59) days later.

3. (c) An authorized fiduciary is not required to give notice under subsection (a) to a person that:

   1. (1) is not known to the fiduciary;
   2. (2) is known to the fiduciary but cannot be located by the fiduciary after a reasonably diligent search; or
   3. (3) has no representative under IC 30-4-6-10.5 .
4. (d) The decanting power may be exercised before expiration of the notice period under subsection (a) if all persons entitled to receive notice waive the notice period in a signed record.

As added by P.L.161-2022, SEC.3.