(b) Unless the terms of the trust or the provisions of section 1.3 of this chapter provide otherwise, the trustee also has a duty to do the following:

1. (1) Administer the trust in a manner consistent with IC 30-4-3.5 .
2. (2) Take possession of and maintain control over the trust property.
3. (3) Preserve the trust property.
4. (4) Make the trust property productive for both the income and remainder beneficiary. As used in this subdivision, "productive" includes the production of income or investment for potential appreciation.
5. (5) Keep the trust property separate from the trustee's individual property and separate from or clearly identifiable from property subject to another trust.
6. (6) Maintain clear and accurate accounts with respect to the trust estate.

7. (7) Keep the following beneficiaries reasonably informed about the administration of the trust and of the material facts necessary for the beneficiaries to protect their interests:

   1. (A) A current income beneficiary.

   2. (B) A beneficiary who will become an income beneficiary upon the expiration of the term of the current income beneficiary, if the trust has become irrevocable by:

      1. (i) the terms of the trust instrument; or

      2. (ii) the death of the settlor.

         A trustee satisfies the requirements of this subdivision by providing a beneficiary described in clause (A) or (B), upon the beneficiary's written request, access to the trust's accounting and financial records concerning the administration of trust property and the administration of the trust.

8. (8) Upon:

   1. (A) the trust becoming irrevocable:

      1. (i) by the terms of the trust instrument; or
      2. (ii) by the death of the settlor; and

   2. (B) the written request of an income beneficiary or remainderman;

      promptly provide a copy of the complete trust instrument to the income beneficiary or remainderman.

9. (9) Take whatever action is reasonable to realize on claims constituting part of the trust property.
10. (10) Defend actions involving the trust estate.
11. (11) Supervise any person to whom authority has been delegated.

12. (12) Determine the trust beneficiaries by acting on information:

    1. (A) the trustee, by reasonable inquiry, considers reliable; and

    2. (B) with respect to heirship, relationship, survivorship, or any other issue relative to determining a trust beneficiary.

       Formerly: Acts 1971, P.L.416, SEC.4. As amended by P.L.198-1996, SEC.1; P.L.137-1999, SEC.2; P.L.238-2005, SEC.32; P.L.51-2014, SEC.21; P.L.83-2014, SEC.8; P.L.5-2015, SEC.63.