1. (a) A person may serve as a qualified trustee of a legacy trust if the person is not the transferor and satisfies either of the following requirements:

   1. (1) In the case of an individual, the individual is a resident of Indiana.

   2. (2) In all other cases, the person is:

      1. (A) authorized by Indiana law to act as a trustee; and

      2. (B) subject to the supervision of:

         1. (i) the department of financial institutions; or
         2. (ii) the federal Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, or any successor to these agencies.

2. (b) A qualified trustee shall do the following:

   1. (1) Maintain or arrange for providing custody of the property subject to the qualified disposition in Indiana.
   2. (2) Maintain complete and accurate records for the legacy trust on an exclusive or nonexclusive basis.
   3. (3) Prepare or arrange for the preparation of all required tax returns for the legacy trust.
   4. (4) Materially participate in the administration of the legacy trust.

As added by P.L.221-2019, SEC.9.