[r47] Probate Bill Clears the Senate (4/7/2009)

Tuesday, April 7, 2009

Start Date: 4/7/2009 All Day
End Date: 4/7/2009
STATEHOUSE - A bill clarifying guardian's powers in probate matters moved one step closer to becoming law today. The Senate passed House Bill 1040, co-authored by Rep. Ralph M. Foley (R-Martinsville), on third reading, 45-3.

The bill defines a guardian's powers concerning estate planning of a protected person. It also further explains trustee's obligations under the Indiana Uniform Prudent Investor Act.

"I worked with the Probate Code Study Commission last year to develop this legislation," Rep. Foley said. "This is good legislation that will benefit Hoosiers and their families in a positive manner."

Under House Bill 1040, a guardian's powers would no longer have restrictions for the protected person's estate planning. In addition, trustees are not required to determine the status of a life insurance contract, exercise investment options, or to diversify the contract under the Uniform Prudent Investor Act.

The Uniform Prudent Investment Act was developed by the National Conference of Commissioners of Uniform State Laws. Rep. Foley has served as Indiana's representative on that commission for the past three years.

Contact Rep. Foley through e-mail at h47@in.gov, by phone at 1-800-382-9841 or by writing him at the Statehouse, 200 W. Washington St., Statehouse Room 401-4, Indianapolis, IN 46204.