§ 23-17-25.7-2 — Charitable organization beneficiary protections

Indiana § 23-17-25.7-2

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 17: NONPROFIT CORPORATIONS
• Ch. 25.7: Charitable Organization Beneficiary Bequest

Text

If a charitable organization is designated as
the beneficiary of an individual retirement account, retirement account,
brokerage transfer on death account, annuity, or life insurance policy,
a financial institution or insurance company in control of the funds
shall do the following:
(1) Transfer the funds directly to the charitable organization upon
receipt of an affidavit submitted by the charitable organization
that contains the following information:
(A) A statement by the charitable organization confirming that
it is tax exempt under Section 501(c)(3) of the Internal Revenue
Code.
(B) A copy of a corporate resolution authorizing the acceptance
of the transferred funds.
(C) An Internal Revenue Service Form W-9 for identification.
(D) A copy of:
(i) the deceased's death certificate; or
(ii) other documentation that is authorized by the financial
institution or insurance company to prove that the deceased
has died.
(2) Shall not require:
(A) personal information, including the Social Security number,
home address, and date of birth, of any employee, officer, or
agent of the charitable organization; or
(B) the charitable organization to open an account or otherwise
become a customer of the financial institution or insurance
company;
as a condition of transferring the funds.
(3) If the financial institution or insurance company notifies the
charitable organization of the fact that the charitable organization
has been designated as the beneficiary of the deceased's
individual retirement account, retirement account, brokerage
transfer on death account, annuity, or life insurance policy, the
financial institution or insurance company must provide the name
of the deceased to the charitable organization.

Legislative History

As added by P.L.220-2025, SEC.2.