§ 29-3-8-6.5 — Severance of property jointly owned with rights of survivorship or use of the assets of a multiple party account

Indiana § 29-3-8-6.5

• Jurisdiction: Indiana
• Art. 3: GUARDIANSHIPS AND PROTECTIVE
• Ch. 8: Responsibilities and Powers of Guardian

Text

5. (a) If:
(1) a guardian takes possession of property that is:
(A) jointly owned by or titled in the names of the protected
person and another person with rights of survivorship; or
(B) owned as a multiple party account with another person as
joint owner or beneficiary;
(2) the guardian:
(A) severs the joint ownership of the property; or
(B) uses the assets of the multiple party account; and
(3) the protected person subsequently dies while the other person
is living;
the other person may elect to receive from the protected person's estate
property in an amount determined under subsection (b).
(b) The amount of property the other person described in subsection
(a) may elect to receive is determined in STEP THREE of the following
formula:
STEP ONE: Subtract:
(A) the value of the severed or used property retained by the
other person at the time ownership was severed or used, if any;
from
(B) the value of the joint property or multiple party account at
the time ownership was severed or the assets were used.
STEP TWO: Divide:
(A) the remainder determined under STEP ONE; by
(B) the value of the protected person's property, including the
jointly held property or multiple party account, at the time
ownership was severed or the assets were used.
STEP THREE: Multiply:
(A) the quotient determined under STEP TWO; by
(B) the value of the deceased protected person's net estate.
(c) As used in this section, "multiple party account" refers to both
multiple party accounts described by IC 32-17-11 and transfer on death
transfers completed under IC 32-17-14.

Legislative History

As added by P.L.33-1989, SEC.73. Amended by P.L.143-2009, SEC.16.