§ 32-17-11-18 — Ownership of accounts at death of party, original payee, or trustee

Indiana § 32-17-11-18

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 17: INTERESTS IN PROPERTY
• Ch. 11: Multiple Party Accounts

Text

(a) Sums remaining on deposit at the death
of a party to a joint account belong to the surviving party or parties as
against the estate of the decedent unless there is clear and convincing
evidence of a different intention at the time the account is created. If
there are at least two (2) surviving parties, their respective ownerships
during lifetime are:
(1) in proportion to their previous ownership interests under
section 17 of this chapter; and
(2) augmented by an equal share for each survivor of any interest
the decedent may have owned in the account immediately before
the person's death.
The right of survivorship continues between the surviving parties.
(b) If the account is a trust account, on death of the trustee or the
survivor of at least two (2) trustees, any sums remaining on deposit
belong to the person or persons named as beneficiaries who survive the
trustee, unless there is clear and convincing evidence of a contrary
intent. If at least two (2) beneficiaries survive, there is no right of
survivorship between the beneficiaries unless the terms of the account
or deposit agreement expressly provide for survivorship.
(c) Except as provided in subsections (a) and (b), the death of any
party to a multiple party account has no effect on beneficial ownership
of the account other than to transfer the rights of the decedent as part
of the decedent's estate.
(d) A right of survivorship arising:
(1) from the express terms of the account; or
(2) under:
(A) this section; or
(B) a beneficiary designation in a trust account;
cannot be changed by will.
[Pre-2002 Recodification Citation: 32-4-1.5-4.]

Legislative History

As added by P.L.2-2002, SEC.2. Amended by P.L.143-2009, SEC.37.