Indiana § 32-17-14-12 Transfer on death transfers of tangible personal property

Indiana Statutes

§ 32-17-14-12 — Transfer on death transfers of tangible personal property

Indiana·Title 32 PROPERTY·Art. 17 INTERESTS IN PROPERTY·Ch. 14 Transfer on Death Property Act

(a)A deed of gift, bill of sale, or other writing intended to transfer an interest in tangible personal property is effective on the death of the owner and transfers ownership to the designated transferee beneficiary if the document:

(1)expressly creates ownership in beneficiary form;

(2)is in other respects sufficient to transfer the type of property involved; and

(3)is executed by the owner and acknowledged before a notary public or other person authorized to administer oaths or executed in the presence of a disinterested witness.

(b)A beneficiary transfer document described in this section is not required to be supported by consideration or delivered to the transferee beneficiary.

(c)This section does not preclude other methods of transferring ownership of tangible personal proper

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(a) A deed of gift, bill of sale, or other
writing intended to transfer an interest in tangible personal property is
effective on the death of the owner and transfers ownership to the
designated transferee beneficiary if the document:
(1) expressly creates ownership in beneficiary form;
(2) is in other respects sufficient to transfer the type of property
involved; and
(3) is executed by the owner and acknowledged before a notary
public or other person authorized to administer oaths or executed
in the presence of a disinterested witness.
(b) A beneficiary transfer document described in this section is not
required to be supported by consideration or delivered to the transferee
beneficiary.
(c) This section does not preclude other methods of transferring
ownership of tangible personal property that are permitted by law and
have the effect of postponing enjoyment of the property until after the
death of the owner.
(d) For purposes of this section, a witness is disinterested if the
witness is not:
(1) the designated transferee beneficiary;
(2) the spouse of the designated transferee beneficiary;
(3) a descendant of the designated transferee beneficiary; or
(4) the spouse of a descendant of the designated transferee
beneficiary.
(e) A disinterested witness may prove the owner's execution of a
deed of gift, bill of sale, or other writing under this section as a witness
may prove the signature of a grantor, principal, or affiant making a
conveyance, mortgage, or other instrument of writing under IC 32-21-2-3(a).

Indiana § 32-17-14-12 (Transfer on death transfers of tangible personal property) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.