§ 32-17-14-16 — Changing or revoking a beneficiary designation

(a) A beneficiary designation may be
revoked or changed during the lifetime of the owner.
(b) A revocation or change of a beneficiary designation involving
property owned as tenants by the entirety must be made with the
agreement of both tenants for so long as both tenants are alive. After an
individual dies owning as a tenant by the entirety property that is
subject to a beneficiary designation, the individual's surviving spouse
may revoke or change the beneficiary designation.
(c) A revocation or change of a beneficiary designation involving
property owned in a form of ownership (other than as tenants by the
entirety) that restricts conveyance of the interest unless another person
joins in the conveyance must be made with the agreement of each
living owner required to join in a conveyance.
(d) A revocation or change of a beneficiary designation involving
property owned by joint owners with a right of survivorship must be
made with the agreement of each living owner.
(e) A subsequent beneficiary designation revokes a prior beneficiary
designation unless the subsequent beneficiary designation expressly
provides otherwise.
(f) A revocation or change in a beneficiary designation must comply
with the terms of any governing instrument, this chapter, and any other
applicable law.
(g) A beneficiary designation may not be revoked or changed by a
will or trust unless the beneficiary designation expressly grants the
owner the right to revoke or change the beneficiary designation by a
will or trust.
(h) A transfer during the owner's lifetime of the owner's interest in
the property, with or without consideration, terminates the beneficiary
designation with respect to the property transferred. However, if the
owner's interest is in real property, the deed of conveyance is void if it
is not recorded before the death of the owner with the recorder of deeds
in the county where the real property is situated.
(i) The effective date of a revocation or change in a beneficiary
designation is determined in the same manner as the effective date of
a beneficiary designation.
(j) An owner may revoke a beneficiary designation made in a
transfer on death deed by executing and recording before the death of
the owner with the recorder of deeds in the county in which the real
property is situated either:
(1) a subsequent deed of conveyance revoking, omitting, or
changing the beneficiary designation; or
(2) an affidavit acknowledged or proved under IC 32-21-2-3 that
revokes or changes the beneficiary designation.
A deed of conveyance or affidavit described in this subsection is void
if it is not recorded before the death of the owner with the recorder of
deeds in the county where the real property is situated.
(k) A physical act, such as a written modification on or the
destruction of a transfer on death deed after the transfer on death deed
has been recorded, has no effect on the beneficiary designation.
(l) A transfer on death deed may not be revoked or modified by will
or trust.

Legislative History

As added by P.L.143-2009, SEC.41. Amended by P.L.6-2010, SEC.32; P.L.231-2019, SEC.44.