§ 32-17-14-25 — Rights of surviving spouses and children

(a) In accordance with IC 32-17-13, a
transfer on death transfer may be subject to the payment of the
surviving spouse and family allowances under IC 29-1-4-1.
(b) A beneficiary designation designating the children of the owner
or children of any other person as a class and not by name includes all
children of the person regardless of whether the child is born or
adopted before or after the beneficiary designation is made.
(c) Except as provided in subsection (d), a child of the owner born
or adopted after the owner makes a beneficiary designation that names
another child of the owner as the beneficiary is entitled to receive a
fractional share of the property that would otherwise be transferred to
the named beneficiary. The share of the property to which each child
of the owner is entitled to receive is expressed as a fraction in which
the numerator is one (1) and the denominator is the total number of the
owner's children.
(d) A beneficiary designation or a governing instrument may
provide that subsection (c) does not apply to an owner's beneficiary
designation. In addition, a transferring entity is not obligated to apply
subsection (c) to property registered in beneficiary form.
(e) If a beneficiary designation does not name any child of the
owner as the designated beneficiary with respect to a particular
property interest, a child of the owner born or adopted after the owner
makes the beneficiary designation is not entitled to any share of the
property interest subject to the designation.

Legislative History

As added by P.L.143-2009, SEC.41. Amended by P.L.6-2010, SEC.33; P.L.36-2011, SEC.15.