§ 32-17-14-4 — Transfers that are not considered transfer on death transfers; beneficiary designation requirements and form

Indiana § 32-17-14-4

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

Text

(a) The following transfers of ownership are
not considered transfer on death transfers for purposes of this chapter:
(1) Transfers by rights of survivorship in property held as joint
tenants or tenants by the entirety.
(2) A transfer to a remainderman on the termination of a life
tenancy.
(3) An inter vivos or a testamentary transfer under a trust
established by an individual.
(4) A transfer made under the exercise or nonexercise of a power
of appointment.
(5) A transfer made on the death of a person who did not have the
right to designate the person's estate as the beneficiary of the
transfer.
(b) A beneficiary designation made under this chapter must do the
following:
(1) Designate the beneficiary of a transfer on death transfer.
(2) Make the transfer effective upon the death of the owner of the
property being transferred.
(3) Comply with this chapter, the conditions of any governing
instrument, and any other applicable law.
(c) For purposes of construing this chapter or a beneficiary
designation made under this chapter, the death of the last surviving
owner of property held by joint owners is considered the death of the
owner.
(d) Except as otherwise provided in this chapter, a transfer on death
direction is accomplished in a form substantially similar to the
following:
(1) Insert Name of the Owner or Owners.
(2) Insert "Transfer on death to" or "TOD" or "Pay on death to" or
"POD".
(3) Insert the Name of the Beneficiary or Beneficiaries.
(e) An owner may revoke or change a beneficiary designation at any
time before the owner's death.

Legislative History

As added by P.L.143-2009, SEC.41.