Sec. 18. (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

Terms Used In Indiana Code 32-17-11-18

  • account: means a contract of deposit of funds between a depositor and a financial institution. See Indiana Code 32-17-11-1
  • Decedent: A deceased person.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • multiple party account: means any of the following types of accounts:

    Indiana Code 32-17-11-5

  • party: means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple party account. See Indiana Code 32-17-11-7
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • trust account: means an account in the name of at least one (1) party as trustee for at least one (1) beneficiary if:

    Indiana Code 32-17-11-14

  • Trustee: A person or institution holding and administering property in trust.
(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.]

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

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