Indiana Code 29-3-9-4.5. Estate planning
(1) Make gifts.
Terms Used In Indiana Code 29-3-9-4.5
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Dependent: A person dependent for support upon another.
- 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.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Inter vivos: Transfer of property from one living person to another living person.
- Intestate: Dying without leaving a will.
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Testate: To die leaving a will.
(3) Convey, release, or disclaim contingent and expectant interests in property, including marital property rights and any right of survivorship incident to joint tenancy or tenancy by the entireties.
(4) Exercise or release a power of appointment.
(5) Create a revocable or irrevocable trust of all or part of the property of the estate, including a trust that extends beyond the duration of the guardianship.
(6) Revoke or amend a trust that is revocable by the protected person.
(7) Exercise rights to elect options and change beneficiaries under insurance policies, retirement plans, and annuities.
(8) Surrender an insurance policy or annuity for its cash value.
(9) Exercise any right to an elective share in the estate of the protected person’s deceased spouse.
(10) Renounce or disclaim any interest by testate or intestate succession or by transfer inter vivos.
(b) Before approving a guardian’s exercise of a power listed in subsection (a), the court shall consider primarily the decision that the protected person would have made, to the extent that the decision of the protected person can be ascertained. If the protected person has a will, the protected person’s distribution of assets under the will is prima facie evidence of the protected person’s intent. The court shall also consider:
(1) the financial needs of the protected person and the needs of individuals who are dependent on the protected person for support;
(2) the interests of creditors;
(3) the possible reduction of income taxes, estate taxes, inheritance taxes, or other federal, state, or local tax liabilities;
(4) the eligibility of the protected person for governmental assistance;
(5) the protected person’s previous pattern of giving or level of support;
(6) the protected person’s existing estate plan, if any;
(7) the protected person’s life expectancy and the probability that the guardianship will terminate before the protected person’s death; and
(8) any other factor the court considers relevant.
(c) A guardian may examine and receive, at the expense of the guardian, copies of the following documents of the protected person:
(1) A will.
(2) A trust.
(3) A power of attorney.
(4) A health care appointment.
(5) An advance directive.
(6) Any other estate planning document.
As added by P.L.6-2010, SEC.12. Amended by P.L.50-2021, SEC.73.