Indiana Code 30-5-5-7.5. Transfer on death transfers
(1) Establish one (1) or more transfer on death transfers or payable on death transfers.
Terms Used In Indiana Code 30-5-5-7.5
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
(3) Terminate any transfer on death transfer or payable on death transfer.
(4) Add to or withdraw from any transfer on death transfer or payable on death transfer.
(5) Exercise any right or authority that the principal may have in a transfer on death transfer or payable on death transfer during the principal’s lifetime.
(b) The powers described in this section are equally exercisable with respect to transfer on death transfers and payable on death transfers that are established or operated in Indiana or another jurisdiction.
(c) A power of attorney that is executed before July 1, 2009, and that confers general authority with respect to all other matters under section 19 of this chapter also confers general authority with respect to transfer on death transfers and payable on death transfers as described in this section.
As added by P.L.143-2009, SEC.29.