Sec. 17. (a) An attorney in fact, guardian, conservator, or other agent acting on the behalf of the owner of property may make, revoke, or change a beneficiary designation if:

(1) the action complies with the terms of this chapter and any other applicable law; and

Terms Used In Indiana Code 32-17-14-17

  • 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
  • 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.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) the action is not expressly forbidden by the document establishing the agent’s right to act on behalf of the owner.

     (b) An attorney in fact, guardian, conservator, or other agent may withdraw, sell, pledge, or otherwise transfer property that is subject to a beneficiary designation notwithstanding the fact that the effect of the transaction may be to extinguish a beneficiary’s right to receive a transfer of the property at the death of the owner.

     (c) The rights of a beneficiary to any part of property that is subject to a beneficiary designation after the death of the owner are determined under IC 29-3-8-6.5 if:

(1) a guardian or conservator takes possession of the property;

(2) the guardian sells, transfers, encumbers, or consumes the property during the protected person’s lifetime; and

(3) the owner subsequently dies.

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

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