Indiana Code 32-17-14-21. Trusts as designated beneficiaries
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Sec. 21. (a) A trustee of a trust may be a designated beneficiary regardless of whether the trust is amendable, revocable, irrevocable, funded, unfunded, or amended after the designation is made.
(c) Unless a beneficiary designation provides otherwise, a legal entity or trust that does not:
(b) Unless a beneficiary designation provides otherwise, a trust that is revoked or terminated before the death of the owner is considered nonexistent at the owner’s death.
Terms Used In Indiana Code 32-17-14-21
- 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
- Probate: Proving a will
- Trustee: A person or institution holding and administering property in trust.
(1) exist; or
(2) come into existence effective as of the owner’s death;
is considered nonexistent at the owner’s death.
(d) For purposes of this section, an owner’s testamentary trust is considered to have come into existence as of the owner’s death if the owner’s last will and testament is admitted to probate.
As added by P.L.143-2009, SEC.41. Amended by P.L.149-2012, SEC.14.