Indiana Code 32-17-14-9. Beneficiary designation; effects; requirements
Current as of: 2023 | Check for updates
|
Other versions
Sec. 9. (a) Except as provided in subsection (c), a beneficiary designation that satisfies the requirements of subsection (b):
(2) is effective on the death of the owner of the property; and
(1) authorizes a transfer of property under this chapter;
Terms Used In Indiana Code 32-17-14-9
- 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
- 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.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) transfers the right to receive the property to the designated beneficiary who survives the death of the owner.
(b) A beneficiary designation is effective under subsection (a) if the beneficiary designation is:
(1) executed; and
(2) delivered;
to the transferring entity before the death of the owner.
(c) A transferring entity shall make a transfer described in subsection (a)(3) unless there is clear and convincing evidence of the owner’s different intention at the time the beneficiary designation was created.
As added by P.L.143-2009, SEC.41. Amended by P.L.6-2010, SEC.28.