Final accounts; decree of final distribution
Sec. 2. (a) After the expiration of the time limit for the filing of
claims, and after all claims against the estate, including state and
federal inheritance and estate taxes, have been determined, paid, or
provision made therefor, except contingent and unmatured claims
which cannot then be paid, the personal representative shall, if the
estate is in a condition to be closed, render his final account and at
the same time petition the court to decree the final distribution of the
estate. Notice of the hearing of the petition shall be given to all
interested persons.
(b) In its decree of final distribution, the court shall designate the
persons to whom distribution is to be made, and the proportions or
parts of the estate, or the amounts, to which each is entitled under the
will and the provisions of this probate code, including the provisions
regarding advancements, election by the surviving spouse, lapse,
renunciation, adjudicated compromise of controversies and retainer.
Every tract of real property so distributed shall be specifically
described therein. The decree shall find that all state and federal
inheritance and estate taxes are paid; and if all claims have been
paid, it shall so state; otherwise, the decree shall state that all claims
except those therein specified are paid and shall describe the claims
for the payment of which a special fund is set aside, and the amount
of such fund; if any contingent claims which have been duly allowed
are still unpaid and have not become absolute, such claims shall be
described in the decree, which shall state whether the distributees
take subject to them. If a fund is set aside for the payment of
contingent claims, the decree shall provide for the distribution of
such fund in the event that all or a part of it is not needed to satisfy
such contingent claims. If a decree of partial distribution has been
previously made, the decree of final distribution shall expressly
confirm it, or, for good cause, shall modify said decree and state
specifically what modifications are made.
(c) If a distributee dies before distribution to him of his share of
the estate, such share may be distributed to the personal
representative of his estate, if there be one; or if no administration on
his estate is had and none is necessary according to IC 1971, 29-1-8,
the share of such distributee shall be distributed in accordance
therewith.
(d) The decree of final distribution shall be a conclusive
determination of the persons who are the successors in interest to the
estate of the decedent and of the extent and character of their interest
therein, subject only to the right of appeal and the right to reopen the
decree. It shall operate as the final adjudication of the transfer of the
right, title and interest of the decedent to the distributees therein
designated; but no transfer before or after the decedent's death by an
heir or devisee shall affect the decree, nor shall the decree affect any
rights so acquired by grantees from the heirs or devisees.
(e) Whenever the decree of final distribution includes real
property, a certified copy thereof shall be recorded by the personal
representative in every county of this state in which any real property
distributed by the decree is situated except the county in which the
estate is administered. The cost of recording such decree shall be
charged to the estate.
(Formerly: Acts 1953, c.112, s.1702; Acts 1975, P.L.288, SEC.36.)
Last modified: May 27, 2006