"Nonprobate transfer" defined
Sec. 1. (a) As used in this chapter, "nonprobate transfer" means a
valid transfer, effective at death, by a transferor:
(1) whose last domicile was in Indiana; and
(2) who immediately before death had the power, acting alone,
to prevent transfer of the property by revocation or withdrawal
and:
(A) use the property for the benefit of the transferor; or
(B) apply the property to discharge claims against the
transferor's probate estate.
The term does not include transfer of a survivorship interest in a
tenancy by the entireties real estate, transfer of a life insurance policy
or annuity, or payment of the death proceeds of a life insurance
policy or annuity.
(b) With respect to a security described in IC 32-17-9,
"nonprobate transfer" means a transfer on death resulting from a
registration in beneficiary form by an owner whose last domicile was
in Indiana.
(c) With respect to a nonprobate transfer involving a multiple
party account, a nonprobate transfer occurs if the last domicile of the
depositor whose interest is transferred under IC 32-17-11 was in
Indiana.
As added by P.L.165-2002, SEC.11.
Last modified: May 24, 2006