Guardian possession and sever of property jointly owned with
rights of survivorship; election to receive property from protected
person's estate
Sec. 6.5. (a) If:
(1) a guardian takes possession of property that is jointly owned
by or titled in the names of the protected person and another
person with rights of survivorship;
(2) the guardian severs the joint ownership of the property; and
(3) the protected person subsequently dies while the other
person is living;
the other person may elect to receive from the protected person's
estate property in an amount determined under subsection (b).
(b) The amount of property the other person described in
subsection (a) may elect to receive is determined in STEP THREE
of the following formula:
STEP ONE: Subtract:
(A) the value of the severed property retained by the other
person at the time ownership was severed, if any; from
(B) the value of the joint property at the time ownership was
severed.
STEP TWO: Divide:
(A) the remainder determined under STEP ONE; by
(B) the value of the protected person's property, including
the jointly held property, at the time ownership was severed.
STEP THREE: Multiply:
(A) the quotient determined under STEP TWO; by
(B) the value of the deceased protected person's net estate.
As added by P.L.33-1989, SEC.73.
Last modified: May 27, 2006