Indiana Code 12-15-9-0.5. “Estate” and “nonprobate transfer”
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Sec. 0.5. (a) As used in this chapter, “estate” includes:
(2) any interest in real property owned by the individual at the time of death that was conveyed to the individual’s survivor through joint tenancy with right of survivorship, if the joint tenancy was created after June 30, 2002;
(1) all real and personal property and other assets included within an individual’s probate estate;
Terms Used In Indiana Code 12-15-9-0.5
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- estate: includes :
Indiana Code 12-15-9-0.5
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- nonprobate transfer: has the meaning set forth in IC 32-17-13-1. See Indiana Code 12-15-9-0.5
- Personal property: All property that is not real property.
- Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
- Probate: Proving a will
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
(3) any real or personal property conveyed through a nonprobate transfer; and
(4) any sum due after June 30, 2005, to a person after the death of a Medicaid recipient that is under the terms of an annuity contract purchased after May 1, 2005, with the assets of the Medicaid recipient.
(b) As used in this chapter, “nonprobate transfer” has the meaning set forth in IC 32-17-13-1.
As added by P.L.152-1995, SEC.5. Amended by P.L.178-2002, SEC.82; P.L.224-2003, SEC.78; P.L.246-2005, SEC.107; P.L.149-2012, SEC.3; P.L.163-2018, SEC.1.