Sec. 13. (a) An owner of property, with or without consideration, may execute a written instrument directly transferring the property to one (1) or more individuals as a grantee to hold as owner in beneficiary form. Any grantee may be an individual different from or in addition to the owner who executes the instrument.

     (b) A grantee under an instrument described in subsection (a) is considered the owner of the property for all purposes and has all the rights to the property provided by law to the owner of the property, including the right to revoke or change the beneficiary designation.

     (c) A direct transfer of property to a grantee to hold as owner in beneficiary form is effective when the written instrument perfecting the transfer becomes effective to make the grantee the owner.

     (d) A beneficiary designation in an instrument described in subsection (a) may be worded in substance as “(insert owner’s name) conveys and warrants (or quitclaims) to (insert grantee’s name(s)), TOD to (insert beneficiary’s name)”. This example is not intended to be exhaustive.

     (e) A beneficiary designation in an instrument described in subsection (a) is void if the instrument:

(1) conveys real property; and

(2) is not recorded with the recorder of deeds in the county in which the real property is situated before the grantee’s death.

     (f) An instrument described in subsection (a) is effective to convey title to the grantee regardless of whether a beneficiary designation is void under subsection (e).

     (g) If an instrument described in subsection (a) conveys real property, the endorsement of the county auditor under IC 36-2-11-14 and IC 36-2-9-18 is necessary to record the instrument.

As added by P.L.143-2009, SEC.41. Amended by P.L.99-2024, SEC.20.