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House Bill 1258


House Bill 1258

ARCHIVE (2012)

Latest Information

 

DIGEST OF HB 1258 (Updated March 9, 2012 8:14 pm - DI 92)


Various estate administration matters. Specifies that an individual holding a beneficial or ownership interest in an entity is considered the transferee when a transferor makes a transfer subject to the inheritance tax to the entity. Provides that the individual is liable for the same percentage of the inheritance tax as the individual's percentage of beneficial or ownership interest in the entity. Eliminates authority to file a recovery claim against the estate of the recipient's spouse. Eliminates rules of will construction that applied only to decedents dying in 2010. Authorizes foreign wills to be probated after the expiration of the probate deadlines for the same limited purposes for which Indiana wills may be probated after the deadlines. Provides that costs of administration include the fee of a surrogate attorney for purposes of determining the priority of claims when an estate's resources are insufficient to pay all claims. Eliminates the requirement that a declaration designating a standby guardian include the Social Security number of the child or protected person. Specifies that a standby guardian has all of the powers granted by the guardianship statute. Provides that amendments to the trust code apply to trusts created prior to the effective date of the amendment unless certain adverse events would occur because of the application of the amendment. Provides that amendments to the transfer on death (TOD) statute apply to TOD transfers created before the effective date of the amendment. Specifies that a testamentary trust receiving a TOD transfer is considered to have been in existence as of the owner's death if the owner's last will and testament is admitted to probate. Provides that the practice of law by a person who is not an attorney is considered racketeering activity for purposes of the law concerning racketeer influenced and corrupt organizations. Removes authority for a transferring entity to adopt rules concerning TOD transfers in whole or in part by incorporation by references. Removes possible exceptions concerning the rules that apply to a beneficiary designation. Provides that a guardian does not need to be appointed if custodial property is less than $10,000. Makes technical corrections. Provides that a personality does not have rights of publicity if the personality has commercial value solely because the personality has been charged with or convicted of a crime. Provides that: (1) a deceased personality's rights of publicity apply to the personality whether the personality died before, on, or after July 1, 1994 (the original effective date of the rights of publicity law); (2) if the personality died before July 1, 1994, the deceased personality's rights of publicity are considered to have existed on and after the date the personality died; (3) a claim for a violation of a personality's right of publicity may not be asserted unless the alleged act or event of violation occurs within Indiana; and (4) a claim for a violation of the personality's right of publicity may not be asserted under this chapter unless the alleged act or event of violation occurs after June 30, 1994. Repeals rules of trust construction that applied only to decedents dying in 2010. (The introduced version of this bill was prepared by the probate code study commission.)
Current Status:
 Law Enacted
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