Section 32-17-14-21 - Trusts as designated beneficiaries(a) A trustee of a trust may be a designated beneficiary regardless of whether the trust is amendable, revocable, irrevocable, funded, unfunded, or amended after the designation is made.(b) Unless a beneficiary designation provides otherwise, a trust that is revoked or terminated before the death of the owner is considered nonexistent at the owner's death.(c) Unless a beneficiary designation provides otherwise, a legal entity or trust that does not:(2) come into existence effective as of the owner's death; is considered nonexistent at the owner's death.
(d) For purposes of this section, an owner's testamentary trust is considered to have come into existence as of the owner's death if the owner's last will and testament is admitted to probate.Amended by P.L. 149-2012, SEC. 14, eff. 3/19/2012.As added by P.L. 143-2009, SEC.41.