IC 32-17.5-5
    Chapter 5. Disclaimer of Rights of Survivorship in Jointly HeldProperty

IC 32-17.5-5-1
Disclaimer by surviving joint holder
    Sec. 1. (a) This subsection applies upon the death of a holder ofjointly held property only if, during the deceased holder's lifetime,the deceased holder could have unilaterally regained a part of theproperty attributable to the deceased holder's contribution withoutconsent of any other holder. Another holder may disclaim an amountthat may not exceed the amount determined in STEP THREE of thefollowing formula:
        STEP ONE: Determine the amount of the property attributableto the deceased holder's contributions.
        STEP TWO: Determine the quotient of:
            (A) one (1); divided by
            (B) the number of joint holders alive immediately before thedeath of the holder to whose death the disclaimer relates.
        STEP THREE: Determine the product of:
            (1) the STEP ONE amount; multiplied by
            (2) the STEP TWO quotient.
    (b) This subsection applies in the case of the death of a holder ofjointly held property that is not subject to subsection (a). Anotherholder may disclaim an amount that may not exceed the amountdetermined in STEP FOUR of the following formula:
        STEP ONE: Determine the value of the total amount of thejointly held property.
        STEP TWO: Determine the product of:
            (A) the number of joint holders alive immediately before thedeath of the holder to whose death the disclaimer relates;multiplied by
            (B) the number of joint holders alive immediately after thedeath of the holder to whose death the disclaimer relates.
        STEP THREE: Determine the quotient of:
            (A) one (1); divided by
            (B) the STEP TWO result.
        STEP FOUR: Determine the product of:
            (A) the value determined in STEP ONE; multiplied by
            (B) the quotient determined in STEP THREE.
    (c) A disclaimer under subsection (a) or (b) takes effect as of thedeath of the holder of jointly held property to whose death thedisclaimer relates.
    (d) An interest in jointly held property disclaimed by a survivingholder of the property passes as if the disclaimant predeceased theholder to whose death the disclaimer relates.
As added by P.L.5-2003, SEC.1. Amended by P.L.6-2010, SEC.39.