IN SB0065 | 2010 | Regular Session

Status

Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Passed on March 25 2010 - 100% progression
Action: 2010-03-25 - Sections 26 through 40 effective 07/01/2010
Text: Latest bill text (Enrolled) [HTML]

Summary

Specifies the requirements of an affidavit used to state that no inheritance tax is due after applying statutory exemptions to each transferee receiving property as a result of the decedent's death. Requires that inheritance tax returns include all taxable transfers known to the person filing the return. Specifies a guardian's powers concerning the estate planning of a protected person. Repeals the current statute governing a guardian's authority to engage in estate planning for a protected person. Makes various changes to statutes concerning the following: (1) The transfer on death of motor vehicles and watercraft. (2) Probate notice requirements. (3) Protected persons. (4) Funeral declarations. (5) Attorneys in fact. (6) Nonprobate transferees. (7) The transfer on death act. (8) Disclaiming interests in property. Prescribes trust interpretation rules to protect discretionary interests held by beneficiaries. Precludes creditor actions against certain trust interests. Authorizes matrimonial trusts. Authorizes a trustee to decant a trust. Authorizes a trustee to close a trust when a beneficiary cannot be found by selling the beneficiary's share and depositing the proceeds with the clerk of the court. Requires the clerk to hold the proceeds for the use and benefit of the person or persons thereafter determined by law to be entitled to the proceeds. Provides that trusts and wills of decedents who die in 2010 that contain certain formulas refer to the federal estate tax and generation-skipping transfer tax laws as they applied to estates of decedents on December 31, 2009. (The introduced version of this bill was prepared by the probate code study commission.)

Tracking Information

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Title

Guardianships, estate administration, trust matters, and wills.

Sponsors


History

DateChamberAction
2010-03-25 Sections 26 through 40 effective 07/01/2010
2010-03-25 Section 25 effective retroactive to 07/01/2009
2010-03-25 Sections 14 through 24 effective 07/01/2010
2010-03-25 Section 13 effective retroactive to 12/01/2009
2010-03-25 Sections 7 through 12 effective 07/01/2010
2010-03-25 Section 6 effective retroactive to 12/01/2009
2010-03-25 Sections 1 through 5 effective 07/01/2010
2010-03-25 Public Law 6
2010-03-12 Signed by the Governor
2010-03-11 Signed by the President of the Senate
2010-03-08 Signed by the Speaker
2010-03-04 Signed by the President Pro Tempore
2010-03-01 Senate concurred in House amendments; Roll Call 242: Yeas 46, Nays 0
2010-03-01 Motion to concur in House amendments filed
2010-02-25 Returned to the Senate with amendments
2010-02-25 Third reading: passed; Roll Call 224: Yeas 95, Nays 0
2010-02-24 Second reading: ordered engrossed
2010-02-22 Committee report: amend do pass, adopted
2010-02-02 First reading: referred to Committee on Judiciary
2010-01-26 Senator Broden added as second author
2010-01-26 Cosponsor: Rep. Foley
2010-01-26 House sponsor: Rep. VanHaaften
2010-01-26 Referred to the House
2010-01-26 Third reading: passed; Roll Call 36: Yeas 50 and Nays 0
2010-01-21 Amendment 1 (Zakas), prevailed;
2010-01-21 Second reading: amended, ordered engrossed
2010-01-19 Committee report: amend do pass, adopted
2010-01-05 First reading: referred to Committee on Judiciary
2010-01-05 Authored by Senator Zakas

Indiana State Sources


Bill Comments

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