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Indiana Code Title 23. Business and Other Associations § 23-17-25.7-2

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 2. If a charitable organization is designated as the beneficiary of an individual retirement account, retirement account, brokerage transfer on death account, annuity, or life insurance policy, a financial institution or insurance company in control of the funds shall do the following:

(1) Transfer the funds directly to the charitable organization upon receipt of an affidavit submitted by the charitable organization that contains the following information:

(A) A statement by the charitable organization confirming that it is tax exempt under Section 501(c)(3) of the Internal Revenue Code.

(B) A copy of a corporate resolution authorizing the acceptance of the transferred funds.

(C) An Internal Revenue Service Form W-9 for identification.

(D) A copy of:

(i) the deceased's death certificate;  or

(ii) other documentation that is authorized by the financial institution or insurance company to prove that the deceased has died.

(2) Shall not require:

(A) personal information, including the Social Security number, home address, and date of birth, of any employee, officer, or agent of the charitable organization;  or

(B) the charitable organization to open an account or otherwise become a customer of the financial institution or insurance company;

as a condition of transferring the funds.

(3) If the financial institution or insurance company notifies the charitable organization of the fact that the charitable organization has been designated as the beneficiary of the deceased's individual retirement account, retirement account, brokerage transfer on death account, annuity, or life insurance policy, the financial institution or insurance company must provide the name of the deceased to the charitable organization.

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Cite this article: FindLaw.com - Indiana Code Title 23. Business and Other Associations § 23-17-25.7-2 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-23-business-and-other-associations/in-code-sect-23-17-25-7-2/

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