Indiana Code Title 32. Property § 32-17.5-5-1

Sec. 1. (a) This subsection applies upon the death of a holder of jointly held property only if, during the deceased holder's lifetime, the deceased holder could have unilaterally regained a part of the property attributable to the deceased holder's contribution without consent of any other holder.  Another holder may disclaim an amount that may not exceed the amount determined in STEP THREE of the following formula:

STEP ONE:  Determine the amount of the property attributable to the deceased holder's contributions.

STEP TWO:  Determine the quotient of:

STEP THREE:  Determine the product of:

(b) This subsection applies in the case of the death of a holder of jointly held property that is not subject to subsection (a).  Another holder may disclaim an amount that may not exceed the amount determined in STEP FOUR of the following formula:

STEP ONE:  Determine the value of the total amount of the jointly held property.

STEP TWO:  Determine the product of:

STEP THREE:  Determine the quotient of:

STEP FOUR:  Determine the product of:

(c) A disclaimer under subsection (a) or (b) takes effect as of the death of the holder of jointly held property to whose death the disclaimer relates.

(d) An interest in jointly held property disclaimed by a surviving holder of the property passes as if the disclaimant predeceased the holder to whose death the disclaimer relates.