Unless written notice asserting that a deceased transferor's probate estate is insufficient to pay allowed claims and statutory allowances has been received from the deceased transferor's personal representative, the following rules apply:(1) Payment or delivery of assets by a financial institution, registrar, or another obligor to a nonprobate transferee under the terms of the governing instrument controlling the transfer releases the obligor from all claims for amounts paid or assets delivered.(2) A trustee receiving or controlling a nonprobate transfer is released from liability under this section on any assets distributed to the trust's beneficiaries. Each beneficiary, to the extent of the distribution received, becomes liable for the amount of the trustee's liability attributable to that asset imposed by sections 2 and 3 of this chapter.As added by P.L.165-2002, SEC.11. Amended by P.L.163-2018, SEC.21.
Indiana Legal Code