The House Judiciary Committee heard SB 371, sponsored by Rep. Koch, on probate matters. The bill:
- permits residential property to qualify for homestead exemption if occupied by a beneficiary of a trust that holds legal title;
- requires inheritance tax returns to be filed with the State Department of Revenue instead of the county level, but without changing allocation of inheritance tax revenues between the county and state;
- requires will contests to be filed in the same proceeding as the estate administration;
- adds stepchildren and personal representatives to the list of priorities for decisions regarding a decedent’s remains;
- requires a court appointing a guardian to consider a previously designated standby guardian;
- clarifies passage of transfer on death property when disclaimed by a beneficiary that is an entity; and
- makes technical corrections.
Indiana State Bar Association Trust and Property Section testified in support of the bill, despite concerns with filing will contests in the “same proceeding” as the estate administration. The bill passed 13-0.
Read the bill at http://iga.in.gov/legislative/2016/bills/senate/371