1. (a) An attorney in fact, guardian, conservator, or other agent acting on the behalf of the owner of property may make, revoke, or change a beneficiary designation if:

   1. (1) the action complies with the terms of this chapter and any other applicable law; and
   2. (2) the action is not expressly forbidden by the document establishing the agent's right to act on behalf of the owner.
2. (b) An attorney in fact, guardian, conservator, or other agent may withdraw, sell, pledge, or otherwise transfer property that is subject to a beneficiary designation notwithstanding the fact that the effect of the transaction may be to extinguish a beneficiary's right to receive a transfer of the property at the death of the owner.

3. (c) The rights of a beneficiary to any part of property that is subject to a beneficiary designation after the death of the owner are determined under IC 29-3-8-6.5 if:

   1. (1) a guardian or conservator takes possession of the property;
   2. (2) the guardian sells, transfers, encumbers, or consumes the property during the protected person's lifetime; and
   3. (3) the owner subsequently dies.

As added by P.L.143-2009, SEC.41.