(a)
(1) An employee may designate a beneficiary to receive payment for any wages or salary due such employee at the time of the employee's death.
(2) The employer is encouraged to inform the employee of this right at the time the employee is hired.
(3) If the employee fails to designate such beneficiary as provided for in subdivision (a)(1), the employer shall pay out such wages and salary according to subsection (b).
(b)
(1) A sum not exceeding ten thousand dollars ($10,000) is authorized to be paid directly to the surviving spouse of a decedent, but if none, then to the surviving children of the decedent as tenants in common, as follows:
(A) By an employer any wages or other compensation owed a deceased employee at the time of the employee's death;
(B) By any other person owing, or holding funds for, a decedent if six (6) months have passed since the decedent's death without application having been made for the appointment of a personal representative. However, if such funds exceed ten thousand dollars ($10,000), the excess shall be paid to the personal representative or as otherwise ordered by the court.
(2) All sums paid pursuant to this subsection (b) shall be charged against the elective share, homestead allowance, and year's support allowance as applicable. If one entitled to receive payment hereunder is a minor, the sum shall be paid to the guardian or custodian for the minor's benefit.
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