14-6310
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14-6310. Registrations; terms, conditions and forms A. A registering entity that offers to accept registrations in beneficiary form may establish the terms and conditions under which it will receive and implement these requests as well as requests for cancellation of previously registered transfer on death beneficiary designations and requests for reregistration to effect a change of beneficiary. The terms and conditions may provide for proving death, avoiding or resolving any problems concerning fractional shares, designating primary and contingent beneficiaries and substituting a named beneficiary's descendants to take in the place of the named beneficiary in the event of the beneficiary's death. B. The registering entity may indicate a beneficiary substitution by appending to the name of the primary beneficiary the letters "LDPS" or the words "lineal descendants per stirpes". This designation substitutes a deceased beneficiary's descendants who survive the owner for a beneficiary who fails to survive, with the descendants to be identified and to share in accordance with the law of the beneficiary's domicile at the owner's death governing inheritance by descendants of an intestate. C. Other forms of identifying beneficiaries who are to take on one or more contingencies and rules for providing proofs and assurances needed to satisfy reasonable concerns by registering entities regarding conditions and identities relevant to accurate implementation of registrations in beneficiary form may be contained in a registering entity's terms and conditions. D. The following are illustrations of registrations in beneficiary form that a registering entity may authorize: 1. Sole owner-sole beneficiary by John S Brown TOD (or POD) John S Brown Jr. 2. Multiple owners-sole beneficiary by John S Brown Mary B Brown JT TEN TOD John S Brown Jr. 3. Multiple owners-primary and secondary (substituted) beneficiaries by either: (a) John S Brown Mary B Brown JT TEN TOD John S Brown Jr SUB BENE Peter Q Brown. (b) John S Brown Mary B Brown JT TEN TOD John S Brown Jr LDPS. |