Section 700.2708 - Definitions regarding beneficiary designation.
ESTATES AND PROTECTED INDIVIDUALS CODE (EXCERPT)
Act 386 of 1998
700.2708 Definitions regarding beneficiary designation.
Sec. 2708.
As used in this section and sections 2709 to 2712:
(a) “Alternative beneficiary designation” means a beneficiary designation that is expressly created by the governing instrument and, under the terms of the governing instrument, can take effect instead of another beneficiary designation on the happening of 1 or more events, including survival of the decedent or failure to survive the decedent, whether an event is expressed in condition-precedent, condition-subsequent, or another form.
(b) “Beneficiary” means the beneficiary of a beneficiary designation under which the beneficiary must survive the decedent. Beneficiary includes a class member if the beneficiary designation is in the form of a class gift; an individual or class member who was deceased at the time the beneficiary designation was executed; and an individual or class member who was then living but who failed to survive the decedent. Beneficiary excludes a joint tenant of a joint tenancy with the right of survivorship and a party to a joint and survivorship account.
(c) “Beneficiary designation” includes an alternative beneficiary designation and a beneficiary designation in the form of a class gift.
(d) “Class member” includes an individual who fails to survive the decedent, but who would have taken under a beneficiary designation in the form of a class gift had he or she survived the decedent.
(e) “Stepchild” means a child of the decedent's surviving, deceased, or former spouse, and not of the decedent.
(f) “Surviving beneficiary” or “surviving descendant” means a beneficiary or a descendant who did not predecease the decedent and is not considered to have predeceased the decedent under section 2702.
History: 1998, Act 386, Eff. Apr. 1, 2000
Popular Name: EPIC