461.033. Revocation or change of beneficiaries designation.
Revocation or change of beneficiaries designation.
461.033. 1. A beneficiary designation may be revoked or changed inwhole or in part during the lifetime of the owner. A revocation or changeof a beneficiary designation involving property of joint owners may only bemade with the agreement of all owners then living.
2. A subsequent beneficiary designation revokes a prior beneficiarydesignation unless the subsequent beneficiary designation expresslyprovides otherwise.
3. A revocation or change in a beneficiary designation shall complywith the terms of the governing instrument, the rules of the transferringentity and the applicable law.
4. A beneficiary designation may not be revoked or changed by theprovisions of a will unless the beneficiary designation expressly grantsthe owner the right to revoke or change a beneficiary designation by will.
5. A transfer during the owner's lifetime of the owner's interest inproperty, with or without consideration, terminates the beneficiarydesignation with respect to the property transferred.
6. The effective date of a revocation or change in a beneficiarydesignation shall be determined in the same manner as the effective date ofa beneficiary designation.
(L. 1989 H.B. 145 § 28, A.L. 1995 S.B. 116)