Section 461.026

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 461

Effective - 28 Aug 1995   

  461.026.  Procedure to transfer tangible personal property to take effect on death of owner. — 1.  A deed of gift, bill of sale or other writing intended to transfer an interest in tangible personal property, that expressly states that the transfer is not to take effect until the death of the owner, transfers ownership to the designated transferee beneficiary, effective on death of the owner, if the instrument is in other respects sufficient to transfer the type of property involved and is executed by the owner and acknowledged before a notary public or other person authorized to administer oaths.  A beneficiary transfer instrument need not be supported by consideration or be delivered to any transferee beneficiary.

  2.  This section does not preclude other methods of transferring ownership of tangible personal property that are permitted by law and that have the effect of postponing enjoyment of property until the death of the owner.

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(L. 1995 S.B. 116)