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Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 461

previous next Effective - 28 Aug 1995bottom

  461.033.  Revocation or change of beneficiaries designation. — 1.  A beneficiary designation may be revoked or changed in whole or in part during the lifetime of the owner.  A revocation or change of a beneficiary designation involving property of joint owners may only be made with the agreement of all owners then living.

  2.  A subsequent beneficiary designation revokes a prior beneficiary designation unless the subsequent beneficiary designation expressly provides otherwise.

  3.  A revocation or change in a beneficiary designation shall comply with the terms of the governing instrument, the rules of the transferring entity and the applicable law.

  4.  A beneficiary designation may not be revoked or changed by the provisions of a will unless the beneficiary designation expressly grants the 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 in property, with or without consideration, terminates the beneficiary designation with respect to the property transferred.

  6.  The effective date of a revocation or change in a beneficiary designation shall be determined in the same manner as the effective date of a beneficiary designation.

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(L. 1989 H.B. 145 § 28, A.L. 1995 S.B. 116)


---- end of effective   28 Aug 1995 ----

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