Missouri Revised Statutes
Chapter 461
Nonprobate Transfers Law
←461.003
Section 461.005.1
461.009→
August 28, 2015
Definitions.
461.005. In sections 461.003 to 461.081, unless the context otherwise
requires, the following terms mean:
(1) "Beneficiary", a person or persons designated or entitled to receive
property pursuant to a nonprobate transfer on surviving one or more persons;
(2) "Beneficiary designation", a provision in writing that is not a will
that designates the beneficiary of a nonprobate transfer, including the
transferee in an instrument that makes the transfer effective on death of the
owner, and that complies with the conditions of any governing instrument, the
rules of any transferring entity and applicable law;
(3) "Death of the owner", in the case of joint owners, means death of
the last surviving owner;
(4) "In proper form", a phrase which applies to a beneficiary
designation or a revocation or change thereof, or a request to make, revoke
or change a beneficiary designation, which complies with the terms of the
governing instrument, the rules of the transferring entity and applicable law,
including any requirements with respect to supplemental documents;
(5) "Joint owners", persons who hold property as joint tenants with
right of survivorship and a husband and wife who hold property as tenants by
the entirety;
(6) "LDPS", an abbreviation of lineal descendants per stirpes which may
be used in a beneficiary designation to designate a substitute beneficiary as
provided in section 461.045;
(7) "Nonprobate transfer", a transfer of property taking effect upon the
death of the owner, pursuant to a beneficiary designation. A nonprobate
transfer under sections 461.003 to 461.081 does not include survivorship
rights in property held as joint tenants or tenants by the entirety, a
transfer to a remainderman on termination of a life tenancy, a transfer under
a trust established by an individual, either inter vivos or testamentary, a
transfer pursuant to the exercise or nonexercise of a power of appointment, or
a transfer made on death of a person who did not have the right to designate
his or her estate as the beneficiary of the transfer;
(8) "Owner", a person or persons having a right, exercisable alone or
with others, regardless of the terminology used to refer to the owner in any
written beneficiary designation, to designate the beneficiary of a nonprobate
transfer, and includes joint owners. The provisions of this subdivision
shall apply to all beneficiary deeds executed and filed at any time,
including, but not limited to, those executed and filed on or before August
28, 2005;
(9) "Ownership in beneficiary form", holding property pursuant to a
registration in beneficiary form or other writing that names the owner of the
property followed by a transfer on death direction and the designation of a
beneficiary;
(10) "Person", living individuals, entities capable of owning property
and fiduciaries;
(11) "Proof of death", includes a death certificate or record or report
that is prima facie proof or evidence of death under section 472.290;
(12) "Property", any present or future interest in property, real or
personal, tangible or intangible, legal or equitable. Property includes a
right to direct or receive payment of a debt, money or other benefits due
under a contract, account agreement, deposit agreement, employment contract,
compensation plan, pension plan, individual retirement plan, employee benefit
plan, trust or law, a right to receive performance remaining due under a
contract, a right to receive payment under a promissory note or a debt
maintained in a written account record, rights under a certificated or
uncertificated security, rights under an instrument evidencing ownership of
property issued by a governmental agency and rights under a document of title
within the meaning of section 400.1-201;
(13) "Registration in beneficiary form", titling of an account record,
certificate, or other written instrument evidencing ownership of property in
the name of the owner followed by a transfer on death direction and the
designation of a beneficiary;
(14) "Security", a certificated or uncertificated security as defined in
section 400.8-102, including securities as defined in section 409.401*;
(15) "Transfer on death direction", the phrase "transfer on death to" or
the phrase "pay on death to" or the abbreviation "TOD" or "POD" after the
name of the owners and before the designation of the beneficiary; and
(16) "Transferring entity", a person who owes a debt or is obligated to
pay money or benefits, render contract performance, deliver or convey
property, or change the record of ownership of property on the books, records
and accounts of an enterprise or on a certificate or document of title that
evidences property rights, and includes any governmental agency, business
entity or transfer agent that issues certificates of ownership or title to
property and a person acting as a custodial agent for an owner's property.
(L. 1989 H.B. 145 § 18, A.L. 1995 S.B. 116, A.L. 2005 S.B. 407
merged with S.B. 420 & 344)
*Section 409.401 was repealed in 2003 by H.B. 380, effective 9-01-03.
1995
1995
461.005. In sections 461.003 to 461.081, unless the context otherwise
requires, the following terms mean:
(1) "Beneficiary", a person or persons designated or entitled to
receive property pursuant to a nonprobate transfer on surviving one or more
persons;
(2) "Beneficiary designation", a provision in* writing that is not a
will that designates the beneficiary of a nonprobate transfer, including
the transferee in an instrument that makes the transfer effective on death
of the owner, and that complies with the conditions of any governing
instrument, the rules of any transferring entity and applicable law;
(3) "Death of the owner", in the case of joint owners, means death of
the last surviving owner;
(4) "In proper form", a phrase which applies to a beneficiary
designation or a revocation or change thereof, or a request to make, revoke
or change a beneficiary designation, which complies with the terms of the
governing instrument, the rules of the transferring entity and applicable
law, including any requirements with respect to supplemental documents;
(5) "Joint owners", persons who hold property as joint tenants with
right of survivorship and a husband and wife who hold property as tenants
by the entirety;
(6) "LDPS", an abbreviation of lineal descendants per stirpes which
may be used in a beneficiary designation to designate a substitute
beneficiary as provided in section 461.045;
(7) "Nonprobate transfer", a transfer of property taking effect upon
the death of the owner, pursuant to a beneficiary designation. A
nonprobate transfer under sections 461.003 to 461.081 does not include
survivorship rights in property held as joint tenants or tenants by the
entirety, a transfer to a remainderman on termination of a life tenancy, a
transfer under a trust established by an individual, either inter vivos or
testamentary, a transfer pursuant to the exercise or nonexercise of a power
of appointment, or a transfer made on death of a person who did not have
the right to designate his or her estate as the beneficiary of the
transfer;
(8) "Owner", a person or persons having a right, exercisable alone or
with others, to designate the beneficiary of a nonprobate transfer, and
includes joint owners;
(9) "Ownership in beneficiary form", holding property pursuant to a
registration in beneficiary form or other writing that names the owner of
the property followed by a transfer on death direction and the designation
of a beneficiary;
(10) "Person", living individuals, entities capable of owning
property and fiduciaries;
(11) "Proof of death", includes a death certificate or record or
report that is prima facie proof or evidence of death under section
472.290, RSMo;
(12) "Property", any present or future interest in property, real or
personal, tangible or intangible, legal or equitable. Property includes a
right to direct or receive payment of a debt, money or other benefits due
under a contract, account agreement, deposit agreement, employment
contract, compensation plan, pension plan, individual retirement plan,
employee benefit plan, trust or law, a right to receive performance
remaining due under a contract, a right to receive payment under a
promissory note or a debt maintained in a written account record, rights
under a certificated or uncertificated security, rights under an instrument
evidencing ownership of property issued by a governmental agency and rights
under a document of title within the meaning of section 400.1-201, RSMo;
(13) "Registration in beneficiary form", titling of an account
record, certificate, or other written instrument evidencing ownership of
property in the name of the owner followed by a transfer on death direction
and the designation of a beneficiary;
(14) "Security", a certificated or uncertificated security as defined
in section 400.8-102, RSMo, including securities as defined in section
409.401, RSMo;
(15) "Transfer on death direction", the phrase "transfer on death to"
or the phrase "pay on death to" or the abbreviation "TOD" or "POD" after
the name of the owners and before the designation of the beneficiary; and
(16) "Transferring entity", a person who owes a debt or is obligated
to pay money or benefits, render contract performance, deliver or convey
property, or change the record of ownership of property on the books,
records and accounts of an enterprise or on a certificate or document of
title that evidences property rights, and includes any governmental agency,
business entity or transfer agent that issues certificates of ownership or
title to property and a person acting as a custodial agent for an owner's
property.
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