Chapter 13 Missouri Nonprobate Transfers Law

Index

Section 13.1 Introduction
Section 13.2 Statutory Basis for Transfers on Death by Contract, Deed, Trust, and Gift
Section 13.3 Varieties of Nonprobate Transfer Devices
Section 13.4 Estate Planning Considerations
Section 13.5 The Basic Enabling Statute
Section 13.6 Nonprobate Transfers Law of Missouri
Section 13.7 Arrangements Expressly Excluded From Definition of “Nonprobate Transfer”
Section 13.8 Accounts or Deposits in Financial Institutions
Section 13.9 Motor Vehicles, Trailers, Boats, Outboard Motors, and Manufactured Homes
Section 13.10 Life Insurance and Other Products Sold or Issued by a Life Insurance Company
Section 13.11 Opting Out of the Nonprobate Transfers Law of Missouri
Section 13.12 Overriding the Rules in the Nonprobate Transfers Law of Missouri
Section 13.13 Issue Regarding Employee Retirement Income Security Act of 1974 Preemption of State Law
Section 13.14 Conflicts of Law
Section 13.15 Missouri Lottery Prizes
Section 13.16 Overview of Chapter 461, RSMo
Section 13.17 Effective Date of Statute
Section 13.18 Ownership of Property With Respect to Which a Beneficiary Designation Has Been Made, During the Owner’s Life
Section 13.19 Ownership of Property With Respect to Which a Beneficiary Designation Has Been Made, After the Original Owner Dies
Section 13.20 Effective Date of Creation, Revocation, or Change of a Beneficiary Designation
Section 13.21 Revoking or Changing a Beneficiary Designation
Section 13.22 Permissible Beneficiaries and Designating a Trust as Beneficiary
Section 13.23 Failure of Beneficiary to Survive the Owner by 120 Hours
Section 13.24 Unavailability of the Property at the Owner’s Death—Transfers, Liens, Involuntary Conversion
Section 13.25 Nature of a “Transferring Entity”
Section 13.26 Transferring Entity Cannot Be Compelled to Accept a Beneficiary Designation
Section 13.27 Accepting a Beneficiary Designation Obligates the Transferring Entity to Execute it After the Owner Dies
Section 13.28 Transferring Entity’s Rules Override Those in the Nonprobate Transfers Law of Missouri
Section 13.29 Protections Provided to Transferring Entities
Section 13.30 Protections Regarding the Default Provisions
Section 13.31 Protections Regarding Factual Information
Section 13.32 Protections Regarding Competing Claimants
Section 13.33 Protections Under Other Statutes
Section 13.34 Duty of Transferring Entity
Section 13.35 Generally
Section 13.36 Beneficiary Designation Under Written Instrument or Law
Section 13.37 Assignments Effective on Death of Assignor
Section 13.38 Deeds Effective on Death of Owner
Section 13.39 Beneficiary Deed of Gift or Bill of Sale
Section 13.40 Registering or Holding Property, Including Accounts and Securities, in Beneficiary Form
Section 13.41 Direct Transfer by Third Party Into Beneficiary Form
Section 13.42 Source of Rules Governing All Nonprobate Transfers
Section 13.43 Requirement of Writing
Section 13.44 Method for Indicating Primary and Contingent Beneficiaries and Different Percentage Interests
Section 13.45 Income Earned or Declared and Unpaid at Owner’s Death and Dividend Reinvestment Plans
Section 13.46 Distribution of Fractional Shares or Indivisible Property
Section 13.47 Determining Which Beneficiaries Take the Property After the Owner Dies, and in What Proportions, When Multiple Beneficiaries Are Designated
Section 13.48 Time Limit for Proving Existence of Trust and Trustee
Section 13.49 Time Limit for Proving Existence of Lineal Descendants
Section 13.50 Time Limit for Locating Beneficiary
Section 13.51 Share of a Minor or a Disabled Adult May Be Distributed to a Custodian
Section 13.52 Who May Make a Request to Execute a Nonprobate Transfer, Form of Request, and Contents of Request
Section 13.53 Documentation That Must Accompany a Written Request for Execution of a Nonprobate Transfer
Section 13.54 Designation of Children by Class and Not by Name
Section 13.55 Lineal Descendant Substitutes
Section 13.56 Disclaimer
Section 13.57 Dissolution of Marriage
Section 13.58 Disqualification for Fraud, Duress, Undue Influence, or Causing the Owner’s Death
Section 13.59 After-Born Child Rule and Related Matters
Section 13.60 Protections Given to Transferring Entity and Good-Faith Purchaser or Lender Do Not Alter the Rights of Beneficiaries, Heirs, or Creditors
Section 13.61 Liability of Transferee for Improperly Transferred Property
Section 13.62 Protection of Good-Faith Purchaser or Lender
Section 13.63 Rights of Interested Parties When Requests for Payment Are Outstanding
Section 13.64 Jurisdiction
Section 13.65 Introduction
Section 13.66 Which Recipients of Property Are Liable to Account, and for How Much of the Property?
Section 13.67 Purposes for Which Funds May Be Raised by a Creditors’ Rights Proceeding
Section 13.68 Procedure
Section 13.69 Joinder of Others Who Are Liable to Account
Section 13.70 Protection for Transferring Entities
Section 13.71 Creditors’ Rights Section Does Not Create a Lien on Property
Section 13.72 Sources and Use of Examples and Committee Comments
Section 13.73 Example of Instructions for Making Employee Beneficiary Designations
Section 13.74 Distribution Rules Summary (for Employees)
Section 13.75 Employee Beneficiary Designation Form
Section 13.76 Acknowledgment of Receipt of Employee Beneficiary Designation Form
Section 13.77 Rules for Employee Beneficiary Designations
Section 13.78 Promissory Note Providing for Transfer at Owner’s Death to Owner’s Revocable Trust
Section 13.79 Contract Provision Authorizing Beneficiary Designation for Contract Rights Under License Agreement
Section 13.80 Beneficiary Designation Form for Contract Rights
Section 13.81 Acknowledgment of Receipt of Beneficiary Designation Form for Contract Rights
Section 13.82 Beneficiary Assignment
Section 13.83 Beneficiary Assignment in Letter Form, to Be Either Delivered to Contract Obligor Before the Owner’s Death or Notarized
Section 13.84 Beneficiary Deed (With Contingent Beneficiary)
Section 13.85 Revocation of Beneficiary Deed
Section 13.86 Beneficiary Deed to the Revocable Trust of Whichever Spouse Dies Last
Section 13.87 Beneficiary Transfer Instrument in the Form of a “Beneficiary Deed of Gift”
Section 13.88 Beneficiary Transfer Instrument in the Form of a “Beneficiary Bill of Sale”
Section 13.89 Stock Certificate Issued in Beneficiary Form
Section 13.90 Stock Power Used for Transfer on Death Registration
Section 13.91 Stock Certificate of a Close Corporation Issued in Beneficiary Form
Section 13.92 Examples of Transfer on Death Securities Registrations
Section 13.93 Application to Register Stock in Beneficiary Form
Section 13.94 Bylaw Provision or Board Resolution for Transfer on Death Registration of Securities by Missouri Corporation or Corporation With Principal Place of Business in Missouri
Section 13.95 Registration in Beneficiary Form: Transfer on Death (TOD) Account With Stockbroker
Section 13.96 Pay on Death Agreement for Bank Certificate of Deposit
Section 13.97 Pay on Death Agreement for Joint Bank Checking or Savings Account
Section 13.98 Registration in Beneficiary Form: Motor Vehicles and Watercraft—Transfer on Death Certificates of Title
Section 13.99 Promissory Note in Beneficiary Form
Section 13.100 Forgiveness of Indebtedness at Owner’s Death, Included in Owner’s Revocable Trust Under § 461.001, RSMo