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292.6510 Terms, conditions, and forms for registration.
(1)
(2)
A registering entity offering to accept registrations in beneficiary form may
establish the terms and conditions under which it will receive requests for
registrations in beneficiary form, and for implementation of registrations in
beneficiary form, including requests for cancellation of previously-registered
TOD beneficiary designations and requests for reregistration to effect a change
of beneficiary. The terms and conditions so established may provide for
proving death, avoiding or resolving any problems concerning fractional
shares, designating primary and contingent beneficiaries, and substituting a
named beneficiary's descendants to take in the place of a named beneficiary in
the event of the beneficiary's death. Substitution may be indicated by
appending to the name of the primary beneficiary the letters LDPS, standing for
"lineal descendants per stirpes." This designation substitutes a deceased
beneficiary's descendants who survive the owner for a beneficiary who fails to
so survive, the descendants to be identified and to share in accordance with
the law of the beneficiary's domicile at the owner's death governing inheritance
by descendants of an intestate. Other forms of identifying beneficiaries who are
to take on one (1) or more contingencies, and rules for providing proofs and
assurances needed to satisfy reasonable concerns by registering entities
regarding conditions and identities relevant to accurate implementation of
registrations in beneficiary form, may be contained in a registering entity's
terms and conditions.
The following are illustrations of registrations in beneficiary form which a
registering entity may authorize:
(a) Sole owner-sole beneficiary: John S Brown TOD (or POD) John S Brown
Jr.;
(b) Multiple owners-sole beneficiary: John S Brown Mary B Brown JT TEN
TOD John S Brown Jr.; and
(c) Multiple owners-primary and secondary (substituted) beneficiaries: John
S Brown Mary B Brown JT TEN TOD John S Brown Jr SUB BENE Peter
Q Brown; or John S Brown Mary B Brown JT TEN TOD John S Brown Jr
LDPS.
Effective:August 1, 1998
History: Created 1998 Ky. Acts ch. 407, sec. 10, effective August 1, 1998.
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