Missouri Laws 461.012 – Nonprobate transfers subject to agreement of transferring entity, when
1. When any of the following is required, provision for a nonprobate transfer is a matter of agreement between the owner and the transferring entity, under such rules, terms and conditions as the owner and transferring entity may agree:
(1) Submission to the transferring entity of a beneficiary designation under a governing instrument;
Terms Used In Missouri Laws 461.012
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes real and personal property. See Missouri Laws 1.020
(2) Registration by a transferring entity of a transfer on death direction on any certificate or record evidencing ownership of property;
(3) The consent of a contract obligor for a transfer of performance due under the contract;
(4) The consent of a financial institution for a transfer of an obligation of the financial institution; or
(5) The consent of a transferring entity for a transfer of an interest in the transferring entity.
2. Whenever subsection 1 of this section is applicable, sections 461.003 to 461.081 do not impose an obligation on a transferring entity to accept an owner’s request to make provision for a nonprobate transfer of property.
3. When a beneficiary designation, revocation or change is subject to acceptance by a transferring entity, the transferring entity’s acceptance of the beneficiary designation, revocation or change relates back to and is effective as of the time when the request was received by the transferring entity.