N.Y. Estates, Powers and Trusts Law 13-4.5 – Form of registration in beneficiary form
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§ 13-4.5 Form of registration in beneficiary form
Terms Used In N.Y. Estates, Powers and Trusts Law 13-4.5
- 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
- Beneficiary form: means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner. See N.Y. Estates, Powers and Trusts Law 13-4.1
Registration in beneficiary form may be shown by the words "transfer on death" or the abbreviation "TOD", or by the words "pay on death" or the abbreviation "POD", after the name of the registered owner and before the name of the beneficiary.