N.Y. Estates, Powers and Trusts Law 13-4.6 – Effect of registration in beneficiary form
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§ 13-4.6 Effect of registration in beneficiary form
Terms Used In N.Y. Estates, Powers and Trusts Law 13-4.6
- 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
- Security: means a share, participation or other interest in property, in a business or in an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security and a security account. See N.Y. Estates, Powers and Trusts Law 13-4.1
(a) The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner's death. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all then surviving owners without the consent of the beneficiary.
(b) A registration in beneficiary form can be revoked or amended by an express direction in the owner's will which specifically refers to such registration.