Kentucky Statutes 292.6510 – Terms, conditions, and forms for registration
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(1) 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.
(2) 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.
(2) The following are illustrations of registrations in beneficiary form which a registering entity may authorize:
Terms Used In Kentucky Statutes 292.6510
- 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
- Intestate: Dying without leaving a will.
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Per stirpes: The legal means by which the children of a decedent, upon the death of an ancestor at a level above that of the decedent, receive by right of representation the share of the ancestor
(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.