Maryland Code, ESTATES AND TRUSTS 16-106
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Terms Used In Maryland Code, ESTATES AND TRUSTS 16-106
- 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
(a) The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner’s death.
(b) 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.