N.Y. Estates, Powers & Trusts Law § 13-4.10: Terms, conditions, and forms

§ 13-4.10 Terms, conditions, and forms

(a) A registering entity offering to accept registrations in

beneficiary form may establish the terms and conditions under which it

will receive requests (i) for registrations in beneficiary form, and

(ii) for implementation of registration 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

the named beneficiary in the event of the beneficiary's death.

Substitution may be indicated by appending to the name of the primary

beneficiary in letters LDPS, standing for "lineal descendants per

stirpes", or in letters LDPR, standing for "lineal descendants by

representation". 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 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.

(b) The following are illustrations of registrations in beneficiary

form which a registering entity may authorize:

(1) Sole owner-sole beneficiary: John S Brown TOD (or POD) John S

Brown Jr.

(2) Multiple owners-sole beneficiary: John S Brown Mary B Brown JT TEN

TOD John S Brown Jr.

(3) 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.