461.001. Transfers on death, certain provisions deemed nontestamentary, exceptions. - Missouri Statutes

Transfers on death, certain provisions deemed nontestamentary,exceptions.

461.001. Any of the following provisions in an insurance policy,contract of employment, bond, mortgage, promissory note, stock certificate,account agreement, custodial agreement, deposit agreement, compensationplan, pension plan, individual retirement plan, employee benefit plan,trust agreement, declaration of trust, conveyance or any other writteninstrument effective as a contract, gift, conveyance, or trust or toevidence ownership of property is deemed to be nontestamentary, and exemptfrom the requirements of section 473.087, RSMo, and section 474.320, RSMo:

(1) That money or other benefits theretofore due to, controlled orowned by a decedent shall be paid after the decedent's death to a person orpersons designated by the decedent in either the instrument or a separatewriting, including a will, executed at the same time as the instrument orsubsequently;

(2) That any money due or to become due under the instrument shallcease to be payable in event of the death of the promisee or the promisorbefore payment or demand;

(3) That any property which is the subject of the instrument shallpass on decedent's death to a person or persons designated by the decedentin either the instrument or a separate writing, including a will, executedat the same time as the instrument or subsequently;

(4) Except to the extent specifically excluded thereunder, sections461.003 to 461.081 apply to transfers under this section.

(L. 1995 S.B. 116)