461.031. Effect of beneficiary designation on ownership of property during lifetime and at death. - Missouri Statutes

Effect of beneficiary designation on ownership of property duringlifetime and at death.

461.031. 1. Prior to the death of the owner, a beneficiary shallhave no rights in the property by reason of the beneficiary designation andthe signature or agreement of the beneficiary shall not be required for anytransaction respecting the property.

2. On death of one of two or more joint owners, property with respectto which a beneficiary designation has been made belongs to the survivingjoint owner or owners, and the right of survivorship continues as betweentwo or more surviving joint owners.

3. On death of the owner, property passes by operation of law to thebeneficiary.

4. If two or more beneficiaries survive, there is no right ofsurvivorship among the beneficiaries in the event of death of a beneficiarythereafter unless the beneficiary designation expressly provides forsurvivorship among them, and, unless so expressly provided, survivingbeneficiaries hold their separate interests in the property as tenants incommon. The share of any subsequently deceased beneficiary belongs to thatbeneficiary's estate.

5. If no beneficiary survives the owner, the property belongs to theestate of the owner.

(L. 1989 H.B. 145 § 27, A.L. 1995 S.B. 116)