State Codes and Statutes
Statutes > Utah > Title-75 > Chapter-06 > 75-6-31175-6-311. Terms, conditions, and forms for registration.
(1) A registering entity offering to accept registrations in beneficiary form may establishthe terms and conditions under which it will receive requests for:
(a) registrations in beneficiary form; and
(b) implementation of registrations in beneficiary form, including requests forcancellation of previously registered TOD beneficiary designations and requests for reregistrationto effect a change of beneficiary. The terms and conditions so established may provide forproving death, avoiding or resolving any problems concerning fractional shares, designatingprimary and contingent beneficiaries, and substituting a named beneficiary's descendants to takethe place of the named beneficiary in the event of the beneficiary's death. Substitution may beindicated 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 descendantswho survive the owner for a beneficiary who fails to survive, the descendants to be identified andto share in accordance with the law of the beneficiary's domicile at the owner's death governinginheritance by descendants of an intestate. Other forms of identifying beneficiaries who are totake on one or more contingencies, and rules for providing proofs and assurances needed tosatisfy reasonable concerns by registering entities regarding conditions and identities relevant toaccurate implementation of registrations in beneficiary form, may be contained in a registeringentity's terms and conditions.
(2) The following are illustrations of registrations in beneficiary form which a registeringentity 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 JohnS Brown Jr.
(c) Multiple owners-primary and secondary (substituted) beneficiaries: John S BrownMary B Brown JT TEN TOD John S Brown Jr SUB BENE Peter Q Brown or John S BrownMary B Brown JT TEN TOD John S Brown Jr LDPS.
Enacted by Chapter 9, 1995 General Session
