Effective July 1, 2009 HB1260 a person named as a designated beneficiary in a Designated Beneficiary Agreement shall be entitled to exercise the rights and protections specified in the agreement by virtue of having been so named.
Beneficiary Agreement entitles the right to acquire, hold title to, own jointly, or transfer real property as joint tenants with right of survivorship or as tenants in common;
The right to be designated as a beneficiary, payee, or owner as a trustee named in an trust for the purposes of nonprobate transfer on death;
For the purposes of being designated as a beneficiary and recognized as a dependent on insurances, pensions, retirement funds, medical power of attorneys, etc.
Must be recorded at a local County Clerk's office in the County of residence of at least one of the parties to the agreement. For more information and the forms go to www.designatedbeneficiaries.org