633D.12 Terms, conditions, and forms for registration. 1. A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which the registering entity receives requests for either of thefollowing: a. Registration in beneficiary form.b. Implementation of registrations in beneficiary form, including requests for cancellation of previously registered transfer on death or pay on death beneficiary designations andrequests for reregistration to effect a change of beneficiary. 2. a. The terms and conditions established by the registering entity may provide for proving death, avoiding or resolving problems concerning fractional shares, designatingprimary and contingent beneficiaries, and substituting a named beneficiary’s descendants totake in place of the named beneficiary in the event of the beneficiary’s death. Substitutionmay be indicated by appending to the name of the beneficiary the letters 'LDPS' standing for'lineal descendants per stirpes'. This designation shall substitute a deceased beneficiary’sdescendants who survive the owner for a beneficiary who fails to survive, with thedescendants to be identified and to share in per stirpes'. This designation shall substitute a deceased beneficiary’sdescendants who survive the owner for a beneficiary who fails to survive, with thedescendants to be identified and to share in accordance with the law of the beneficiary’sdomicile 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 byregistering entities regarding conditions and identities relevant to accurate implementationof registrations in beneficiary form, may be contained in a registering entity’s terms andconditions. b. The following are illustrations of registrations in beneficiary form which a registering entity may authorize: (1) Sole owner-sole beneficiary: OWNER’S NAME transfer on death (TOD) or pay on death (POD) to BENEFICIARY’S NAME. (2) Multiple owners-sole beneficiary: OWNERS’ NAMES, as joint tenants or tenants in the entirety, transfer on death (TOD) or pay on death (POD) to BENEFICIARY’S NAME. (3) Multiple owners-primary and secondary (substituted) beneficiaries: OWNERS’ NAMES as joint tenants or tenants in the entirety, transfer on death (TOD) or pay on death (POD) to BENEFICIARY’S NAME. (3) Multiple owners-primary and secondary (substituted) beneficiaries: OWNERS’ NAMES as joint tenants or tenants in the entirety, transfer on death (TOD) or pay on death(POD) to BENEFICIARY’S NAME, or lineal descendants per stirpes. 97 Acts, ch 178, §28CS97, §633.8112005 Acts, ch 38, §53CS2005, §633D.12 Sat Dec 23 12:17:20 2023 Iowa Code 2024, Section 633D.12 (15, 0)
Iowa Legal Code