Sec. 240.105. DISCLAIMER OF INTEREST CREATED BY BENEFICIARY DESIGNATION. (a) In this section, "beneficiary designation" means an instrument, other than an instrument creating a trust, naming the beneficiary of:
(1) an annuity or insurance policy;
(2) an account with a designation for payment on death;
(3) a security registered in beneficiary form;
(4) a pension, profit-sharing, retirement, or other employment-related benefit plan; or
(5) any other nonprobate transfer at death.
(b) In the case of an interest created by a beneficiary designation that is disclaimed before the designation becomes irrevocable, the disclaimer must be delivered to the person making the beneficiary designation.
(c) In the case of an interest created by a beneficiary designation that is disclaimed after the designation becomes irrevocable:
(1) a disclaimer of an interest in personal property must be delivered to the person obligated to distribute the interest; and
(2) a disclaimer of an interest in real property must be recorded in the official public records of the county where the real property that is the subject of the disclaimer is located.
Added by Acts 2015, 84th Leg., R.S., Ch. 562 (H.B. 2428), Sec. 15, eff. September 1, 2015.
Section: Previous 240.055 240.056 240.057 240.058 240.101 240.102 240.103 240.104 240.105 240.106 240.107 240.108 240.109 240.110 240.111 NextLast modified: September 28, 2016