Guam § 862 - Terms, Conditions and Forms for Registration.

§ 862. Terms, Conditions and Forms for Registration.

(a) A registering entity offering to accept registrations in beneficiary

form may establish the terms and conditions under which it will receive

requests:

(1) for registration in beneficiary form, and

(2) for implementation of registrations in beneficiary form,

including requests for cancellation of previously registered TOD

beneficiary designations and requests for re-registration to effect a

change of beneficiary.

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CH. 8 SUCCESSION & SECURITIES TRANSFER

The terms and conditions so established may provide for proving death,

avoiding or resolving any problems concerning fractional shares,

designating primary and contingent beneficiaries, and substituting a

named beneficiary's descendants to take in the place of the named

beneficiary in the event of the beneficiary's death. Substitution may be

indicated by appending to the name of the prime beneficiary the letters

'LDPS' (‘lineal descendants per stripes’). This designation substitutes a

deceased beneficiary’s descendants who survive the owner for a

beneficiary who fails to survive the owner, the descendants to be

identified and to share in accordance with the law of the beneficiary's

domicile at the owner's death governing inheritance by descendants of an

intestate. Other forms of identifying beneficiaries who are to take on one

(1) or more contingencies, and rules for providing proofs and assurances

needed to satisfy reasonable concerns by registering entities regarding

conditions and identities relevant to accurate implementation of

registrations in beneficiary form, may be contained in a registering

entity's terms and conditions.

(b) The following are illustrations of registrations in beneficiary

form that a registering entity may authorize:

(1) sole owner-sole beneficiary: John S Brown TOD or (POD)

John S Brown Jr.;

(2) multiple owner-sole beneficiary: John S Brown Mary B

Brown JT TEN TOD John S Brown Jr.; or

(3) multiple owners-primary and secondary (substituted)

beneficiaries: John S Brown Mary B Brown JT TEN TOD John S

Brown Jr. SUB BENE Peter Q Brown; or John S Brown Mary B

Brown JT TEN TOD John S Brown Jr. LDPS.

2014 NOTE: Pursuant to the authority granted by 1 GCA § 1606, subsection

designations were altered to adhere to the Compiler’s alpha-numeric scheme.