Nevada § 111.771 - Property held in beneficiary form; registration in beneficiary form; transfer-on-death directions

§ 111.771. Property held in beneficiary form; registration in beneficiary form; transfer-on-death directions

1. Property may be held in beneficiary form or registered in beneficiary form by including

in the name in which the property is held or registered a direction to transfer the

property on the death of the owner to a beneficiary designated by the owner. 2. Property is registered in beneficiary form by showing on the account record, security

certificate or written instrument evidencing ownership of the property the name of

the owner, and the form of ownership by which two or more joint owners hold the property,

followed in substance by the words “transfer on death to_______________ (name of beneficiary).” In lieu of the words “transfer on death to,” the words “pay on death to” or “pay

on death to the owner's lineal descendants, per stirpes” or the abbreviation “TOD,”

“POD” or “LDPS” may be used. The designation of a person's heirs as beneficiaries does not make the property

subject to administration as part of the person's estate, but the identities of the

beneficiaries must be determined pursuant to chapter 134 of NRS as they relate to the owner's separate property. 3. A transfer-on-death direction may only be placed on an account record, security

certificate or instrument evidencing ownership of property by the transferring entity

or a person authorized by the transferring entity. 4. A transfer-on-death direction transfers the owner's interest in the property to

the designated beneficiary, effective on the death of the owner, if the property is

registered in beneficiary form before the death of the owner or if the request to

make the transfer-on-death direction is delivered in proper form to the transferring

entity before the death of the owner. 5. An account record, security certificate or written instrument evidencing ownership

of property that contains a transfer-on-death direction written as part of the name

in which the property is held or registered is conclusive evidence in the absence

of fraud, duress, undue influence or evidence of clerical mistake by the transferring

entity that the direction was regularly made by the owner and accepted by the transferring

entity and was not revoked or changed before the death giving rise to the transfer. The transferring entity has no obligation to retain the original writing, if any,

by which the owner caused the property to be held in beneficiary form or registered

in beneficiary form, more than 6 months after the transferring entity has mailed or

delivered to the owner, at the address shown on the registration, an account statement,

certificate or instrument that shows the manner in which the property is held in beneficiary

form or registered in beneficiary form.