Vermont § 4360 - Terms, conditions, and forms for registration

§ 4360. 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 (i) for registrations
  in beneficiary form and (ii) for implementation of registrations in beneficiary form,
  including requests for cancellation of previously registered TOD beneficiary designations
  and requests for reregistration to effect a change of beneficiary. 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 primary beneficiary the letters LDPS, standing for “lineal descendants
  per stirpes.” This designation substitutes a deceased beneficiary’s descendants who
  survive the owner for a beneficiary who does not so survive, 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 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 owners-sole beneficiary: John S Brown Mary B Brown JT TEN TOD John S Brown
  Jr. (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. (c) At the time of registration, a registering entity shall provide to each owner of the
  TOD account a written disclosure statement disclosing the survivorship features and
  consequences of establishing the TOD account. The fact that an owner did not receive
  a statement shall not cause the designation of a TOD beneficiary to be ineffectual. (Added 1999, No. 23, § 1.)