SB262

Louisiana SB262 establishes rules for transfer on death accounts, including beneficiary designation and financial institution liability.

Louisiana SB262 introduces regulations for transfer on death accounts, specifying that these accounts are exempt from probate. The bill mandates that beneficiary designation forms be executed by the account owner in person at a financial institution's office, with electronic submissions being void. It also prohibits representatives from executing these forms on behalf of the owner. The bill defines a transfer on death account as any deposit or brokerage account where the owner designates a beneficiary to receive funds upon death.