§ 15-22-103 — Definitions

As used in this article, unless the context otherwise
requires:

(1) Designated beneficiary means a person who has entered into a
designated beneficiary agreement pursuant to this article.

(2) Designated beneficiary agreement means an agreement that is entered
into pursuant to this article by two people for the purpose of designating each
person as the beneficiary of the other person and for the purpose of ensuring that
each person has certain rights and financial protections based upon the
designation.

(3) Superseding legal document means a legal document, regardless of
the date of execution, that is valid and enforceable and conflicts with all or a
portion of a designated beneficiary agreement and, therefore, causes the
designated beneficiary agreement in whole or in part to be replaced or set aside. To
the extent there is a conflict between a superseding legal document and a
designated beneficiary agreement, the superseding legal document controls. A
superseding legal document may include, but need not be limited to, any of the
following:

(a) A will;

(b) A codicil;

(c) A power of attorney;

(d) A medical durable power of attorney;

(e) A trust instrument;

(f) A beneficiary designation in an insurance policy or policy of health-care
coverage;

(g) A beneficiary designation in a retirement or pension plan;

(h) A beneficiary designation for a deposit or account, including but not
limited to demand, savings, and time deposit accounts;

(i) A declaration as to medical treatment executed pursuant to article 18 of
this title;

(j) A declaration as to disposition of last remains executed pursuant to
article 19 of this title;

(k) A marriage license; or

(l) A civil union certificate.

Legislative History

Source: L. 2009: Entire article added, (HB 09-1260), ch. 107, p. 429, � 1, effective July 1. L. 2013: (3)(j) and (3)(k) amended and (3)(l) added, (SB 13-011), ch. 49, p. 166, � 22, effective May 1.