Brief ⁽¹⁾

HB 2082 clarifies that certain nonprobate transfers are nontestamentary in nature. These transfers include the following:

• Insurance policy or annuity contracts;
• Contract of employment;
• Current employee compensation;
• Deferred compensation or pension plan;
• Individual retirement plan; and
• Qualified state tuition program account.

Nontestamentary transfers would eliminate the need for, among other things, documents to be signed by two witnesses. The provisions of the bill do not limit statutory rights of creditors.

The bill is placed on the Consent Calendar.

Background

A conferee representing the Judicial Council testified in favor of the bill. The Judicial Council studied 2000 SB 485 which dealt with nonprobate transfers on death. A Security Benefit Group of Companies delegate also spoke in favor of the bill.

1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/fulltext.cgi