Session of 2000
SENATE BILL No. 485
By Committee on Judiciary
1-25
10 AN ACT
concerning nonprobate transfer on death; relating to nontes-
11 tamentary nature.
12
13 Be it enacted by the Legislature of the
State of Kansas:
14 Section
1. (a) A provision for a nonprobate transfer on death in
an
15 insurance policy, contract of employment,
bond, mortgage, promissory
16 note, certificated or uncertificated
security, account agreement, custodial
17 agreement, deposit agreement, compensation
plan, pension plan, individ-
18 ual retirement plan, employee benefit plan,
trust, conveyance, deed of
19 gift, marital property agreement, or other
written instrument of a similar
20 nature is nontestamentary. The provisions
of this subsection include a
21 written provision that:
22 (1) Money or
other benefits due to, controlled by, or owned by a
23 decedent before death must be paid after
the decedent's death to a person
24 whom the decedent designates either in the
instrument or in a separate
25 writing, including a will, executed either
before or at the same time as
26 the instrument, or later;
27 (2) money due or
to become due under the instrument ceases to be
28 payable in the event of death of the
promisee or the promisor before
29 payment or demand; or
30 (3) any property
controlled by or owned by the decedent before death
31 which is the subject of the instrument
passes to a person the decedent
32 designates either in the instrument or in a
separate writing, including a
33 will, executed either before or at the same
time as the instrument, or
34 later.
35 (b) The
provisions of subsection (a) do not limit rights of creditors
36 under other laws of this state.
37 Sec. 2. This act shall
take effect and be in force from and after its
38 publication in the statute book.