SB222 Summary

• Revokes revocable dispositions, appointments, powers of appointment, and fiduciary nominations made to a former spouse or their relatives upon divorce or annulment, unless expressly preserved by governing instrument, court order, or marital settlement agreement.

• Converts joint tenancy property with right of survivorship held by former spouses at the time of divorce or annulment into equal tenancies in common, unless a writing declaring severance has been properly recorded.

• Protects third parties and payors from liability for actions taken in good faith reliance on the validity of governing instruments before receiving written notice of divorce, annulment, or claimed forfeiture.

• Requires former spouses and their relatives who receive unentitled payments or property to return them or face personal liability to the properly entitled party.

• Excludes insurance policies from the act's provisions if the former spouse is listed as policy owner or continues making premium payments following the divorce or annulment.