Bill No. 455 Summary

• Automatically revokes revocable beneficiary designations, property appointments, and fiduciary nominations in favor of a former spouse or their relatives upon dissolution of marriage, unless the governing instrument explicitly provides otherwise.

• Severs joint tenancy with right of survivorship interests held by former spouses on the dissolution date, converting them into equal tenancies in common.

• Applies only to designations and provisions made prior to the date of marriage dissolution; revoked provisions are revived if the divorced individual remarries the former spouse or the dissolution is nullified.

• Protects payors and third parties from liability for distributions made before receiving written notice of dissolution, but holds them liable for payments made after receiving written notice of the revocation.

• Effective July 1, 2022; protects good faith purchasers of property and persons receiving payments in satisfaction of legal obligations, while requiring those who received unentitled benefits without consideration to return them.