CS/HB 401 Summary

• Creates Florida Statutes section 732.703 to void beneficiary designations naming a former spouse if the marriage was judicially dissolved or declared invalid before the decedent's death, with the asset passing as if the former spouse predeceased the decedent.

• Applies to life insurance policies, annuities, employee benefit plans, individual retirement accounts (IRAs), payable-on-death accounts, and transfer-on-death securities held by Florida residents.

• Provides exceptions when controlling federal law provides otherwise, when the designation is made after dissolution and expressly provides for the former spouse, when court orders require maintaining assets for the former spouse or children, or when the designation is irrevocable under applicable law.

• Establishes liability protections for payors making payments to beneficiaries based on death certificate information and specifies affidavit forms that relieve payors of liability when death certificates are silent on marital status.

• Takes effect July 1, 2012, and applies to all designations made by decedents dying on or after that date, regardless of when the original designation was made.