MS HB806

Creates the "Nonprobate Transfers Law of Mississippi" establishing a comprehensive framework for property transfers effective upon the owner's death through beneficiary designations, including accounts, securities, real property, and contracts.

Allows owners to designate beneficiaries in written instruments (insurance policies, employment contracts, bonds, mortgages, account agreements, etc.) without compliance with will formalities or probate requirements.

Defines transfer mechanisms including beneficiary deeds effective on death, transfer-on-death (TOD/POD) registrations for accounts and securities, and written assignments of contract rights, all executed prior to the owner's death.

Establishes rules for beneficiary rights, revocation procedures, survival requirements (120-hour standard), lineal descendant substitutes (LDPS), and effects of marriage dissolution, fraud, duress, and undue influence.

Provides protections for transferring entities (banks, brokers, insurers) allowing them to rely on death certificates and sworn requests from beneficiaries while limiting their liability when transfers are made in good faith; creates liability for recipients of improperly distributed transfers to account for unpaid claims and allowances under Section 33.