SB 6181-S - DIGEST

(DIGEST AS ENACTED)

     Declares that the purposes of this act are to:  (1) Enhance and facilitate the power of testators to control the disposition of assets that pass outside their wills;

     (2) provide simple procedures for resolution of disputes regarding entitlement to such assets; and

     (3) protect any financial institution or other third party having possession of or control over such an asset and transferring it to a beneficiary duly designated by the testator, unless that third party has been provided notice of a testamentary disposition as required in this act.