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Timestamp: 2018-02-25 05:51:14
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Wills and Estate Administration-Articles from www.njlaws.com: SECTION 2-701. SCOPE UNIFORM PROBATE CODE
SECTION 2-701. SCOPE UNIFORM PROBATE CODE In the absence of a finding of a contrary intention, the rules of construction in this [part] control the construction of a governing instrument. The rules of construction in this [part] apply to a governing instrument of any type, except as the application of a particular section is limited by its terms to a specific type or types of provision or governing instrument.
The rules of construction in this part apply to governing instruments of any type, except as the application of a particular section is limited by its terms to a specific type or types of provision or governing instrument.
The term “governing instrument” is defined in Section 1-201 as “a deed, will, trust, insurance or annuity policy, account with POD designation, security registered in beneficiary form (TOD), pension, profit-sharing, retirement, or similar benefit plan, instrument creating or exercising a power of appointment or a power of attorney, or a dispositive, appointive, or nominative instrument of any similar type.”
Certain of the sections in this part are limited in their application to provisions or governing instruments of a certain type or types. Section 2-704, for example, applies only to a governing instrument creating a power of appointment. Section 2-706 applies only to governing instruments that are “beneficiary designations,” a term defined in Section 1-201 as referring to “a governing instrument naming a beneficiary of an insurance or annuity policy, of an account with POD designation, of a security registered in beneficiary form (TOD), or of a pension, profit- sharing, retirement, or similar benefit plan, or other nonprobate transfer at death.” Section 2-707 applies only to governing instruments creating a future interest under the terms of a trust.
Cross References. See the Comment to Section 2-601.
Historical Note. This Comment was revised in 1993. For the prior version, see 8 U.L.A.
138 (Supp. 1992).
PART 7. RULES OF CONSTRUCTION APPLICABLE TO WILLS AND OTHER GOVERNING INSTRUMENTS
Part 7 contains rules of construction applicable to wills and other governing instruments, such as deeds, trusts, appointments, beneficiary designations, and so on. Like the rules of construction in Part 6 (which apply only to wills), the rules of construction in this part yield to a finding of a contrary intention.
Some of the sections in Part 7 are revisions of sections contained in Part 6 of the pre- 1990 Code. Although these sections originally applied only to wills, their restricted scope was inappropriate.
Some of the sections in Part 7 are new, having been added to the Code as desirable means of carrying out common intention.
Application to Pre-Existing Governing Instruments. Under Section 8-101(b), for decedents dying after the effective date of enactment, the provisions of this Code apply to governing instruments executed prior to as well as on or after the effective date of enactment. The Joint Editorial Board for the Uniform Probate Code has issued a statement concerning the constitutionality under the Contracts Clause of this feature of the Code. The statement, titled “Joint Editorial Board Statement Regarding the Constitutionality of Changes in Default Rules as Applied to Pre-Existing Documents,” can be found at 17 Am. C. Tr. & Est. Couns. Notes 184 (1991) or can be obtained from the Uniform Law Commission, www.uniformlaws.org.
Historical Note. This General Comment was revised in 1993. For the prior version, see 8 U.L.A. 137 (Supp. 1992).
Labels: SECTION 2-701. SCOPE UNIFORM PROBATE CODE