Definition from Nolo’s Plain-English Law Dictionary
A statute that allows people to name a beneficiary to inherit stocks or bonds without probate. This is called registering the securities in beneficiary or transfer-on-death form. The owner of the securities can register them with a broker using a simple form that names a person to receive the property after the owner's death. Every state but Texas has adopted the statute.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:26 pm