SCR 53

SLS 26RS-1999  ORIGINAL
 2026 Regular Session
 SENATE CONCURRENT RESOLUTION NO. 53
 BY SENATOR ABRAHAM
 SECURITIES. Creates a task force to study the use of payable-on-death and transfer-on-
 death accounts and to report its findings and any recommendations for revisions to
 applicable Louisiana laws to the legislature.
1A CONCURRENT RESOLUTION
2 To create a task force to study the use of payable-on-death and transfer-on-death accounts
3and to evaluate the need for revisions to applicable state laws.
4WHEREAS, Louisiana has long recognized the designation of beneficiaries on
5 payable-on-death accounts as a method of account registration that does not transfer
6 ownership during the lifetime of the account holder; and
7WHEREAS, Louisiana has only recently recognized transfer-on-death accounts as
8 a method of registration of an account without transferring ownership; and
9WHEREAS, as a result, considerable uncertainty and litigation has developed
10 concerning payable-on-death and transfer-on-death accounts; and
11WHEREAS, a comprehensive review of these provisions of law regarding both
12 payable-on-death and transfer-on-death accounts is necessary to provide clarity, ensure
13 consistency with state law, and evaluate whether revisions to existing law are warranted.
14THEREFORE, BE IT RESOLVED that the Legislature of Louisiana does hereby
15 establish and provide for the Task Force on Payable-on-death and Transfer-on-death
16 Accounts to study the use of payable-on-death and transfer-on-death accounts, to evaluate
17 the need for revisions to applicable laws in the state of Louisiana, and to propose
18 recommendations, together with specific proposals for legislation, by written report to the
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1 legislature and to the David R. Poynter Legislative Research Library as required by R.S.
2 24:771 and 772, no later than March 1, 2027.
3BE IT FURTHER RESOLVED that the task force shall include, at a minimum,
4 consideration of the following:
5(1) The interaction of transfer-on-death accounts with Louisiana laws on forced
6 heirship, including whether the statutory entitlement of a beneficiary to proceeds "against
7 the estate, heirs, and legatees" is consistent with Louisiana law governing legitime and
8 reduction.
9(2) The classification of transfer-on-death account proceeds under community
10 property law, including the rights of surviving spouses and the characterization of account
11 funds.
12(3) The treatment of transfer-on-death accounts as nonprobate transfers, including
13 the statutory exemption of proceeds from probate and whether the exemption should be
14 limited or conditioned.
15(4) The legal effect of beneficiary designations made by contract, including whether
16 the designations should supersede testamentary dispositions or be subject to collation,
17 reduction, or other succession principles.
18(5) The requirement that beneficiary designations be executed by authentic act and
19 the prohibition on electronic designations or execution by power of attorney, including the
20 practical and legal implications of the requirements.
21(6) The rights, duties, and liability protections afforded to financial institutions,
22 including statutory discharge from liability upon payment to a named beneficiary and the
23 scope of such protections.
24(7) The extent to which heirs, forced heirs, or the estate may assert claims, including
25 claims based on vices of consent, and whether the remedies are sufficient to protect
26 Louisiana policy interests.
27(8) The treatment of multiple owners of transfer-on-death accounts, including
28 requirements for unanimous execution and the implications for ownership rights and
29 beneficiary designations.
30(9) The authority of financial institutions to impose additional contractual conditions
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1 and the extent to which the conditions may conflict with or be preempted by law.
2(10) The treatment of secured interests, including the exclusion of pledged or
3 assigned account funds from the operation of transfer-on-death provisions.
4(11) The interaction between transfer-on-death accounts and existing Louisiana
5 statutes governing payable-on-death accounts, multiple-party accounts, and similar
6 beneficiary designations.
7(12) The rights of creditors of the decedent and whether the accounts should be
8 subject to claims for debts, expenses of administration, or reimbursement.
9(13) Conflict of law issues, including recognition and enforcement of
10 transfer-on-death accounts established under the laws of other states.
11(14) Consumer protection considerations, including risks of fraud, undue influence,
12 or abuse, particularly in light of restrictions on power of attorney and electronic execution.
13(15) The overall compatibility of transfer-on-death and payable-on-death accounts
14 with Louisiana's civil law tradition.
15(16) Recommendations for statutory revisions necessary to provide clarity,
16 uniformity, and predictability in Louisiana law.
17(17) The development and drafting of proposed legislation sufficient to resolve
18 identified legal uncertainties, reconcile conflicts with existing law, and implement the
19 recommendations of the task force.
20BE IT FURTHER RESOLVED that the task force shall consist of the following
21 members:
22(1) Two private attorneys with expertise in tax and estate planning matters, appointed
23 by the chairperson of the Senate Committee on Commerce, Consumer Protection and
24 International Affairs.
25(2) Two members representing the banking and securities industry, appointed by the
26 chairperson of the Senate Committee on Commerce, Consumer Protection and International
27 Affairs.
28(3) Two members of the Louisiana State Law Institute with expertise in property,
29 successions, or related areas of law, appointed by the president of the council.
30BE IT FURTHER RESOLVED that each designating authority shall submit the
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1 names of designees to the task force to the chairperson of the Senate Committee on
2 Commerce, Consumer Protection and International Affairs no later than September 1, 2026.
3BE IT FURTHER RESOLVED the task force shall convene for its first meeting no
4 later than October 1, 2026, at the call of chairperson, and at the first meeting, the members
5 shall elect a chairperson and other officers as the task force may deem appropriate.
6BE IT FURTHER RESOLVED that a majority of the task force shall constitute a
7 quorum for the transaction of business. All official actions of the task force shall require the
8 affirmative vote of a majority of the members.
9BE IT FURTHER RESOLVED that the members of the task force shall serve
10 without compensation, except per diem or expenses reimbursement to which they may be
11 individually entitled as members of their constituent organizations.
12BE IT FURTHER RESOLVED that the task force shall terminate on the date of the
13 submission of its report or March 1, 2027, whichever occurs first.
14BE IT FURTHER RESOLVED that a copy of this Resolution be transmitted to the
15 Louisiana State Law Institute.
  The original instrument and the following digest, which constitutes no part
  of the legislative instrument, were prepared by Senate Legislative Services.
  The keyword, summary, and digest do not constitute part of the law or proof
  or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
  DIGEST
 SCR 53 Original  2026 Regular Session  Abraham
 Creates and establishes the Task Force on Payable-on-death and Transfer-on-death Accounts
 to study the use of pay-on-death and transfer-on-death accounts and to evaluate the need for
 revisions to applicable laws in the state.
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