Keanotes

RUUPA Round Up

Keane Compliance Team

December 19, 2019

The 3 most recent adopters of RUUPA are Nevada, to an abbreviated extent, followed by Main and Colorado (in terms of their effective dates). The chart below highlights the major departures from RUUPA.

Provision2016 RUUPANV S (eff. 7/1/19)ME S 481 (eff. 10/1/19)CO S 88 (eff. 7/1/20)
IRAsPre-presumption outreach + duty to confirm death required
3 years after the later of 1st/2nd RPO and the earlier of (70.5 and 2 yrs. after confirmation of death)
Same as RUUPA but no pre-
presumption outreach required and no requirement to confirm death
Same as RUUPASame as RUUPA
Other Tax Deferred Accounts30 years after account open dateUnchanged from current lawSame as RUUPA but deceased owner provision reduces dormancy to 2 yearsSame as RUUPA
SecuritiesPre-presumption outreach required.
1st or 2nd RPO. If email comm. is followed by 1st class mail that is RPO, 3 yrs. after RPO
Unchanged from current lawDepends on type of communication sent.
• First class mail at least annually: RPO is trigger
• Electronic mail (with owner consent): if pre-presumption outreach is RPO, trigger is date of last contact
Same as RUUPA
Sale of Securities3 yearsUnchanged from current law1 year3 years
Due Diligence60-180 days prior to filing report 1st class mail + email if owner consented to electronic mail delivery
Specific content required
60-120 days 1st class mail + email if owner consented to electronic mail deliverySame as RUUPA but Values must be summed to arrive at the $50 threshold.
For securities > $1,000, notice must be sent notice via certified mail no less than 60 days
before filing report
Same as RUUPA but can send via first class mail OR via email if owner consented to electronic mail delivery
Transitional Provision10 yearsUnchanged from current lawNone5 years

For additional departures from the previously existing laws in Nevada, Maine and Colorado, please visit the Legislative Alerts section of our website.

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