(a) In general.--The designation of beneficiaries of life insurance, annuity or endowment contracts, or of any agreement entered into by an insurance company in connection therewith, supplemental thereto or in settlement thereof, and the designation of beneficiaries of benefits payable upon or after the death of a participant under any pension, bonus, profit-sharing, retirement annuity, or other employee-benefit plan, shall not be considered testamentary and shall not be subject to any law governing the transfer of property by will. This section shall apply regardless of whether the insurance contract or the employee-benefit plan designates the ultimate beneficiaries or makes the proceeds payable, directly or indirectly, to a trustee of a trust under a will or under a separate trust instrument which designates the ultimate beneficiaries, and regardless of whether any such trust is amendable or revocable, or both, or is funded or unfunded, and notwithstanding a reservation to the settlor of all rights of ownership in the insurance contracts or under the employee-benefit plans. Unless otherwise expressly provided in the conveyance, funds or other property so passing to a trust under a will shall become and be a part of the testamentary trust to be administered and disposed of in accordance with the provisions thereof, without forming any part of the testator's estate for administration by his personal representative.
(b) Applicability.--The provisions of subsection (a) of this section relating to the designation of beneficiaries of benefits payable under employee-benefit plans shall apply to designations made prior or subsequent to January 1, 1970, by persons who die on or after said date, and shall not be deemed to create any implication of invalidity of any such designation made by any person who dies before said date.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES
Section 6102 - Termination of trusts (Deleted by amendment)
Section 6103 - Release or disclaimer of powers or interests (Repealed)
Section 6103.1 - Release of powers and interests and disclaimer of powers
Section 6104 - Rule against perpetuities
Section 6105 - Rule against perpetuities; disposition when invalidity occurs
Section 6106 - Income accumulations; when valid
Section 6107 - Income accumulations; disposition when invalidity occurs
Section 6107.1 - Applicability of rule against perpetuities
Section 6108 - Designation of beneficiaries of insurance or employee death benefits not testamentary
Section 6109 - Combination of charitable trusts (Repealed)
Section 6110 - Administration of charitable interests (Deleted by amendment)
Section 6111 - Conveyances to defeat marital rights (Repealed)
Section 6111.1 - Modification by divorce or pending divorce
Section 6111.2 - Effect of divorce or pending divorce on designation of beneficiaries
Section 6112 - Spendthrift trusts (Deleted by amendment)
Section 6113 - Limited estates in personalty and in the proceeds of the conversion of real estate
Section 6114 - Rules of interpretation
Section 6115 - Estates pur autre vie
Section 6116 - Estates in fee tail abolished
Section 6117 - Rule in Shelley's case and doctrine of worthier title