Section 26-C2108. DISPOSITION OF OPPORTUNITY ACCOUNT UPON DEATH

Latest version.

2108.1An account holder shall designate, in writing, a contingent beneficiary at the time the account is established on a form provided by the Office.

2108.2In the event of the death of the account holder, ownership of the account shall be transferred to the contingent beneficiary. If the contingent beneficiary is deceased, or is not eligible to be an account holder, or otherwise cannot or will not accept ownership of the account, the matching funds shall be returned to the District of Columbia and the administering organization in the same amounts as the matching funds were provided. The funds in the opportunity account contributed by the account holder, plus interest, shall be disbursed in accordance with the District of Columbia law.

2108.3The account holder may change his designation of the contingent beneficiary at any time, on a form provided by the Office.

source

Final Rulemaking published at 49 DCR 4983, 4993 (May 31 2002).

                    
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