Section 2-701
In the absence of a finding of a contrary intention shown by the terms of the will, the rules of construction in this part control the construction of a governing instrument. The rules of construction in this part apply to a governing instrument of any type, except as the application of a particular section is limited by its terms to a specific type or types of donative disposition or governing instrument.
Comment
The rules of construction in this Part apply to governing instruments of any type, except as the application of a particular section is limited by its terms to a specific type or types of donative disposition or governing instrument.
The term “governing instrument” is defined in Section 1-201 as “a deed, will, trust, insurance or annuity policy, account with POD designation, security registered in beneficiary form (TOD), pension, profit-sharing, retirement, or similar benefit plan, instrument creating or exercising a power of appointment or a power of attorney, or a donative, appointive, or nominative instrument of any other type.”
Certain of the sections in this Part are limited in their application to donative dispositions or governing instruments of a certain type or types. Section 2-706 applies only to governing instruments that are “beneficiary designations”, a term defined in Section 1-201 as referring to “a governing instrument naming a beneficiary of an insurance or annuity policy, of an account with POD designation, of a security registered in beneficiary form (TOD), or of a pension, profit-sharing, retirement, or similar benefit plan, or other nonprobate transfer at death”. Section 2-707 applies only to governing instruments creating a future interest under the terms of a trust.
Cross References. See the Comment to Section 2-601. See Section 43 of Chapter 521 of the Acts of 2008 for the application of the rules of construction in this Part to documents executed prior to the effective date of this Article.