(1) A designated beneficiary agreement shall be legally recognized if: (a) The parties to the designated beneficiary agreement satisfy all of the following criteria: (I) Both are at least eighteen years of age; (II) Both are competent to enter into a contract; (III) Neither party is married to another person; (III.5) Neither party is a party to a civil union; (IV) Neither party is a party to another designated beneficiary agreement; and (V) Both parties enter into the designated beneficiary agreement without force, fraud, or duress; and (b) The agreement is in substantial compliance with the requirements set forth in this article. For purposes of this article, "substantial compliance" shall mean that the agreement includes the disclaimer contained in section 15-22-106, the instructions and headings about how to grant or withhold a right or protection, the statements about the effective date of the agreement and how to record the agreement, the signatures for the two parties, and the acknowledgments for the notary public. (2) A designated beneficiary agreement is legally sufficient under this article if: (a) The wording of the designated beneficiary agreement complies substantially with the standard form set forth in section 15-22-106 (1) and the form is in compliance with the requirements of section 30-10-406 (3), C.R.S.; (b) The designated beneficiary agreement is properly completed and signed; (c) The designated beneficiary agreement is acknowledged; and (d) The designated beneficiary agreement is recorded with a county clerk and recorder as provided in section 15-22-107.
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