Property: nonprobate transfer of ownership.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Enrolled
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill changes how property (specifically securities) is transferred after someone dies without a will (nonprobate transfer). It requires registering entities, like brokerage firms, to promptly notify beneficiaries of a death and restricts what information they can request from those beneficiaries. The bill also limits the types of personal information the entities can ask for, particularly from nonprofits and charitable trusts, and sets a 60-day deadline for beneficiaries to receive their share of the property. It also clarifies that a beneficiary can receive their share through methods other than opening an account.
Key provisions
- Requires registering entities to notify beneficiaries of a death promptly.
- Limits the information registering entities can request from beneficiaries.
- Prohibits requiring beneficiaries to open an account to receive property.
- Establishes a 60-day deadline for beneficiaries to receive their share.
- Allows nonprofits, charitable trusts, and tax-exempt entities to be beneficiaries.
- Specifies acceptable documentation for establishing beneficiary identity.
- Restricts the types of personal information registering entities can request from individuals associated with beneficiaries.
- Provides that the bill does not apply if the death occurred before January 1, 2027.
Who is affected
- Individuals who own securities registered for nonprobate transfer.
- Registering entities (e.g., brokerage firms) that hold these securities.
Bill text
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Sponsors
Official sponsors from legislative records.
5 on record
Primary sponsor
Cosponsors
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