Bill > LB758

This bill modifies existing laws concerning how property can be transferred upon someone's death without going through a formal court process, known as a "nontestamentary transfer." Specifically, it expands the types of financial instruments and accounts that can be used for these transfers, including annuities, accounts with a "POD designation" (Payable On Death), and securities registered in beneficiary form. The bill also establishes a new process for tax-exempt charitable organizations, recognized under section 501(c)(3) of the Internal Revenue Code, to claim property or obtain information about property they are designated to receive. This process involves the charity submitting a detailed affidavit along with supporting documents, such as proof of their tax-exempt status and the decedent's death. If the property holder or person with information fails to comply within thirty days, the charitable organization can sue to obtain the property or information, and may be awarded damages, attorney fees, and court costs, with a potential civil penalty of up to $10,000. The bill also clarifies that holders of property cannot impose unreasonable demands on charities, such as requiring them to become customers or coordinating claims with other beneficiaries. Finally, the bill repeals the original section it amends.

Justice

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=62763