Bill > SB1288

This bill aims to simplify the process for non-profit organizations, charitable trusts, and other tax-exempt entities to receive property designated for them through non-probate transfers, meaning assets that pass directly to a beneficiary upon death without going through the court-supervised probate process. Specifically, it requires entities that manage securities registered for non-probate transfer, known as "registering entities," to notify beneficiaries upon the owner's death and to limit the amount of personal information they can request from these non-profit beneficiaries to establish their identity. The bill also prohibits registering entities from forcing beneficiaries to open new accounts with them or requiring multiple beneficiaries to coordinate their claims, ensuring a smoother and more direct transfer of assets. Additionally, it clarifies that these non-profit entities can be claimants under the Unclaimed Property Law (UPL), which deals with property that has been abandoned and escheats to the state, and specifies the documentation required for them to claim such property.

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB1288