California SB1288 regulates the nonprobate transfer of ownership of securities upon the death of the owner.

California SB1288 amends Section 5507 of the Probate Code to establish procedures for the nonprobate transfer of ownership of securities registered in beneficiary form. Upon the death of the owner, the securities pass to the surviving beneficiary or beneficiaries. The registering entity must notify the surviving beneficiaries within 60 days of the death of all owners, without disclosing private financial information. The entity must also make reasonable efforts to streamline transfers, not requiring simultaneous claims from co-beneficiaries or imposing coordination deadlines.

California SB1288 regulates the nonprobate transfer of ownership of securities upon the death of the owner.

California SB1288 amends Section 5507 of the Probate Code to establish procedures for the nonprobate transfer of ownership of securities registered in beneficiary form. Upon the death of the owner, the securities pass to the surviving beneficiary or beneficiaries. The registering entity must notify the surviving beneficiaries within 60 days of the death of all owners, without disclosing private financial information. The entity must also make reasonable efforts to streamline transfers, not requiring simultaneous claims from co-beneficiaries or imposing coordination deadlines.