California SB1288 modifies the Probate Code to streamline the transfer of securities registered in beneficiary form upon the death of the owner.

California SB1288 amends Section 5507 of the Probate Code to facilitate the transfer of securities registered in beneficiary form. Upon the death of the owner, the securities pass to the surviving beneficiaries. The bill mandates that a registering entity must notify beneficiaries within 60 days of the owner's death and allows reregistration of the securities in the beneficiaries' names. It prohibits the entity from requiring beneficiaries to open accounts or provide personal information beyond what is necessary to identify them and the security.

California SB1288 modifies the Probate Code to streamline the transfer of securities registered in beneficiary form upon the death of the owner.

California SB1288 amends Section 5507 of the Probate Code to facilitate the transfer of securities registered in beneficiary form. Upon the death of the owner, the securities pass to the surviving beneficiaries. The bill mandates that a registering entity must notify beneficiaries within 60 days of the owner's death and allows reregistration of the securities in the beneficiaries' names. It prohibits the entity from requiring beneficiaries to open accounts or provide personal information beyond what is necessary to identify them and the security.