SB2748

Illinois SB2748 establishes the Charitable Organization Beneficiary Act, requiring property holders to notify charitable organizations of potential.

Illinois SB2748, the Charitable Organization Beneficiary Act, mandates that holders of property in which a 501(c)(3) charitable organization is a designated beneficiary in nonprobate instruments notify the organization within 30 business days of the owner's death. The act outlines a process for the charitable organization to request information or transfer of the property. It also defines the duties and obligations of the property holder, including protection from liability for good faith reliance on information provided by the designated beneficiary.