CaliforniaProperty: nonprobate transfer of ownership.
What it does
Existing law, the Uniform TOD Security Registration Act, provides for the transfer of ownership or proceeds of a security, as defined, by a registering entity to the designated beneficiary or beneficiaries upon the death of the owner without probate or estate administration. Existing law authorizes a security to be registered in beneficiary form if the form is authorized by statute, as specified. Existing law specifies that, upon the death of the sole owner or the last to die of multiple owners, ownership of a security registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners.
More detail
This bill would require a registering entity that receives information establishing knowledge of the death of all owners of a security designated for nonprobate transfer held by that registering entity to initiate its beneficiary notification process, as specified. The bill would require the registering entity to make a reasonable and good faith effort, as defined, to notify each named beneficiary. The bill would require a beneficiary to receive their designated share within 60 days of providing all required documentation to the registering entity, as specified.
This bill would specify the necessary information for a nonprofit corporation, charitable trust, or entity that is exempt from federal taxation to establish its legal identity for these purposes. The bill would prohibit a registering entity from requesting additional information, including, among other things, a social security number and driver's license number, from an individual employed by, or serving on the board of, those types of beneficiaries, except as specified. The bill would require a registering entity to permit those types of beneficiaries to demonstrate their entitlement to a security by providing specific documentation. The bill would make its provisions applicable to those types of beneficiaries commencing January 1, 2027. The bill would make its provisions applicable to all other beneficiaries commencing January 1, 2028, if the death of the final owner occurs on or after that date.
This bill would make its provisions inapplicable if the death of all owners of a security occurred before January 1, 2027.
Where do you stand?
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Where it stands
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 27Chaptered by Secretary of State. Chapter 691, Statutes of 2026.Latest
- Sep 27Approved by the Governor Gavin Newsom.Became Law
- Aug 30Enrolled and presented to the Governor at 6 p.m.To Governor
- Aug 25Assembly amendments concurred in. (Ayes 40. Noes 0. Page 5756.) Ordered to engrossing and enrolling.Major
- Vote recorded Unfinished Business SB1288 Laird et al. Concurrence. Result: pass.Upper
- Aug 24In Senate. Concurrence in Assembly amendments pending.
- Vote recorded SB 1288 Laird Senate Third Reading By Zbur. Result: pass.Lower
- Aug 24Read third time. Passed. (Ayes 70. Noes 3. Page 6377.) Ordered to the Senate.Passed Assembly
- Aug 17Ordered to third reading.Minor
- Aug 17Read third time and amended.Major
- Aug 6Read second time. Ordered to third reading.Minor
- Aug 5From committee: Do pass. (Ayes 12. Noes 1.) (August 5).Minor
- Vote recorded Do pass. Result: pass.Lower
- Jun 25Re-referred to Com. on APPR. pursuant to Assembly Rule 97.Minor
- Jun 17Read second time. Ordered to third reading.Minor
- Jun 16From committee: Do pass. (Ayes 11. Noes 1.) (June 16).Minor
- Vote recorded Do pass. Result: pass.Lower
- Jun 16Coauthors revised.
- Jun 8From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.Major
- May 26Referred to Com. on JUD.Minor
- May 19In Assembly. Read first time. Held at Desk.Minor
- May 18Read third time. Passed. (Ayes 37. Noes 0. Page 4320.) Ordered to the Assembly.Passed Senate
- Vote recorded 3rd Reading. Result: pass.Upper
- Apr 16Read second time. Ordered to third reading.Minor
- Apr 15From committee: Do pass. (Ayes 11. Noes 0. Page 3869.) (April 14).Minor
- Apr 14
- Vote recorded Do pass. Result: pass.Upper
- Apr 2Set for hearing April 14.
- Apr 2April 7 set for first hearing canceled at the request of author.
- Mar 26From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.Major
- Mar 18Set for hearing April 7.
- Mar 4Referred to Com. on JUD.Minor
- Feb 23Read first time.Minor
- Feb 23From printer. May be acted upon on or after March 23.
- Feb 20Introduced. To Com. on RLS. for assignment. To print.Introduced