California legislation · 2025-2026 Regular Session
California SB1288: Property: nonprobate transfer of ownership.
Status: Chaptered, September 27, 2026
What the bill says
An act to amend Section 5507 of the Probate Code, relating to property. property Property: nonprobate transfer of ownership. 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…
From the chaptered text, September 27, 2026:
An act to amend Section 5507 of the Probate Code, relating to property. property Property: nonprobate transfer of ownership. 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. 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 …