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, as specified.
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 who has provided all required documentation to the registered entity to receive their designated share within 60 days of completing the registering entity's process, 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.
This bill would provide that it does not apply when the death of all owners of a security occurred before January 1, 2027.

Statutes affected:
SB1288: 5507 PROB
02/20/26 - Introduced: 5507 PROB
03/26/26 - Amended Senate: 5507 PROB
06/08/26 - Amended Assembly: 5507 PROB
SB 1288: 5507 PROB