SB 1288: Property: nonprobate transfer of ownership.

this bill requires a registering entity to provide notice to a beneficiary of the death of an owner of a security that is designated for non-probate transfer. the entity must not require the beneficiary to open an account or coordinate with other beneficiaries to receive the security. the bill restricts the amount of information that can be requested from a beneficiary to establish its identity. nonprofit corporations, charitable trusts, and entities exempt from federal taxation may also be beneficiaries under the act, and these entities are limited in the information they must provide to the registering entity.