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, as specified. This bill would require a registering entity that receives proof of the death of an owner of a security designated for non-probate transfer held by that registering entity to provide notice to a beneficiary, as specified. The bill would restrict the amount and type of information that a registering entity can require from such a beneficiary prior to establishing its identity, as specified. The bill would also prohibit a registering entity from requiring a beneficiary to open an account with the registering entity to receive the security and from requiring multiple beneficiaries to coordinate to receive their share of the security, as specified. The bill would also specify that a nonprofit corporation, a charitable trust, or an entity exempt from federal taxation may be beneficiaries under the Act and limits the amount of information such entities are required to provide the registering entity in order to receive the property in which they have an interest.