Brokerages must notify heirs on transfer-on-death accounts and pay within 60 days
Firms holding transfer-on-death securities must start notifying named beneficiaries once they learn all owners died, and pay each share within 60 days of full paperwork. Charities named as beneficiaries come first and need only basic ID; other beneficiaries follow a year later.
Who it affects
Brokerages and other firms holding transfer-on-death securities
When
This law takes effect on January 1, 2027; the changes described here start on January 1, 2027.
- : Signed into law
- : Law takes effect; The changes described here start to apply
- : Rules extend to all other beneficiaries of these accounts
Official text
California SB 1288: Property: nonprobate transfer of ownership.
On California Legislative Information. The official text is what counts; read it before you act.
Not legal advice. Plain-English summaries to help you find what changes and when. Not legal advice: read the official text, and ask a lawyer about your situation.