SB 1288 requires financial firms to notify beneficiaries of nonprobate security transfers
August 30, 2026
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The Frame
This bill changes the process for heirs and charitable organizations to claim securities after an owner's death, establishing a mandatory timeline for asset distribution and restricting the documentation firms can require from tax-exempt entities.
Potentially affected actors named in the source documents. Mention is not a position.
Beneficiaries
Beneficiaries are entitled to receive notification and asset distribution within a defined 60-day window.
Nonprofit corporations and charitable trusts
These entities are subject to specific documentation requirements and are protected from requests for personal employee information starting January 1, 2027.
Registering entities
These firms must implement new notification processes and adhere to strict timelines and documentation limits.
Last recorded activity August 30, 2026.
Introduced.
Summary
Key Facts
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Why It Matters
This bill changes the process for heirs and charitable organizations to claim securities after an owner's death, establishing a mandatory timeline for asset distribution and restricting the documentation firms can require from tax-exempt entities.
Frequently Asked Questions
What is a 'registering entity'?
How long do I have to wait to receive my assets once I provide documentation?
Does this apply to deaths that happened in the past?
News Coverage
Connected Entities
Sources
openstates.org
Analysis Score
0–100- Significance65How much this matters to a regular citizen
- Controversy20Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz15Current news / social attention level
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