CA SB1288

Requires financial institutions holding securities with designated beneficiaries to notify beneficiaries within 60 days of receiving proof of an owner's death and make good-faith efforts to contact them

Prohibits registering entities from requiring beneficiaries to open new accounts to receive inherited securities or requiring multiple beneficiaries to coordinate their claims simultaneously

Explicitly authorizes nonprofit corporations, charitable trusts, and 501(c)(3) organizations to be named as beneficiaries under California's Transfer on Death (TOD) Security Registration Act

Limits documentation requirements for nonprofit beneficiaries to a federal employer identification number (EIN), phone number, mailing address, and tax-exempt status letter—personal information from individuals associated with the nonprofit cannot be required

Requires the State Controller to revise unclaimed property claim forms and systems by July 1, 2027 to allow nonprofit entities to file claims for property received through nonprobate transfers