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Bill would force timely notice and transfer of beneficiary-designated assets to charities
Summary
House Bill 2500 would require holders of beneficiary-designated property to notify listed charities within 10 days of learning of a donor's death, accept a standardized affidavit, and transfer property within 30 days; charities and legacy officers urged passage while financial institutions warned of fraud and operational concerns.
House Bill 2500 would change how charities learn about and receive beneficiary-designated gifts such as retirement or brokerage accounts.
Deanna Baker, committee staff, said the bill requires holders of property named by beneficiary designation to notify each listed charitable beneficiary no more than 10 days after learning of the account owner's death, provide…
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