HB 4206: CHARITABLE ORG BFY-PROBATE

Summary

Reinserts the provisions of the bill with these changes. Provides that a "beneficiary designation" means a provision in an instrument designating a beneficiary, other than in a will or an instrument creating a trust, and may also mean the instrument itself, including, but not limited to, any of the following: (1) a demand deposit, savings deposit, time deposit or other account or instrument on which the holder is directly liable with a designation for payment upon death or other nonprobate designation making it transferable on death; (2) a security registered in beneficiary form; or (3) a pension, profit-sharing plan, retirement account such as an IRA, 401(k), 403(b), or other employment-related benefit plan. Excludes from this definition a beneficiary made as part of an annuity or an insurance policy. Amends the Unclaimed Life Insurance Benefits Act. Requires an insurer within 120 days after being contacted by the charitable beneficiary to: (1) determine whether the charitable organization has a right to the proceeds of the policy, annuity contract, or a retained asset account; (2) provide a general description of the policy, annuity contract, or a retained asset account that may be held for the benefit of the charitable organization and the exact language of the beneficiary designation; and (3) include information that verifies whether the insurer has already obtained the official death certificate or documentation needed to verify the death of the insured, annuitant, or retained asset account holder. Provides that if the holder of property maintains it is prohibited from paying, delivering, or transferring the property listed under a beneficiary designation to a charitable organization due to requirements under federal law, the holder of the property shall (1) explain in writing the reason why the property cannot be paid, delivered, or transferred to the charitable organization; and (2) take all actions necessary in order to facilitate payment, delivery, or tran…

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Jun 26, 2026

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