SB 2050

Abstract

Creates the Nonprobate Transfer Act. Authorizes a transferring entity to act as an agent for an owner of property subject to a nonprobate transfer. Provides that a nonprobate transfer is nontestamentary and is exempt from the requirements of the Probate Act of 1975 and lists the provisions allowed for the nonprobate transfer. Outlines the transfer, registration, and revocation procedures for nonprobate transfers. Provides that prior to the death of the owner, a beneficiary shall have no rights in the property by reason of the beneficiary designation. Provides that, if a beneficiary disclaims, in whole or in part, the nonprobate transfer, then the disclaimant is treated as having predeceased the owner, unless the beneficiary designation provides otherwise. Disqualifies a beneficiary designation in the event that it is procured by fraud, duress, or undue influence. Sets out rules. Provides that recipients of a recoverable transfer shall pay a pro rata share to cover statutory allowances and claims due by the estate.