Charitable asset transfer updates approved

A measure intended to streamline the transfer of assets bequeathed to charitable organizations received final approval April 9.

LB758, introduced by Elkhorn Sen. R. Brad von Gillern, allows a charitable organization to claim certain assets left to it — such as funds in financial accounts, retirement plans, insurance policies or other payable-on-death transfers — by submitting a sworn affidavit and basic documentation.

The proposal also addresses nontestamentary transfers on death, which are assets that pass directly to a named beneficiary without going through a will or probate court. LB758 creates a statutory process allowing charitable beneficiaries to request information about the property and claim it directly from the person or institution holding the asset.

Among other provisions, the bill also revises compliance timelines and prohibits asset holders from requiring charitable organizations to open accounts or provide the personal information of staff or board members.

LB758 passed on a 49-0 vote.