Property: nonprobate transfer of ownership.

Existing law, the Uniform TOD Security Registration Act, provides for the transfer of ownership or proceeds of a security, as defined, by a registering entity to the designated beneficiary or beneficiaries upon the death of the owner without probate or estate administration. Existing law authorizes a security to be registered in beneficiary form if the form is authorized by statute, as specified. Existing law specifies that, upon the death of the sole owner or the last to die of multiple owners, ownership of a security registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners.